The SA Reserve Bank said in its Quarterly Bulletin that the outflows were largely driven by Anglo American spinning off its platinum unit, now called Valterra Platinum.

Portfolio investments reversed from outflows of R53.7 billion ($3.11 billion) in January–March to inflows of R69.4 billion ($4.02 billion) in April–June, mainly due to the distribution of Valterra Platinum shares to non-resident shareholders of Anglo American.

Anglo American has been selling or spinning off non-core assets since a failed takeover attempt by a larger rival last year, as it refocuses on copper and iron ore.

–Reuters–