Ann: Preliminary Final Report, page-22

their electrification strategy is copper. Oak Dam doesn’t appear to be a Winu flop of gold at this stage. Copper is a smarter electrification strategy, we don’t know if lithium batteries will be the future, regardless copper wiring etc needed.

Note no large iron ore expansions? It’s O&G and copper. I think you’ll fine the lack of development of O&G May see a swift $60-$70 a battle when a shortage eventually occurs post covid.

I agree OD is average, just large, but Oak Dam May change that whole province. I’m excited.

S32 houses a bunch of generally average assets and legacy assets which have no real place in BHP. Glad to see it demerged and I still hold those demerged shares. Don’t have a problem per se with a coal demerger, coking coal is always needed despite vocal lefties having no clue of its use. Thermal is immaterial to BHP, it’s unfortunately caving into political correctness pressure from large superfund holdings. I hope we see a demerged entity for all of these so I can still maintain exposure. Don’t really want to see a sale with a buyback of BHP shares when it’s trading high on $US120 iron ore prices.

What should or could BHP buy? SQM? Canadian potash was blocked... so that’s out. We don’t want to buy Anglo and have to demerge 80% of its assets afterwards, in fact most would be like that.... distressed assets outside O&G don’t exist and BHP has enough organic growth in that sector.