MELBOURNE (Reuters Breakingviews) - Mike Henry can celebrate an unexpectedly happy anniversary. He became chief executive of Australian mining giant BHP just in time for Covid-19. Higher iron ore prices driven by Chinese demand, however, have just helped pay for a record $5.1 billion dividend. They also buy him extra time to grapple with difficult strategic decisions.
The smooth leadership transition last year quickly took a rocky turn. Bracing for a global economic slowdown and keeping workers safe from the virus became more pressing than operational efficiency or expansion. Along with $6 billion of underlying profit for the six months to Dec. 31 unveiled on Tuesday came $440 million of pandemic-related costs.
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