After rejecting an improved takeover bid worth £34 billion (US$43 billion) from BHP, which had hoped to create a copper titan, Anglo said it was accelerating plans to simplify the group and reward shareholders.

“Following completion of the asset review initiated during 2023, Anglo American plans to implement a number of major structural changes to accelerate delivery against its strategic priorities of operational excellence, portfolio simplification, and growth,” a statement said.

Anglo chief executive Duncan Wanblad added that “a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction.

“Anglo American’s shareholders will see the full undiluted upside from these extensive changes, with the value of our copper and iron ore assets brought to the fore.”

Copper is essential to the world’s transition to renewable energy because it is a vital component for greener technology like energy storage, electric vehicles, solar panels and wind turbines.

The price of copper has soared over the past year as a result and Anglo American expects the trend to continue.

Copper last month surpassed US$10,000 per tonne for the first time in two years, with analysts citing strong demand and tight supplies that could be stretched further by BHP’s bid proposal.

Anglo on Tuesday said it planned to offload its steelmaking coal arm and was exploring plans to divest the nickel operations.

It added that Anglo American Platinum would be demerged and that the De Beers diamond business would either be split or sold.