11:55 AM EDT, 04/02/2024 (MT Newswires) -- BHP Group's ( BHP ) metallurgical coal joint venture with Mitsubishi Development has completed the divestment of Blackwater and Daunia mines in Queensland to Whitehaven Coal in a cash transaction worth up to $4.1 billion, BHP said Tuesday.

BHP and Mitsubishi each hold a 50% interest in their joint venture called BHP Mitsubishi Alliance, or BMA, which has received partial payments totaling more than $2 billion from Whitehaven.

Whitehaven will make an additional $1.1 billion payment to BMA over three years after completion and a potential additional amount of up to $900 million in a price-linked earnout, according to BHP.

Shares of BHP were 0.6% higher in recent trading.

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