Manara is a joint venture between Ma'aden and Saudi Arabia's Public Investment Fund.

UBS, the adviser for BHP, has begun scheduling meetings with fund managers this week to fine-tune a revised proposal for Anglo.

BHP Group can't cherry-pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters.

The Budel smelter, with a capacity to produce 315,000 metric tons per year, was suspended in the second half of January.

Greatland considers itself “strongly positioned” should there be an opportunity to consolidate ownership of Havieron.

"This is not good news for China given the heavy reliance on external supply, and Chinese companies hold limited resources," one analyst said.

Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand conditions in China.