Breaking down BHP's flirtation with Anglo

The world needs more copper to greatly expand low-carbon energy alongside traditional uses of the metal, Ben writes.

Why it matters: This dynamic is front and center as mining giant BHP pursues Anglo American, which today rejected BHP's initial offer.

• The combined players would control roughly 10% of global output, per Mining.com.
• BHP cited Anglo's "world class" copper assets when confirming its bid.

The big picture: The chart above shows the International Energy Agency's projection of copper needs under nations' current climate pledges.

• Multiple analyses tell some version of this story — cleaner grids and vehicles rely on growing volumes, and a supply crunch threatens.
• "The industry's top executives are all betting on a price surge in the years ahead," the FT reports.

What we're watching: BHP's next move, and whether other Anglo suitors emerge.