JOHANNESBURG, May 3 (Reuters) - Anglo American

CEO Duncan Wanblad is meeting on Friday South African mines

minister Gwede Mantashe for the first time since the miner

rejected BHP Group's ( BHP ) $39 billion takeover bid, a source

familiar with the matter told Reuters.

BHP, the world's biggest-listed mining group, is privately

talking to investors as it weighs up its next move after Anglo's

rejection of its initial proposal.

Commodities giant Glencore ( GLCNF ) is also studying an approach for

Anglo, sources told Reuters, a development that could spark a

bidding war for the 107-year old mining company.

Anglo declined to comment on the meeting with Mantashe.

The source did not give details of the meeting.

BHP has proposed that Anglo sell its shares in units Anglo

Platinum (Amplats) and Kumba Iron Ore as an option to exit the

South African assets it does not want included in the deal.

Anglo unanimously rejected the proposal as opportunistic and

significantly undervaluing the company and its future

prospects.

Its investors are concerned that they stand to lose heavily

by holding shares in the South African subsidiaries, if they are

un-bundled.

There is a risk that South African regulatory authorities,

particularly its central bank, could be concerned about capital

outflows from foreign investors not willing to hold the shares,

the source said.

BHP CEO Mike Henry, who is in South Africa to canvass views

from investors on the company's proposed offer to Anglo, was in

"listening only mode" during a meeting with a Cape Town-based

fund manager on Friday, another source told Reuters.

BHP executives also held a call with South Africa's Public

Investment Corporation earlier in the week, a separate source

said.

Anglo has said it will meet its top investors to hear their

views on BHP's approach.