BHP is set to spin off Anglo American’s platinum and iron ore mining businesses as part of a deal that could prove controversial in South Africa.
The two units are already listed on the Johannesburg Stock Exchange and the group’s existing shareholders would be given South African-listed shares valuing the assets at about £10.2 billion.
Anglo’s platinum and South African iron ore operations will be split from the main group, with investors receiving shares in each worth £4.86 and £3.40, respectively. Kumba, the iron ore unit, has its headquarters in Johannesburg and is the world’s fifth largest producer of iron ore, a key component in the production of steel. The platinum unit, known as Amplats, comprises mines across South Africa and Zimbabwe.
De Beers, the
