BHP Billiton (BHP.US) has announced it will no longer pursue a merger with Anglo American Plc. In a statement released on Monday, the company confirmed, "The proposed combination between the two companies will not proceed." Earlier reports indicated that the world's largest miner had recently submitted a merger proposal to Anglo American.

The timing of BHP's decision comes less than three weeks before Anglo American and Teck Resources (TECK.US) shareholders are set to vote on their own merger deal. Announced in September, that agreement aims to create a new copper giant with a combined value exceeding $60 billion.

This move reflects the ongoing wave of consolidation among major mining companies, largely driven by the industry's push to expand copper operations—a metal increasingly critical for electrification.

In early October, BHP revealed plans to invest AUD 840 million (approximately $554 million) to expand its Olympic Dam underground copper mine in South Australia, targeting higher output of this essential conductive metal. The company projects global copper demand to surge by 70% by 2050 and has identified copper as a core growth focus. Over the next decade, BHP intends to invest over $10 billion in Chile to expand its local portfolio, alongside additional funding for new mine developments in Argentina and the U.S.