Huw McKay Makes Sense of the Chaos
Fri Feb 06 2026
Today, we’re sharing a conversation with BHP’s former head economist and ANU Visiting Fellow, Huw McKay.
Huw is an incredibly deep thinker about global commodity markets, geopolitics and financial systems, making him the perfect guest for the current volatile environment.
We leverage Huw’s expertise to explore topics including:
• Xi’s push for the RMB supremacy
• The debasement trade & government debt
• Australia’s massive win from a commodity boom & a weak dollar
• Copper’s bull case
• Intricacies to the Rio-Glencore merger
• Western government policy to disrupt Chinese dominance
Connect with Huw McKay on LinkedIn
Australian National Uni’s REECON+ conference (Feb 19 & 20) registration: https://reecon.anu.edu.au/
Huw's AFR columns:
- Rio & BHP could both want Glencore
- Higher Aussie dollar didn't stop RBA rate rise nor should it
This was recorded on 5.2.2026.
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TIMESTAMPS
(0:00) Intro
(0:40) Hugh Mckay introduction
(1:10) RMB as global reserve currency
(4:00) Gold-backed alternatives to USD
(7:50) Fiat currencies and deflation
(11:00) Government debt sustainability
(13:00) Financial wealth and debt
(15:50) Fiscal adjustment challenges
(19:00) Australia's commodity boom advantage
(20:20) Aussie dollar and commodity prices
(24:50) Copper market dynamics
(31:30) Rio Tinto-Glencore deal
(34:30) Glencore's trading business value
(38:50) DRC copper and US involvement
(51:50) Libito corridor infrastructure
(56:10) Central African copper logistics
(1:00:00) China-Taiwan scenario
(1:06:40) Cognitive warfare and AI
(1:10:50) Australian smelter bailouts
(1:17:10) CMRG and BHP tensions
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PARTNERS
Thank you to the mining services businesses that make this content possible:
Exceed Capital – Diversify your portfolio with Exceed’s property funds
SS&C Intralinks - Powering deals with unmatched security and efficiency
Sandvik Ground Support – The only ground support you’ll ever need
Focus by Marketech – All your mining news and market needs in one powerful platform | 10-day free trial
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FOLLOW & CONNECT
• YouTube: @MoneyofMine
• Twitter / X: @moneyofminepod
• LinkedIn | Instagram | Facebook
• Travis Ricciardo: @TRAVmoneyofmine
• Jonas Dorling: @JDmoneyofmine
• Email us Word on the Decline: gc@moneyofmine.com
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JOIN THE GROUP CHAT
Join the Money of Mine Discord Server
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DISCLAIMER
All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our full disclaimer.
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Today, we’re sharing a conversation with BHP’s former head economist and ANU Visiting Fellow, Huw McKay. Huw is an incredibly deep thinker about global commodity markets, geopolitics and financial systems, making him the perfect guest for the current volatile environment. We leverage Huw’s expertise to explore topics including: • Xi’s push for the RMB supremacy • The debasement trade & government debt • Australia’s massive win from a commodity boom & a weak dollar • Copper’s bull case • Intricacies to the Rio-Glencore merger • Western government policy to disrupt Chinese dominance Connect with Huw McKay on LinkedIn Australian National Uni’s REECON+ conference (Feb 19 & 20) registration: https://reecon.anu.edu.au/ Huw's AFR columns: - Rio & BHP could both want Glencore - Higher Aussie dollar didn't stop RBA rate rise nor should it This was recorded on 5.2.2026. …………...… DIRECTOR'S SPECIAL EMAIL Join 16k+ subscribers to the Director’s Special: one daily email with all the news that matters in mining …………… TIMESTAMPS (0:00) Intro (0:40) Hugh Mckay introduction (1:10) RMB as global reserve currency (4:00) Gold-backed alternatives to USD (7:50) Fiat currencies and deflation (11:00) Government debt sustainability (13:00) Financial wealth and debt (15:50) Fiscal adjustment challenges (19:00) Australia's commodity boom advantage (20:20) Aussie dollar and commodity prices (24:50) Copper market dynamics (31:30) Rio Tinto-Glencore deal (34:30) Glencore's trading business value (38:50) DRC copper and US involvement (51:50) Libito corridor infrastructure (56:10) Central African copper logistics (1:00:00) China-Taiwan scenario (1:06:40) Cognitive warfare and AI (1:10:50) Australian smelter bailouts (1:17:10) CMRG and BHP tensions …………… PARTNERS Thank you to the mining services businesses that make this content possible: Exceed Capital – Diversify your portfolio with Exceed’s property funds SS&C Intralinks - Powering deals with unmatched security and efficiency Sandvik Ground Support – The only ground support you’ll ever need Focus by Marketech – All your mining news and market needs in one powerful platform | 10-day free trial …………… FOLLOW & CONNECT • YouTube: @MoneyofMine • Twitter / X: @moneyofminepod • LinkedIn | Instagram | Facebook • Travis Ricciardo: @TRAVmoneyofmine • Jonas Dorling: @JDmoneyofmine • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT Join the Money of Mine Discord Server …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our full disclaimer.