BHP has been open about its desire to add high-quality copper assets to its portfolio, but doing so through acquisitions seems unlikely.
"The assets simply don't get traded," says Danny Malchuk [president of Minerals Americas division], pointing out that even in the depths of the GFC the world's biggest miners held on to their best copper mines.
"To really get interested in new assets they need to be really, really good. And that's not easy to find, to be honest."