ANALYSIS: Andrew Forrest’s private company Wyloo is buying many of the things that BHP wants and needs. Australia’s biggest company risks being held to ransom.
during the takeover bid garnered for himself an improved takeover price and a right to own part of any nickel sulphate plant that IGO chooses to build in Australia.
BHP risks being held to ransom here; if IGO and Forrest get enough nickel resources to warrant investment in their own nickel sulphate refinery, the volumes that Mincor and IGO currently sell into BHP’s Kalgoorlie smelter could be diverted, exacerbating BHP’s volume problem., is starting to look like many of the things BHP wants but doesn’t have.BHP partially mitigated the Kalgoorlie smelter’s volume problem last year when it offered $9.
BHP had worked closely with OZ in the South Australian copper fields – the region that was the major motivation for the $9.6 billion acquisition – for a long time before deciding to pay $28.25 for each OZ share. Perhaps they have bigger fish to fry. Rival diversified miners such as Teck Resources and Vale are either talking about, or actively separating their future-facing metals from their steelmaking commodities like coal and iron ore.HP alumnus Jonathan Price
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