The mining behemoth Anglo American, based in the UK, claims that bigger rival BHP has contacted it regarding a possible takeover bid for billions of dollars.
Anglo American did not disclose the offer's worth to the BBC, just informing them that their board of directors is now reviewing the proposal.
The BBC requested a statement from BHP, but they did not come back right away.
This would be one of the largest mergers in the mining industry in recent memory, if the deal closes.
The stock market value of Anglo American, which runs mines in Chile, South Africa, Brazil, and Australia, is approximately £29 billion.
The largest publicly traded mining corporation in the world, BHP, is situated in Australia. Its market worth is approximately A$229 billion ($149 billion; £119.5 billion).
One year ago, BHP acquired copper miner Oz Minerals for A$9.6 billion ($6.2 billion; £5 billion).
If approved, the acquisition would provide BHP further access to copper by way of Anglo American's South American operations.
This year, the price of copper has increased by about 15% on the world market.
The metal's strong demand as the transition to sustainable energy intensifies has resulted in price increases.
Any bid made in response to BHP's proposal is contingent upon Anglo American relinquishing its ownership of iron ore and platinum mining activities in South Africa.
BHP has until May 22, UK merger and acquisition rules' deadline, to submit a formal offer for Anglo American.
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