While not his priority, BHP chief executive Andrew Mackenzie has stated in recent months that the company is looking at potential acquisition opportunities and would be most tempted by copper or conventional oil opportunities,

In keeping with that stance, the company eagerly pursued the recent bidding process for a stake in Barrick's Zaldivar copper mine in Chile, which was eventually sold to Antofagasta.

The joint manager of Colonial First State Global Asset Management's (CFSGAM) resources funds, Todd Warren, said he believed BHP was increasingly open to buying assets.

"Certainly our recent discussions with BHP would indicate that they are thinking more about M&A, and despite all of the discussions they have, I'm sure, with shareholders around the sustainability of that dividend, more recent discussions we have had with the company would indicate that they are looking more closely at M&A opportunities – and obviously Zaldivar was one of them," he said.

"But I guess nor are they being pushed to make acquisitions they don't see value in."

According to data compiled by BHP on August 21, CFSGAM ranked as the seventh biggest holder of BHP's Australian stock.

No shortage of assets

With Glencore, Rio Tinto, Anglo American, Peabody Energy, BP and Fortescue Metals Group all believed to be mulling the sale of certain assets, there will be no shortage of opportunities available to BHP if it chooses to grow its portfolio through M&A.

Glencore's debt reduction mission is likely to see more than $US2 billion worth of assets sold in coming months, which has prompted some to ponder the potential for BHP to buy Glencore's stake in the Antamina copper asset which the two companies share with Teck and Mitsubishi.

Located in Peru, Antamina is one of the few mining assets in Glencore's portfolio considered to be of "tier one" status, and both BHP and Glencore own 33.75 per cent of Antamina each.

Buying some or all of Glencore's stake would be a very low-risk acquisition for BHP given its knowledge of the asset.

Mr Warren said he would be happy to see BHP and other big miners making acquisitions at this low point in the commodities cycle, but he conceded that many other shareholders may not.

"That would be the logical thing to do in depressed markets, that is clearly the right time to be making acquisitions when small- or medium-sized companies are at depressed valuations or when companies are in a situation where they are forced sellers of assets, so, yes, is the short answer," he said.

"The question is whether their shareholder base would allow them to either stretch out their balance sheet to do so, or cut that dividend."

Mr Warren said dividends were not the reason CFSGAM was invested in the big miners.

The comments come after BlackRock's resources fund manager Evy Hambro said big miners must stay the course on their progressive dividend policies and not look for growth at a time when the market did not need further supply-growth.