BHP chief executive Mike Henry had the character to turn down subsidies that might have kept open the miner’s nickel operations in WA made uncompetitive by a glut of capacity elsewhere.

Now he warns that Australia is facing “a moment of truth” as it tries to shift from its domination over iron ore and coal exports to far more competitive green metals, the country’s biggest miner has told the Senate inquiry into the government’s green energy subsidies. Green metals will be harder to mine economically and others have major reserves.