BHP, one of the world’s biggest mining companies, has poured cold water on the idea of Australia building a homegrown green iron industry, calling it too expensive—just as the country’s prime minister is pushing for collaboration with China on clean energy projects. Essentially, BHP thinks the economics don’t stack up, even though the government sees potential in partnering with China to cut emissions from heavy industries like steelmaking.

Editor’s Note: This isn’t just a corporate cost complaint—it’s a clash between Australia’s climate ambitions and the harsh realities of financing a green transition. If even a mining giant like BHP won’t bite, it raises big questions about how (or if) Australia can pivot from digging up raw materials to processing them sustainably. And with China in the mix, there’s a geopolitical wrinkle too—can Australia balance economic ties with Beijing while trying to go green?