Anglo American, the world's second-largest mining company, has called in UBS to advise it on strategic options which could include spinning off paper and packaging division Mondi and the sale of part of its stake in gold group AngloGold Ashanti.

UBS has an existing relationship with Anglo American as joint broker with JP Morgan Cazenove, but has never played an advisory role for the firm. JP Morgan Cazenove has been corporate broker to Anglo American since 1999.