Anglo American, the mining group, today revealed plans to return $1 billion (£560m) to investors next year through share buybacks and special dividends.

Shares in the world’s third-largest miner gained on the news, climbing 71p, or 4.5 per cent in morning deals, to 1,634p.

The company also said it would proceed with an ongoing $5 billion capital-spending programme and that it is considering further acquisitions in the mining sector as it sharpens its focus on its core business.

In a statement detailing the outcome of its strategy review, Anglo said it will carry out a string of measures aimed at simplifying its structure.

Moves to this end will include a reduction of Anglo's 51 per cent stake in AngloGold Ashanti, the goldminer, and the disposal of Mondi, the paper and packaging business.

Anglo is also considering disposing off its interest in Highvel Steel, the South African steelmaker.

However, chief executive Tony Trahar said that the planned $1 billion capital return to shareholders would not depend on Anglo successfully spinning parts of its business.

"This announcement marks a further step in Anglo American’s ongoing strategic development. Through a series of measures we are creating a more focused mining Group, better positioned to take advantage of opportunities in our main mining businesses," he said.

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