(Bloomberg) — BHP Group Ltd., the world’s No. 1 miner, is planning to sell Brazilian copper and gold assets it acquired with the takeover of Oz Minerals Ltd., according to people familiar with the matter.

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The company’s acquisition of Oz Minerals in May 2023 was its biggest deal in more than a decade and included buying an untapped gold deposit and four small, but high-grade, copper-gold mines in the Brazilian state of Para.

BHP has engaged Banco Santander SA to advise in talks for a potential sale after it completed a strategic review of such assets, said the people, who asked not to be identified discussing private details.

Spokespeople for BHP and Santander declined to comment for this story.

BHP has been focused on creating a copper hub in South Australia, while consolidating its position as one of the world’s largest producers of the metal. The Oz Minerals purchase was part of a strategy to boost exposure to key materials used in clean energy and electric cars.

Last week, BHP swooped to buy Filo Corp., teaming up with Lundin Mining Corp. in a $3 billion deal to gain South American copper assets. In May, it abandoned a $49 billion takeover bid for Anglo American Plc, which would have boosted its production of the metal at a time when miners and their investors are positioning for a prolonged period of tight supply and rising prices.

BHP’s Brazil country manager told Bloomberg last year the company had no intention of getting rid of Samarco Mineracao SA, the iron-ore producer it jointly owns with Vale SA.

Shares of BHP fell 1.4% at 10:08 a.m. Sydney time to A$40.46 apiece.

–With assistance from Mariana Durao and Thomas Biesheuvel.

(Updates with Brazilian assets in 2nd paragraph, M&A bids in 6th.)

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