Zhi Tong Cai Jing·2025-09-10 09:32Core Viewpoint - BHP is currently focused on expanding its own copper assets and is unlikely to intervene in the $53 billion merger between Anglo American and Teck Resources, despite previous acquisition attempts [1][2]. Group 1: BHP's Strategic Focus - BHP has shifted its strategy towards smaller projects after three failed attempts to acquire Anglo American, believing these projects will provide higher value [1]. - The company has invested $2 billion in a partnership with Lundin Mining to jointly hold stakes in two copper projects in Argentina, including the Josemaria copper mine, which recently had its mining life extended by six years [2]. - BHP is also working to increase production at its top Chilean copper mine, Escondida [2]. Group 2: Market Reactions and Stock Performance - Since BHP's acquisition proposal for Anglo American in April 2022, Anglo American's stock has risen by 20%, while BHP's stock has decreased by 8% [2]. - The merger between Anglo American and Teck Resources is seen as a significant market event, with both companies becoming targets for potential acquisitions [2]. Group 3: Merger Details and Challenges - The merger between Anglo American and Teck Resources is designed with favorable terms for Canada, making it difficult for other large mining companies to replicate [3]. - Management changes at BHP, including the recent appointment of Ross McEwan as chairman, may hinder the company's ability to pursue large-scale mergers [3]. - The merger is expected to take 12 to 18 months to complete, allowing BHP time to consider its options if the merger process does not meet expectations [3].