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Glencore is evaluating a potential bid for Anglo American, a move that could set up a takeover battle with BHP Group for the mining company, Reuters reported, citing people it didn’t identify.

Glencore has had internal preliminary discussions and those may not ultimately lead to the company making an approach to Anglo, Reuters said on Thursday late.

A Glencore spokesperson told Reuters the company doesn’t comment on rumour or speculation.

Anglo last week rejected a $39 billion (around R740 billion at the time) all-stock proposal from BHP. The Australian miner is considering making an improved proposal, people familiar with the matter said on Saturday.

READ | BHP says it’s not anti-SA, as it sends execs to woo govt, shareholders over Anglo deal

A tie-up with Anglo would give BHP about 10% of global copper mine supply ahead of an expected shortage of the metal that some watchers predict will send prices soaring.

Anglo’s American depositary receipts jumped in New York trading on Thursday, rising as much as 7.5%.

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