BHP Warns Australia Mining Risks Losing Out on Energy Transition
- Country rich in critical minerals, but expensive to extract
- Mining giant’s national chief targets high taxes, wages
An open pit mine at a copper mine in DeGrussa, Australia.
Photographer: Carla Gottgens/Bloomberg
BHP Group Ltd. is warning Australia will fail to fully reap the rewards of the green-energy transition that’s spurring demand for metals such as copper and nickel unless it addresses high taxes and wages, along with a looming skills shortage.
“In the foothills of a critical minerals boom, Australia has high quality but immaturely developed resources, with a dwindling talent pool, and a less certain investment environment,” BHP President Australia Geraldine Slattery said in a speech in Melbourne on Thursday. “We cannot afford to assume that we will have the same degree of comparative advantage in critical minerals as we have enjoyed in iron ore and metallurgical coal.”