For In the mind of Marius Kloppers believes that if BHP Billiton fails to secure Rio Tinto then no one else has a hope.

The youthful 45-year-old chief executive and architect of BHP’s hostile offer for its Anglo-Australian mining rival says there are only two possible ways to snare one of the biggest prizes in global mining.

One of these ways – stapling You either staple dual-listed Rio, which is quoted on the London Stock Exchange and Australian Securities Exchange, on to another similarly dual-listed company – which seems highly unlikely. The other way would be to or top BHP’s proposal “with a cash cheque of $200bn”.

“The only way anyone can do that is if the Chinese government decide they want to do it,” he says, immediately shooting down the notion on the grounds it would probably fail due to on account of Australia’s recently reinforced “national interest” considerations – the federal government released a statement of principles for foreign investment to be in keeping with national interest. After the Rio raid, the federal government released a statement of “principles” for foreign investment to be in keeping with the national interest. The announcement homed in on sovereign wealth funds, warning that such investments would be subject to greater levels of scrutiny to assess whether “an investor’s operations are independent from the relevant foreign government”.

But speaking from the executive floor of BHP’s Lonsdale Street headquarters in the heart of Melbourne’s business district, Mr Kloppers is anything but smug as he battles to secure Rio in one of the world’s biggest takeover deals.

BHP’s offer of 3.4 of its own shares for each one of Rio’s, currently worth about $150bn, was rejected in February as far too low.

That move forced both sides into the trenches as BHP undertakes the lengthy process of securing regulatory clearance in multiple jurisdictions. Regulatory approval is a pre-condition of the bid.

BHP’s takeover of Rio has been complicated by the Chinese, who are endeavouring to secure long-term supplies of resources at a time when commodities, including iron ore and coking coal, have rarely been highercost more.

BHP was reminded of China’s needs earlier this year when Chinalco, the state-owned aluminium group, teamed up with Alcoa to buy 9 per cent of Rio for about $14bn, making it the group’s biggest shareholder. Rarely have the Chinese been so aggressive on the M&A battlegrounds.

Mr Kloppers declines to comment on what discussions might have taken place with Chinalco. Rio’s biggest shareholder.

“We have not disclosed any contact,” he says, admitting that that does not mean they have not talked.

Managing China and its state-owned companies is important to BHP, especially as its seeks to win over multiple stakeholders in its quest for Rio.

Mr Kloppers says that China alreadyaccounts for more than 20 per cent of group sales, up from 4 per cent in 2001, and that they are “growing very dramatically”.

“Together with India and south-east Asia they will be very important drivers of growth for decades,” he says.

In spite of fractious talks with Chinese steelmakers over iron ore prices and BHP’s desire to sell more iron ore at spot market prices, a move that has upset the Chinese, Mr Kloppers says relations with Beijing are strong.

“They want a large presence in resources and they should have that,” he says, adding later that the authorities need to make sure investments are made for investments sake rather than with an ”ulterior motive” in mind.

“We continue to sign new contracts with the Chinese,” he says, including a recent deal with Baosteel.

BHP has also held talks with China about the “commercialisation” of Olympic Dam, a large resource-rich site in South Australia that also contains large uranium deposits. He said that a free-trade agreement on uranium meant that BHP was likely to play an even bigger role in China’s energy security.

“We will continue to be very reliable suppliers to China,” he says.

On the issue of an enlarged BHP, controlling too much of the iron ore market, Mr Kloppers insists he is a “price taker” in spite of the fact that combined BHP/Rio would supply 20 per cent of China’s iron ore supplies and have a dominant position in seaborne iron ore. “There are 5,000 domestic iron ore suppliers in China, in India and Brazil. And there are new producers coming on stream in Australia and elsewhere,” he says, rejecting in defence of claims that a combined BHP/Rio would control too much of the market.

While reports surfaced of stake-building by Chinese entities in the BHP share register. as Kevin Rudd, Australian prime minister, arrived in Beijing this month, Mr Kloppers has not witnessed any evidence.

No Chinese entity has a stake above the disclosable 1 per cent, BHP says. Not that it would necessarily be a problem. “We welcome all shareholders that want to participate.

“There is no doubt that over time the nature of our share register will change,” Mr Kloppers says.

On the progress of the talks to set annual contract prices for iron ore, Mr Kloppers appears unperturbed, pointing out that in the past it has taken until September to agree terms.

“There is no drop dead date [to secure an agreement]” he says.

But the trained chemical engineer shifts nervously in his chair when asked what it would mean for him personally and for BHP if the Rio bid collapsed.

“If the deal did not happen – and it is a complex thing because there are many different angles – shareholders can take comfort in BHP having a great baseline strategy.

“We want to deploy $10bn in capital on new projects ... and we have grown the company at 8 per cent a year over the last seven years.

“We believe we are in a very sweet spot with our commodities mix,” he says.

But securing Rio would be the sweetest of victories. And Mr Kloppers points to the market indicator, which shows Rio’s shares trading at a discount of about 3.3 BHP shares for each of its own, compared with the 3.4 for one offer on the table.

“Ours is the only bid,” he says. likes to remind you.

He ducks when asked if in one year’s time he will be running a global mining powerhouse with Rio in its stable.

“I believe we have a value proposition to put to the shareholders,” he says unhelpfully.

Queried on what might be the new name of an enlarged BHP Billiton Rio Tinto, Mr Kloppers pleads ignorance. “I have no idea,” he says. “Please don’t go there.”