The BHP Group Ltd (ASX: BHP) share price is down 0.6% in early afternoon trade on Monday.
Shares in the S&P/ASX 200 Index (ASX: XJO) mining giant closed Friday trading for $43.64. Shares are currently trading for $43.38.
I suspect today's retrace is linked more to sliding metals prices than fresh news that the miner has numerous suitors interested in its Queensland coal mines.
With iron ore down 0.3% to US$117.90 per tonne and copper down 1.2% to US$8,921.50 per tonne, the S&P/ASX 300 Metals & Mining Index (ASX: XMM) is down 0.4% at this same time.
Image source: Getty Images
What's happening with BHP's coal mines?
The Motley Fool first reported on BHP's potential sales of its Blackwater and Daunia coal mines, located in Queensland's Bowen Basin, on 16 November.
The BHP share price closed up 1.2% on the day.
The two mines are reported to command a price tag of some $2 billion. Together they mine both metallurgical coal, mostly used for steel making, and thermal coal, which is primarily used to generate electricity.
ASX 200 coal stock Coronado Global Resources Ltd (ASX: CRN) emerged as an early likely suitor for the coal assets. The miner's Curragh complex is located close to Blackwater.
On 22 March, The Motley Fool reported that New Hope Corporation Limited (ASX: NHC) is also eyeing the two coal mines.
New Hope CEO Rob Bishop said his company will be "looking at those assets". He added that he expects it will be a "fairly competitive process, but something [New Hope] will participate in".
The BHP share price closed up 0.7% on that day.
Then there's Yancoal Australia Ltd (ASX: YAL). As The Australian Financial Review reported earlier in March, the ASX coal miner is also pursuing BHP's two Queensland assets.
"For the moment our preference would be to stay focused on the BHP assets and make sure we are successful there," Yancoal CEO David Moult said.
"That is the one we are going to be focused on now and that is where we are going to be putting in our effort because it does fit very well with us," he added. "We are really keen to get into it and have a look."
And as The Australian reported earlier today, we can add a range of other potential buyers to that list, totalling some 15 to 25 interested parties.
Those look to include Stanmore Resources Ltd (ASX: SMR), Indian conglomerate JSW, BUMA Australia, Peabody Energy, and Whitehaven Coal Ltd (ASX: WHC).
And they'll all have some pretty deep pockets to pay for BHP's assets following all-time high coal prices in 2022.
BHP share price snapshot
As you can see in the chart below, the BHP share price is down 4% in 2023.
Over the past six months, shares remain up 17% amid a recovery in copper and iron ore prices.
