BHP: Partner in the World's Largest Coal BusinessNarrow moat

Mitsubishi Corporation (8058) — moat facet

BHP is Mitsubishi's partner in coal and its rival almost everywhere else.

BHP and Mitsubishi have owned BMA together since 2001, when Mitsubishi's MDP acquired its 50% interest1. BMA produced 36 million tonnes of steelmaking coal in calendar 20252, and it is the largest source of Mitsubishi's historical resource profit.

BMA ownership (%)Mitsubishi (MDP) — 50%BHP — 50%Mitsubishi Corporation results, May 2026
An even split since 2001.

BHP is also one of the largest mining companies in the world and a competitor in the markets where Mitsubishi holds copper and iron ore stakes. The relationship is that of two owners with different portfolios deciding together what one asset should do.

In April 2024 the partners sold two BMA mines, Blackwater and Daunia3. Mitsubishi booked a ¥92.9 billion gain4.

The partnership's book value on Mitsubishi's side is ¥1,160.6 billion of plant and equipment at MDP5, and its contribution in the latest year was ¥8.3 billion6.

The measure is BMA's direction. A decision by either partner to sell its half would change the relationship and Mitsubishi's resource profile.

Moat trajectory: Holding steady

The partnership has lasted since 2001; two mines were sold jointly in 2024.

The number that tests this moat
Reported
BMA ownership
50% Mitsubishi (through MDP), 50% BHP

A joint venture in which every decision needs both; a sale by either would change the business.

Source: Mitsubishi Corporation results, year to March 2026 ↗
References
  1. ReportedBHP and Mitsubishi have owned BMA together since 2001, when Mitsubishi's MDP acquired its 50% interest.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the notes on significant investments: MDP and BMA, Lawson, Eneco, LNG Canada, Anglo American Sur and Quellaveco, with book values and ownership. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedBMA produced 36 million tonnes of steelmaking coal in calendar 2025, and it is the largest source of Mitsubishi's historical resource profit.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedIn April 2024 the partners sold two BMA mines, Blackwater and Daunia.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedMitsubishi booked a ¥92.9 billion gain.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - capital recycling and one-time items and adjusted consolidated net income. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedThe partnership's book value on Mitsubishi's side is ¥1,160.6 billion of plant and equipment at MDP, and its contribution in the latest year was ¥8.3 billion.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the notes on significant investments: MDP and BMA, Lawson, Eneco, LNG Canada, Anglo American Sur and Quellaveco, with book values and ownership. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedThe partnership's book value on Mitsubishi's side is ¥1,160.6 billion of plant and equipment at MDP, and its contribution in the latest year was ¥8.3 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - Corporate Strategy 2027 targets, the three-year cash flow plan, divestitures, shareholder returns and leverage policy. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026