The mining giant Anglo American PLC plans to divide its worldwide business—including the DeBeers diamond operation—as it seeks to battle a takeover and focus on precious minerals that are expected to rise in use amid the shift to green energy.

The London-based Anglo-American division said on May 14th that it would spin off its platinum business to sell a unit that produces coal used in steel production. This would allow them to “explore all options” to separate DeBeers from its parent company.

These moves will allow Anglo American to concentrate further on its copper and iron ores production, which accounted for more than two-thirds of its profit last year. The company said it will also retain its crop nutrient business.

This announcement comes a day after Anglo-American rejected a takeover bid from rival BHP Group. The bid valued the company at roughly 34 pounds ($42.6 billion), almost 9% higher than BHP’s last offer.

AD 4nXd QeJ1NoJJUO2oAIcc3KMkg5lb43574ijeTYMfgChlT9xxY9TmYHEcvsqyIut1P75nagb8b4S8c QIXE2pKz 8MICdv4He WTDGK7LsI17CHYQyAfXDZcy8eVtOIJXKpwryQdZW61gj32do5jLadtb7qc?key=lyHjgPNTTBY5q7GRt0I07g

Anglo Chief Executive Duncan Wangled was quoted as saying: “We are taking clear and decisive action to deliver value—safely, responsibly and reliably—in the long-term interests of our shareholders and other stakeholders, and to deliver the products that are so critical to enabling the energy transition and supporting improved global living standards and food security.”.

Anglo-American shares fell 2.8% to 2,632 pence in midafternoon trading in London on Tuesday. During the prior three weeks, its stock had risen almost as much as 33% due to speculation over a potential takeover.

The company is working to simplify operations and boost returns for shareholders by focusing on a smaller range of products. This is likely to benefit the drive to reduce the usage of fossil fuels and cut carbon emissions linked to global warming.

Demand for copper—a critical component of not just electric wiring but solar panels, wind turbines, and electric vehicles—is expected to double by 2035, according to an S&P Global Market Intelligence analysis.

Anglo-American has stated that high-quality iron ore from its mines may help steel producers reduce carbon emissions. In contrast, the naturally occurring fertilizer that the company creates may help boost crop yields and reduce agricultural emissions.

Anglo-American was reported as the world’s eighth-biggest mining company last year, with revenue of $30.7 billion. However, these earnings were dwarfed by the $217.8 billion generated by Glencore, the world’s biggest miner.

Anglo-American was founded over 100 years ago to mine South Africa’s gold. It hastily expanded into diamonds, platinum, and copper. At the end of last year, the company had about 60,000 employees in 13 countries, ranging from Australia to Peru.

The company owns 85% of DeBeers, which produces almost a third of the world’s rough diamonds. The Botswana government owns the remainder.

South Africa remains the heart of Anglo American’s business, with 36,000 employees at the end of last year.

Anglo-American has acknowledged the reorganization plan’s impact on workers and promises to engage with “relevant stakeholders” and comply with the consultation requirements and local laws.