BHP just called the end of the iron ore boom

While the steelmaking material will deliver huge profits for decades to come, BHP chief executive Mike Henry has switched his growth focus to the next big thing.

Updated Aug 27, 2024 – 2.59pm,first published at 11.56am

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If you want to understand the shifting sands in Australia’s resources sector, do a quick keyword search on the slide deck that accompanies BHP’s profit result.

The word “copper” appears 78 times. The words “iron ore” just 14 times.

Such a statistic may sound trivial, but it speaks to an extraordinary shift in the growth narrative of BHP chief executive Mike Henry – and an important moment for an Australian economy that has long ridden on the miracle of the Chinese boom.