BHP shares slide as CEO Mike Henry bemoans barriers to investment
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The news: BHP shares took a hit after chief executive Mike Henry told shareholders that Australia needs to move faster to secure global investment in the local mining industry.
The numbers: Shares were down 2.3% to $42.53 at 1pm AEDT. The stock is up 7.5% this calendar year.
What they said: Speaking at BHP's annual general meeting this morning, Henry said "we welcome the strong signals from the Australian government in respect of proposed reforms to environmental laws and permitting".
"We also appreciate the support we see for mining investment from the Western Australian and South Australian government," he said.
"But the pace of reform is moving faster in other countries. Australia can't afford to be flat footed in the race for global investment... Energy policy needs to be a focus, with electricity costs in Australia two or more times higher than Canada, Indonesia and other countries and 50 to 100% higher than the US."
The source: ASX
