Mike Henry

There's two big potash producing regions in the world. One's Canada. The other one is Russia, Belarus. We saw disruption to supply out of Russia and Belarus for a period of time. And that led to a certainly uncertainty in respect of where supply was going to come from in the future and near-term disruption to supply chains. Our first stage or first big investment in potash, over $5 billion US,

or we took that investment decision before the war in Ukraine. The second phase, another $5 billion, was triggered after the war in Ukraine. Both of those are underway currently. Neither of them have been driven by that conflict. It's been driven

or we took that investment decision before the war in Ukraine. The second phase, another $5 billion, was triggered after the war in Ukraine. Both of those are underway currently. Neither of them have been driven by that conflict. It's been driven

or we took that investment decision before the war in Ukraine. The second phase, another $5 billion, was triggered after the war in Ukraine. Both of those are underway currently. Neither of them have been driven by that conflict. It's been driven

by this belief that as the world's population continues to grow, which is going to require more food, rising living standards tend to require food that is less calorie efficient, so you need more agricultural inputs. We're trying to get that increased agricultural production off of a constrained footprint of arable land. It's going to require more fertilizer.

by this belief that as the world's population continues to grow, which is going to require more food, rising living standards tend to require food that is less calorie efficient, so you need more agricultural inputs. We're trying to get that increased agricultural production off of a constrained footprint of arable land. It's going to require more fertilizer.

by this belief that as the world's population continues to grow, which is going to require more food, rising living standards tend to require food that is less calorie efficient, so you need more agricultural inputs. We're trying to get that increased agricultural production off of a constrained footprint of arable land. It's going to require more fertilizer.

And so the demand outlook for potash is positive and will be consistent over time. And BHP, through the foresight of leaders 10, 20 years ago, has some of the world's best undeveloped potash resources.

And so the demand outlook for potash is positive and will be consistent over time. And BHP, through the foresight of leaders 10, 20 years ago, has some of the world's best undeveloped potash resources.

And so the demand outlook for potash is positive and will be consistent over time. And BHP, through the foresight of leaders 10, 20 years ago, has some of the world's best undeveloped potash resources.

So, Clark, this is something I am so incredibly passionate about. I don't think that it's well understood that everything in the world around us starts as something either mined or something grown. I think in recent years, there has been a significant uptick in understanding, certainly amongst policymakers, about the importance of metals and minerals and critical minerals supply chains.

So, Clark, this is something I am so incredibly passionate about. I don't think that it's well understood that everything in the world around us starts as something either mined or something grown. I think in recent years, there has been a significant uptick in understanding, certainly amongst policymakers, about the importance of metals and minerals and critical minerals supply chains.

So, Clark, this is something I am so incredibly passionate about. I don't think that it's well understood that everything in the world around us starts as something either mined or something grown. I think in recent years, there has been a significant uptick in understanding, certainly amongst policymakers, about the importance of metals and minerals and critical minerals supply chains.

They are essential today. to the functioning of the global economy, to ongoing economic growth, population growth, and certainly going to be critical to the world's ability to decarbonize, but also to things like artificial intelligence. These big data centers are incredibly copper intensive, and it's going to be one of the drivers of long-term copper demand.

They are essential today. to the functioning of the global economy, to ongoing economic growth, population growth, and certainly going to be critical to the world's ability to decarbonize, but also to things like artificial intelligence. These big data centers are incredibly copper intensive, and it's going to be one of the drivers of long-term copper demand.

They are essential today. to the functioning of the global economy, to ongoing economic growth, population growth, and certainly going to be critical to the world's ability to decarbonize, but also to things like artificial intelligence. These big data centers are incredibly copper intensive, and it's going to be one of the drivers of long-term copper demand.

And so the world's going to need a lot more metals, of certain metals and minerals over the next 20 or 30 years. And those metals and minerals are becoming harder to find and more costly to develop. And I don't think that there's been a good, a solid understanding of that.

And so the world's going to need a lot more metals, of certain metals and minerals over the next 20 or 30 years. And those metals and minerals are becoming harder to find and more costly to develop. And I don't think that there's been a good, a solid understanding of that.

And so the world's going to need a lot more metals, of certain metals and minerals over the next 20 or 30 years. And those metals and minerals are becoming harder to find and more costly to develop. And I don't think that there's been a good, a solid understanding of that.

Now, with the growing awareness of this, I and others are out there advocating to the public, to capital markets and to policymakers that,