Wanted to share this article I read in relation to the recent OZL takeover attempt:
"BHP Growth Options Once Abundant Now Almost Absent
BHP a decade ago had an abundance of growth options and the 2012 interim result presentation showcased a plethora of projects in execution (23), feasibility (10) and future options (40) - a total of 63 opportunities. Today, the BHP pipeline appears to be anorexic by comparison with the company presenting only 6 near term and 5 long term organic projects in its portfolio. just 11 projects in total!
BHP has a preference for future facing metals that includes nickel, however, it has limited near-term organic options in nickel whereas the OZL portfolio includes West Musgrave nickel/copper project. OZL expects to make an investment decision regarding West Musgrave in the current half. The project is expected nickel to produce an average of 26kt/pa nickel and 32kt/pa of copper over a 26year mine life. The irony in West Musgrave is BHP sold the asset to Cassini Resources in early 2014 at just A$250k. The deal included a 2.0% net smelter royalty plus A$10million milestone payment on 1st anniversary of production. Oz Minerals acquired West Musgrave when it took over Cassini Resources for A$76million in mid 2020 - an asset that just keeps giving. "
Copper & Nickel, page-170
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