Anglo faces platinum test in possible South Africa spinoff

Anglo American is facing a showdown with its biggest investor, South Africa’s State-owned Public Investment Corporation, which wants the miner’s prized platinum assets included in any divestment of its local operations. PIC, which owns about 14.5% of Anglo, is insisting platinum is included in the suite of coal and iron ore assets that the miner is considering spinning off, according to a person familiar with the fund manager’s thinking. That presents a major hurdle to Anglo CEO Mark Cutifani, who says platinum is one of the company’s core commodities, along with copper and diamonds.