BHP Group has quietly approached Anglo American again about a potential takeover, reviving a megadeal pursuit just months after the London-listed miner agreed to merge with Canada’s Teck Resources. The outreach, made in recent days, was confirmed by people familiar with the matter, who stressed that discussions are preliminary and may not lead to a formal bid.

The renewed interest sets up a potential clash between two transformational transactions, Anglo American’s planned all-stock merger with Teck, and BHP’s long-running desire to bulk up its copper exposure. Anglo American shares have risen 17% so far this year, valuing the miner at roughly £31.9 billion ($41.8 billion). BHP remains far larger, with a market value of more than $130 billion.

Anglo agreed in September to buy Teck in an all-stock deal that would create a $50 billion global producer of copper, zinc, and other metals. Shareholders of both companies are scheduled to vote on the transaction on December 9, with regulatory approvals still pending across China, the U.S., and Canada.

The Canadian government, Bloomberg recently reported, is pressing Anglo to offer stronger commitments around management and executive jobs at the proposed Vancouver headquarters… a key sticking point as the merger moves through political review. This isn’t BHP’s first attempt. Last year, the company launched a $49 billion takeover bid for Anglo American before abandoning the effort after a five-week public standoff.

Had that deal succeeded, the combined company would have become the world’s largest copper producer, with annual output approaching 1.9 million metric tons. Even with its Teck merger, the new Anglo-Teck entity is expected to produce around 1.2 million metric tons of copper annually… still trailing BHP’s global scale.

Both companies declined to comment on the renewed approach. Sources cautioned that the talks remain exploratory, and there is no indication BHP will move ahead with a formal offer, especially with the Teck merger still pending. But the timing underscores BHP’s strategic ambition: tightening global copper supplies, soaring demand driven by electrification, and a shrinking pipeline of large-scale mines have turned copper into one of the most aggressively targeted commodities in mining M&A. With two giant transactions now in play, the global mining landscape—already in the middle of a decade-defining consolidation wave—may be approaching its next major turning point.

About BHP Group

BHP Group (NYSE: BHP) is one of the world’s largest diversified mining companies, producing iron ore, copper, metallurgical coal, nickel, and other commodities essential to global infrastructure and energy transition. Headquartered in Melbourne, Australia, BHP operates major mining assets across Australia, the Americas, and beyond. The company focuses on long-life, low-cost operations and has increasingly prioritized copper and critical minerals as demand accelerates worldwide.

About Anglo American plc

Anglo American plc is a global mining company headquartered in London, with operations spanning diamonds, platinum group metals, copper, iron ore, steelmaking coal, and nickel. The company is currently pursuing a transformational merger with Teck Resources to form a $50 billion copper- and zinc-focused mining powerhouse. Anglo American has been a driving force in responsible mining practices and next-generation mineral development across multiple continents.