Ann: Investor Presentation, page-9

BHP strategy - four pillars + Potash.

"We believe that a portfolio focused on our major iron ore, copper, coal and petroleum assets would retain the benefits of diversification, generate stronger growth in free cash flow and a superior return on investment,” the company said in response to market speculation.“By increasing our focus on these four pillars, with potash as a potential fifth, we will be able to more quickly improve the productivity and performance of our largest businesses"

"BHP has already spent about $4.5 billion on Jansen and dug two 1,000-meter (3,300-feet) deep shafts but held off on a final development decision as it weighed the risks of the large investment."

"Ukraine war spurs BHP to crunch the gears on Jansen potash project"

The factors at play here divestment from petroleum (Woodside demerger) & coal. Leaves BHP with 2 pillars.

Nickel with their patented sulfate powder process has potential however with Noront going to Wyloo & Kabanga being a longer term prospect, adding to them ruling out Lithium, leaves the pillar strategy reduced to copper & Iron. Also worth noting Mongolian coal displacing Australian met coal, European steel manufacturers moving to DRI or lower carbon dioxide intensity steel processes (BHP have invested in electric steel process with Boston Metals).

A major commitment to Potash as a new pillar for BHP would require risk mitigation strategy & SHP ticks many many boxes.

So if I knew him personally I'd ask, Mr Henry, what are you waiting for?