BHP’s $39 Billion Copper Play Was Years in the Making

When Mike Henry took over as chief executive officer of BHP Group in 2020, the world’s biggest mining company had lost its swagger.

Bruised by a series of painful missteps and a run-in with activist Elliott Investment Management, the Anglo-Australian behemoth was kicking crucial decisions down the road, and increasingly aware that its reliance on fossil-fuel-heavy commodities could start turning investors away.