All the big respource companies have form with poor M&A and poor growth capex.
That risk profile though is an inherent part of the sector, extremely long build times coupled with technical risk and volatile prices.
In BHP's case there has been a natural selection of retaining the best businesses (WAIO, Bowen Basin and Copper), some sensible divestments (O&G and S32), a questionable sector entry (Potash) and then the absolute standout weirdness of retaining a terrible and irrelevant business (NiW)
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