BHP BILLITON chairman Don Argus says he still hopes Rio Tinto will reverse its repeated rejections of a $170 billion takeover offer and accept the deal.
In a rare newspaper interview in Britain, Mr Argus said a merger between the Anglo-Australian resources giants would allow them to boost output and save billions.
"Look, our preference clearly would be to have an agreed merger,'' he told the Daily Mail.
"We have to respect the position they have taken and we do respect that.
"It's about creating a champion of the resource industry.
"There is a once-in-a-lifetime opportunity here to be part of a restructuring of an industry that hitherto hasn't had the opportunities it has now.
"Here's an opportunity to deliver something that's sustainable and delivers great value for both sets of shareholders.''
Mr Argus' comments come as the European Commission continues its in-depth examination of BHP's unsolicited bid for Rio, which Rio has firmly rebuffed since the offer was put on the table in February.
"It's prudent to make sure we understand all the regulatory requirements,'' he said.
"Once we have completed that process, then there will be a decision made as to whether we endeavour to re-engage with Rio, or whether we continue down the path that eventually leads to a proxy battle - or a decision by the shareholders as to whether they think the 45 per cent premium can be delivered by the current management or whether there's another option for them.''
Mr Argus also downplayed concerns about Chinese aluminium giant Chinalco's decision to take a 9 per cent stake in Rio and recent rumours of Arcelor Mittal seeking to strike a similar deal.
"That's a market working,'' he said.
"They can take a stake in whoever they like.''
Sinosteel stake in Midwest inches up
Seek ups stake in Chinese jobs site
