South Africa's Mineral King

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Recently, Oppenheimer has begun investing more and more of his assets outside South Africa, especially in North America, leading to speculation that he might fear for the country's long-term political stability. In fact, he says his real motive is simply to diversify. Says he: "The world is a wide place, and why shouldn't we do business elsewhere?"

Much of his foreign investment activity is being handled through one of Anglo American's affiliate companies, the Bermuda-based Mineral and Resources Corp. (assets: $2.4 billion), which is already a leading foreign investor in the U.S. through its 27% ownership of the giant Engelhard Minerals & Chemicals Corp. in New York. Last month Mineral and Resources Corp. expanded further in the U.S. with the takeover of Sovereign Coal Corp. in Bluefield, W. Va., Harman Mining in Harman, Va., and Terra Chemicals International, Sioux City, Iowa. If that sort of investment continues, Americans may come to know Harry Oppenheimer as well as South Africans do.