All eyes will be on Anglo American this week as the deadline for rival BHP to make a formal takeover bid looms.
BHP has until 5pm on Wednesday to do so.
A takeover of London-listed Anglo could be the largest deal the sector has ever seen.
Anglo, whose empire includes De Beers diamonds, a potash mine in Yorkshire and vast copper and iron ore deposits, has agreed to enter talks with suitor BHP after rejecting the Australian miner’s £39billion offer.
It marked a significant concession by the Anglo board, which had rebuffed earlier bids worth £31billion and £34billion.
The decision to talk could pave the way for a deal.
City analysts have said that a bid of £40billion or more could seal a takeover for the FTSE 100 group.
But investors will keep a close eye on whether other predators pounce.
Glencore and Rio Tinto have both been rumoured to be mulling approaches.
Ben Davis, an analyst at Liberum, has suggested that a combined BHP and Glencore bid could deliver enough firepower to get a deal over the line.
Shares have surged higher on the takeover talk. The value of Anglo has jumped by over a quarter since the end of April.