Mining giant BHP has won agreement from the board of OZ Minerals, the largest pure-play copper miner on the ASX, for a $9.6 billion buyout after lifting its takeover bid by 13 per cent some 15 weeks after making an original offer that was spurned as too low.

The agreed deal will fast-track BHP’s exposure to copper, with JP Morgan projecting the metal could make up 40 per cent of BHP’s earnings by 2030, from 25 per cent in 2024.