Mr Cole, a one-time Rio Tinto executive, is being widely praised for his leadership of OZ Minerals since taking over as chief executive in 2014.
“I hope he goes to Rio Tinto. That could be the best outcome from all of this. Rio takes him on as CEO in a year’s time and happy days for Rio Tinto. It is understood Mr Cole could already be on the radar of battery minerals producer IGO as it looks for a successor to Peter Bradford, whose sudden death in October rocked the Australian mining industry.
The OZ board is now onside and UBS analysts said it is difficult to see a rival suitor emerging that was willing to take on BHP in its backyard and without any of the synergies associated with BHP adding the OZ copper assets to its Olympic Dam operations.UBS said BHP had been patient in waiting for OZ Minerals to release first half results, make a final investment on the $1.7 billion West Musgrave copper-nickel mine, and September quarter results before upping its bid.
BHP, which produced 1.57 million tonnes of copper in 2021-22, is banking on demand doubling over the next 30 years driven by urbanisation in China and India and the electrification in energy and transport.
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