OPINION: Mike Henry says nations across the world are desperate to encourage new mines, adding to his short-term optimism around China. But can Australia keep up with this global race?
Late last year, Mike Henry took a business trip that changed the way he sees the world.
“I didn’t have enough time in my calendar to be able to accommodate all of the government leaders from various nations who are chasing further investment into their resources industry.”Inflation Reduction Act in the United States , and its decision to suspend capital investment in Queensland more broadly, was at least partly driven by the state government’s decision to jack up coal royalties.
While inflation ran at 12 per cent during the half – with diesel prices up a staggering 70 per cent against the prior year – BHP managed to hold its position as the lowest-cost iron ore miner in the sector, and extended its gap to the next player to 12 per cent., it’s now clear that BHP’s full-year results for the 2022 financial year represented a near-term peak in the group’s earnings and dividends; the commodity tailwinds at that time were simply not going to last.
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