To address Anglo American's lacklustre share price performance compared to peers Rio Tinto and BHP Billiton, then chief executive Tony Trahar in 2005 launched a strategic review of the company and set about sharpening its focus.

Mondi, the paper and packaging division, had been hit by a drop in paper prices and critics argued it did not belong in a mining company, so it was the obvious place to start. The division is in the process of being spun off and is due to be listed on the London Stock Exchangein July.