TOKYO -- Copper, short or long? For Australian resource giant BHP the answer to that simple question was obviously "long," as it raised its offer for copper miner OZ Minerals this month to 9.6 billion Australian dollars ($6.4 billion) from its previous offer of AU$8.3 billion.
BHP's bullish view on copper stands in contrast to its view on other resources, such as oil and thermal coal, from which the company is divesting. "BHP's proposal would provide value to BHP shareholders by increasing exposure to future-facing commodities, attractive synergies and adding to our pipeline of growth options," Chairman Ken MacKenzie said in a statement as BHP made what it called a best and final offer on Nov. 18.
