Delivering a speech at the Melbourne Mining Club late last week, Cole said the mining industry was in need of courage and an appetite for change and innovation.
"If we ignore it, it's to our detriment," he said.
"We need transformational change to be successful. We need to move beyond being reactive to threats and see opportunities.
"Without reflecting on the culture we've built, we won't earn the freedom to operate with less regulatory oversight."
In the past three years, Cole said OZ had been trying to build a culture around being agile, collaborative and innovative.
"It's very different, as people in our sector have been taught to operate in a very specific and replica way," he said.
OZ is currently completing a takeover of Avanco Re...