The Melbourne-based mining company stated that, while it continues to view a potential combination as having strong strategic rationale and the ability to generate significant value for shareholders, it has full confidence in its standalone organic growth plans and current portfolio strategy.
BHP had previously sought to acquire Anglo American in 2024 through a series of proposals valued at approximately US$49 billion. Anglo rejected each offer, leading BHP to withdraw its interest at that time.
The recent development follows reports over the weekend that BHP had re-engaged in exploratory talks with Anglo’s board, shortly after Anglo American disclosed its intended merger with Canada-based Teck Resources to create a major copper-focused mining entity.
The proposed Anglo-Teck transaction, valued at over US$60 billion, remains scheduled for shareholder votes in the coming weeks.
Kaan Peker, an analyst with RBC in Sydney, commented: “There's probably a handful of times when assets like this are up for sale, so BHP may as well assess if the option is open. But it does look a little messy from the BHP side.”
Following the announcement, BHP emphasised its focus on executing existing growth projects across its key commodities, including copper, iron ore, potash, and nickel. The company highlighted ongoing investments in large-scale organic developments that are expected to deliver substantial production increases and returns in the medium to long term.
Market reaction to BHP’s decision was measured, with investors noting the company’s disciplined approach to capital allocation and its preference for value-accretive opportunities that align clearly with strategic priorities.
The withdrawal of interest removes a layer of uncertainty surrounding Anglo American as it advances toward the planned combination with Teck Resources, which aims to establish one of the world’s leading producers of copper—a metal viewed as essential for energy transition technologies.
BHP’s statement reiterated its commitment to maintaining a strong balance sheet while continuing to evaluate opportunities that meet strict financial and strategic criteria. The company expressed confidence that its current trajectory will continue delivering competitive shareholder returns through operational excellence and targeted expansion of its high-quality asset base.
