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People with knowledge of the matter said that OZ Minerals is looking for about A$10 billion in a sale.
The people said that an offer of around A$30 per share would be a starting point for further negotiations. In August, it rejected an offer of A$25 per share from the company.
As soon as this month, the company could increase its proposal for the company, according to the report. It is not clear if it would meet OZ Minerals' expectations. The company's shares closed at A$25.25.
The people said that OZ Minerals might push for a different price.
OZ Minerals didn't respond to a request for comment outside of business hours, while BHP didn't reply to a request for comment outside of business hours.
Low-emissions transport and clean energy are some of the trends that are tied to the growth of commodities like copper and nickel. The new potash mine in Canada will be the largest in the world.
As the global economy decarbonizes, the world's biggest miners are bullish on copper. Rio Tinto Group agreed to acquire all of the remaining shares of Turquoise Hill Resources.
There are copper mines in South Australia that are operated by OZ Minerals.
It was an attempt to return to big-ticket dealmaking for the miner. The last major transaction was a $12.1 billion acquisition of Petrohawk Energy Corp.
Vinicy Chan and James Fernyhough assisted.
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