​大摩:必和必拓(BHP)煤矿停产裁员不影响前景 高额特许权费与低煤价致运营难以为继

金吾财讯
Sep 18, 2025

金吾财讯 | 必和必拓(BHP)近日宣布暂停与三菱子公司共同营运的昆士兰炼焦煤矿,并裁员750人,因煤价过低以及澳洲州政府征收高额特许权费用削弱了其收益。BHP Mitsubishi Alliance资产总裁Adam Lancey表示,必和必拓与三菱不希望看到营运暂停或裁员,但面对昆士兰州政府的高额煤炭特许权使用费以及市场条件,停止营运是必须的。摩根士丹利认为,必和必拓煤矿业务暂停及裁员不会对其前景产生影响。此前必和必拓宣布暂停与三菱子公司共同营运的昆士兰炼焦煤矿,并裁员750人,因煤价过低以及澳洲州政府征收高额特许权费用削弱了其收益。

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