A new Dodgy Deal profile from BankTrack reveals that 24 banks have provided USD 6.8 million in finance to coal developer BMA Alliance's parent companies, BHP and Mitsubishi, since 2021. By doing so, they are financing the third-largest driver of metallurgical coal expansion globally. 

BMA is a BHP–Mitsubishi joint venture operating in Australia. The company currently has three metallurgical coal mine expansions planned. If all three mine expansions are completed, they would consume 2.4% of the world's remaining carbon budget. One mine expansion – Peak Downs – is licensed to operate until 2116, locking in an additional 90 years of coal mining. 

Additionally they would have severe impacts on human rights and nature. Peak Downs alone would clear 2,108 hectares of koala habitat; Saraji East would clear a further 1,160 hectares of koala habitat and 748 hectares of greater glider habitat–all on land traditionally owned by the Barada Barna Aboriginal community. 

Japanese banks Mitsubishi UFJ Financial, SMBC Group, and Mizuho Financial are identified as the largest financiers. While all 24 banks financing the parent companies of BMA have coal financing restrictions, just four (BNP Paribas,  Crédit Agricole, National Australia Bank, Westpac) have policies that cover metallurgical coal, but these policies do not cover corporate finance. 

BankTrack calls on banks and financial institutions to end finance for BMA and its two parent companies until they halt their metallurgical coal expansion plans.

Julia Hovenier, Banks and steel project lead at BankTrack, said: “In 2026, not a single dollar should be going to companies playing fast and loose with our future by continuing to dig coal out of the ground. Banks must end finance for companies developing metallurgical coal mines immediately.”