It may not be the force it once was in South Africa, but Anglo American – founded by Sir Ernest Oppenheimer in 1917 – still excites emotions. The company retains enough of a presence in its former home to ensure that its proposed merger with Xstrata, itself a huge player on the local mining scene, faces a host of regulatory and political obstacles.

Top of the concerns are potential job losses in a country where unemployment stands at more than 23.5 per cent of the labour force. Anglo has already cut 19,000 jobs globally, many of those at its platinum mines in South Africa.