As the clean energy transition gathers pace, BHP has been seeking to reshape its portfolio to prioritise the commodities that stand to benefit from global efforts to curb greenhouse gas emissions and electrify transport.

BHP last year offloaded its petroleum business and stakes in several coal mines and is pursuing plans for a deeper push into what Henry terms “future-facing” commodities, such copper and nickel, which are required for electric vehicles, and potash for the fertilisers needed to feed a fast-growing global population.

BHP has recently lobbed an $8.4 billion offer to buy ASX-listed copper producer Oz Minerals. While the offer represented a 32.1 per cent premium to the company’s previous closing price, Oz Minerals has turned it down.

Oz Minerals chief Andrew Cole said the offer was “highly opportunistic” because it had been made at a time when the price of copper and Oz Minerals’ stock value had fallen from their recent peaks earlier this year.

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