Mining giant BHP Group (BHP) has offered to buy rival Anglo American for nearly $39 billion in what would be one of the industry’s largest transactions in years.

In a deal that could reshape global mining, Anglo American said Thursday it had received an all-share offer from BHP, contingent upon it spinning off shareholdings in two South Africa-listed units, Anglo American Platinum and Kumba Iron Ore.

The deal would bring together two of the industry’s largest miners at a time of soaring copper demand for 澳洲幸运5官方开奖结果体彩网:renewable energy projects and electric vehicles as the world moves away 🌸from fossil fuels.

Copper reportedly represents some 30% of Anglo American’s output before selling off the platinum and iron ore units as proposed by BHP, while BHP counts a majority stake in Chile’s Escondida, the world’s biggest copper mine, among its assets.

Apart from getting "future facing commodities through Anglo American's world class copper assets," BHP said in its filing to the London stock exchange that the deal would give it exposure to Anglo American's iron ore operations in Brazil and metallurgical coal assets in Australia.

Anglo American shareholders would receive 0.7097 BHP shares for each ordinary share in Anglo America and ordinary shares in Anglo Platinum an♓d Kumba, BHP sa𒀰id. The deal values Anglo American at 31.1 billion pounds ($38.86 billion).

The mining giant said it has until May 22 to eit🧸her make a firm offer or announce that it intends to📖 make an offer.

BHP shares traded in New York were down 2.5𝕴% at $57.77 around 11:35 a.m. ET.