Reuters is reporting that BHP has been rebuffed in its A$8.34 billion ($5.8 billion) takeover bid for OZ Minerals, a setback for the company as it pushes to secure copper and nickel assets toward a shift into clean energy and the electric vehicles (EVs) market.

Australia's OZ Minerals said the A$25 per share unsolicited, conditional and nonbinding indicative offer undervalued the nickel and copper miner and was "opportunistic" as it comes when copper prices and its stock price have fallen from recent peaks.

OZ shares surged 34.1 percent to A$25.55, slightly above the offer price, after details of the deal and its rejection were made public on Monday.

"OZL is one of only a handful of global copper pure play companies," Dylan Kelly, senior research analyst at Sydney-based brokerage Ord Minnett, said in a note to clients.

"This suggests another party with a more positive view on long-term copper may be willing to pay more than BHP, even if it doesn’t have an Aussie presence," Kelly said, adding a prolonged sales process could yield a slightly higher price.

The OZ bid by BHP, the world's biggest listed miner, is its biggest play since it sold its petroleum assets last year.

The move underlines BHP's intention to diversify into metals like copper -- essential across the energy sector for wind turbines, solar power systems and electric cables -- as well as nickel that is used in lithium-ion batteries for EVs.

Photo courtesy of OZ Minerals.