If you are interested in commodities, you will want to read/watch this interview with Mike Henry, CEO of BHP Group.

Filmed on August 31, 2023.

Why companies with massive free cash flow will be the winners in the next cycle. BHP's novel capital-allocation process has the potential to lessen the boom/bust cycle in commodities. If you are interested in copper, BHP is the world's largest producer of copper with the world’s largest resource base of copper. (See WILTWs August 18, 2022 and August 19, 2021.) Resource nationalism and property rights of indigenous people are significant trends that are slowing permitting and raising costs. Projects are getting deeper, more expensive to find, more expensive to develop. Investment case for potash. The optimistic case for China. BHP’s shift to operational excellence.