BHP assessed NexGen as potential takeover target last year, sources say

BHP Group has been evaluated as a potential takeover target by NexGen Energy, according to sources familiar with the matter. The assessment, which took place in 2025, focused on the strategic and financial merits of a potential combination between the two companies. NexGen, a Canadian uranium producer, reportedly explored the opportunity amid growing demand for uranium in the context of global energy transitions and nuclear power expansion.

While no formal offer was made, internal discussions reportedly considered the alignment of BHP’s operational strengths with NexGen’s uranium assets. BHP, which has previously pursued several high-profile merger opportunities, including Anglo American and Teck Resources, has maintained a disciplined approach to capital allocation and strategic growth. The company has not commented publicly on the NexGen discussions.

The potential deal would have required careful evaluation of regulatory, financial, and operational factors, particularly given the geopolitical and environmental considerations surrounding uranium production. NexGen’s assets, including its high-grade Rook I uranium project in Saskatchewan, Canada, are considered among the most advanced in the sector. However, the complexity of cross-border transactions and the current market dynamics for uranium may have influenced the outcome of the discussions.

BHP continues to prioritize organic growth and strategic acquisitions that align with its long-term portfolio goals, including exposure to future-facing commodities such as copper and uranium. The company’s recent decision to withdraw its Anglo American takeover proposal underscores focus on long-term value for shareholders.