Rio Tinto had considered making a bid for Anglo American

A decision to demerge or sell its diamond and platinum businesses is expected to go a long way in maintaining Anglo American's profitability, by focusing on the more lucrative copper and iron ore businesses.

Mike Henry and his counterpart at Anglo, Duncan Wanblad, are due to speak at the Bank of American Global Metals, Mining and Steel Conference in Florida.

Rio "management had not ruled out making a play for part or all of the mining group and continued to study the day-to-day situation," the AFR reported, citing sources close to Rio. The report did not say why Rio did not make a bid, but said there is no suggestion that Rio is about to make an alternative bid.