Anglo American has turned down BHP’s bids twice since April 25, stating the offers continue to considerably undervalue the company.

Shareholders in both companies interviewed by Bloomberg said there was still likely to be some room for a sweetened offer before a May 22 cut-off.

Anglo shareholders have been urging the company to explain how it would create more value than by just selling to the rival.

Key milestones, including the recovery of high-quality diamonds at the Botswana mine and a new long-term sales deal, contributed to the results.

Botswana has not been formally approached by either BHP or Anglo.