April 27 (Reuters) - BHP Group ( BHP ) is considering

making an improved offer for Anglo American after its

$39 billion initial proposal was rejected by the London-listed

miner, a source familiar with the matter told Reuters.

BHP is in discussions on a revised bid for Anglo American to

be made in coming weeks, the source said. The deliberations are

ongoing and the group has not yet made a decision on the size

and structure of the new proposal, the source added.

BHP said it does not comment on what it called "rumour and

speculation", while Anglo American did not immediately respond

to a Reuters request for comment.

Anglo American rejected BHP's $39 billion takeover offer on

Friday, saying it significantly undervalued the miner and its

future prospects.

Under UK takeover rules, BHP has until May 22 to come back

with a formal offer for Anglo American. It is expected to

sweeten its 25.08 pounds per share offer to try to clinch a deal

that would create the world's biggest miner of copper, a metal

central to the clean energy shift.

Some Anglo American investors, who asked not to be named

because of the sensitivity of the matter, told Reuters the

company is worth around 30 pounds a share.

Anglo shares closed at 26.43 pounds on Friday.

Much of the focus of BHP's bid has been on copper. A tie-up

with Anglo would forge a group accounting for about 10% of

global output of the metal, which due to its conductivity and

resistance to corrosion is used in everything from electric

vehicles and power grids to construction.

A deal, if successful, would be the largest mining takeover

globally in 2024 so far and would rank among the top 10 largest

deals ever for the sector, LSEG data showed.