Three weeks after rejecting the first of two takeover proposals from BHP, Anglo American has finally played its hand — proposing a restructuring that ends its time-honoured links with De Beers via a trade sale or demerger, and unbundles its 79% stake in JSE-listed platinum group metals miner Amplats.

It also plans to sell its metallurgical coal assets in Australia, and either close or sell nickel mines. No decision has been made about manganese assets in the Northern Cape that it shares with South32...

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