In her opening remarks to the AFR Business Summit this week, BHP president Australia Geraldine Slattery said Australia should lean into its natural strengths as other countries look to secure mineral and energy supplies.
“Our large resources, proximity to end markets, and trade liberalisation have seen benefits flow to the national economy,” Slattery said.
“While the need for these resources remains strong, commodity demand is shifting to a new phase that supports the energy transition, a lower carbon economy and increased digitisation.
“What’s clear is market leadership in these services and commodities of the future will flow to those who are most productive, most competitive and most innovative.”
BHP is no stranger to taking a lead in the market. Just last month, the Big Australian said it was confident in its ability to supply the metals and minerals the world will need in the global energy transition.
“The demand for BHP products remains strong despite global economic and trade uncertainties, with early signs of recovery in China, resilient economic performance in the US and strong growth in India,” BHP chief executive officer Mike Henry said.
Slattery said Australia’s many mineral deposits has made the company optimistic for the future.
“We have strong and stable institutions, and good relationships with our key markets,” she said. “These advantages are however not unique, nor will they prevail over time without continued investment.
“We’ve all watched the flurry of recent trade moves and countermoves as countries seek to shore up industrial investment and secure mineral and energy supplies.
“It’s clear the rules of the game are changing, and the competition is fierce. But the case for optimism remains. Optimism, but not complacency.”
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