Ann: Increased and Final Offer Ratio for Anglo American, page-29

As a number of market commentators have recently said, relying on brownfield deals such as BHP-AAL won't solve the looming copper supply deficits Mr Henry himself alludes to. They are merely a rearrangement of the deck chairs, with a potential uplift in executive bonuses and fees for the pinstriped set along for the ride.

What would increase supply is exploration and development investment in greenfield projects i.e. new copper supply.

It's a pity that BHP opted not to proceed with the Kalkaroo (ASX:HAV) transaction.

Below are some Kalkaroo metrics FYI (from Post #:73498979) :

772,800 tonnes copper (BHP mining inventory) vs 474,000 (Havilah JORC Ore Reserve)
2.1 million ounces gold (BHP mining inventory) vs 1.4 million (Havilah JORC Ore Reserve).

At a total potential consideration of $405 million, it's small fry compared to BHP's latest $10 billion increase in its offer for AAL (from $64 billion to $74 billion).

The apparent lack of due diligence on the AAL deal is a concern. As shareholders, we can only presume that BHP's directors are acting in the Company's best interests.

DYOR