MELBOURNE, July 20 (Reuters Breakingviews) – China is shrinking, at least in terms of the public attention devoted to it by BHP. In an operational review for the year ended June 30 released on Tuesday, the country is mentioned just once: The $171 billion miner warns that it expects restrictions on Australian coal imports to last for “a number of years”.
China was more front of mind 12 months ago, earning 15 citations after not being referenced at all in the detailed 2018 and 2019 year-end production missives. In the “C” geography section, BHP may now be more focused on Chilean copper production challenges and a looming final decision on a big potash project in Canada.
Despite the company’s record iron ore output, there are mounting concerns that Beijing might restrict steel production after a sharp increase in the first half. Officials are already trying other ways to curb soaring commodity prices. When BHP reports annual financial results next month, there will be plenty more to say about China. (By Jeffrey Goldfarb)
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Published at Mon, 19 Jul 2021 23:58:09 +0000
This post originally posted here https://www.reuters.com/breakingviews/its-harder-extract-china-insight-bhp-2021-07-20/