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The World's Biggest Miner buy Ferrous Resources

BHP Billiton, the world's biggest miner, is close to launching a bid of 2,000 million pounds (about U.S. $ 3,200 million) for the Brazilian iron ore miner Ferrous Resources, reported Sunday the Sunday Times.

The magazine said, without citing sources, that the negotiations between BHP and Ferrous Resources began this year and intensified in recent weeks.

Another alternative is to buy a stake in BHP Ferrous Resources in place to launch a buyout offer, the newspaper said, citing unidentified sources.

BHP declined to comment, while Ferrous Resources could not be reached immediately.

Ferrous Resources last year abandoned a listing on the London Stock Exchange could have been valued at over U.S. $ 3,000 million.