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

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Glencore has had internal preliminary discussions and those may not lead to the company making an approach to Anglo, Reuters said Thursday. A Glencore spokesperson told Reuters the company doesn’t comment on rumor or speculation.

Anglo last week rejected a $39 billion all-stock proposal from BHP. The Australian miner is considering making an improved proposal, people familiar with the matter said Saturday. 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%.

Read More: BHP CEO Flies to South Africa to Push $39 Billion Takeover

(Updates with ADR price in last paragraph.)

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