Indian tycoon Anil Agarwal said he has no interest in buying Anglo American's South African assets after making a bid for a 13 per cent stake in the company earlier this month.
Agarwal, the founder and chairman of Vedanta Resources, said he is not looking for a board position and is not an activist shareholder.
"I believe in the management, I believe in the company... and felt that if I have a resource that I should make an investment in it," Agarwal said at the FT Commodities Summit in Switzerland.
Agarwal sent Anglo American's stock flying after he said he planned to buy a £2bn stake in the miner through his family trust Volcan Holdings.
He added today he will happily help the mining giant move to India if management wanted to expand the business there.
"Anglo American is a great company with excellent assets and a strong board and management team who are executing a focused strategy to drive shareholder value," Agarwal previously said.