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.”, which offers hundreds of billions of dollars in subsidies and other incentives for miners, is perhaps the biggest manifestation of this trend.
BHP has global options for its capital, and Henry says Australia needs to realise that its natural endowment of resources does not guarantee it can keep pace in a global fight to investment.“There’s a great opportunity for us here to capitalise on, but other nations are seeking to eat our lunch.
While that possibly speaks to the more bullishness in equity markets right now, it also speaks to strong sentiment around China’s post-COVID reopening, which has pushed iron ore prices up 60 per cent since the start of November.“Our thesis on China has been buoyed by the green shoots that we’ve seen since the start of this calendar year.
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