South America. BHP has the assets to expand in Australia, but the cost of labour, regulation, red tape, unions, IR laws and tax make it not as attractive as South America. You could argue Sovereign risk in Australia is much much lower so that compensates for it, but under this recent government one just has to wonder…. Many O&G CEOs have called this out, including other countries such as Japan that our sovereign risk isn’t so good anymore when you radically change things at a whim without consultation. Mike Henry our CEO also directly said this of our prime minister/labor too. Look at QLD coal or the reservation policy in NSW.
BHP Price at posting:
$44.51 Sentiment: Buy Disclosure: Held
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