“This would require a meaningful revision of the current BHP proposal that should take into consideration the material risks that current shareholders of both Anglo and its subsidiaries would have to assume,” the PIC said in the statement.

“The PIC recognizes the positive impact of Anglo American in the South African economy and the region at large, and the company’s role in this regard should not be diminished as a result of the proposed offer by BHP,” it said. 

Anglo American has twice rejected BHP’s approach, which would imply for Anglo to spin off its stakes in two South African iron ore and platinum companies before being acquired. 

After rebuffing the latest offer, Anglo American’s chief executive Duncan Wanblad unveiled his own plan to reshape the business, which includes exiting platinum, diamonds and coal and slowing the unpopular Woodsmith fertilizer project.

BHP has until 1600 GMT today to make a binding offer or it will be forced to walk away for at least six months. If the parties reach an agreement before that, an extension can be granted.