BHP has until 5 p.m. London on Wednesday to commit to an offer.

Such an outflow, if a deal goes ahead, could weaken the rand.

Anglo American was encouraged by key shareholders to continue engaging in talks with BHP over its proposed $49.18 billion mining merger.

Of the investors that Bloomberg spoke to this week, some suggested that BHP should provide a commitment to cover any lost value suffered by the subsidiaries’ new owners.

In 2021, China President Xi Jinping pledged to halt all coal construction and financing abroad.