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South32 is prepared to buy Anglo American's manganese assets if the London-based miner is willing to accept a realistic offer.

The two companies share a manganese mining and smelting business that straddles Australia and South Africa, with Anglo owning 40 per cent of the division.

Manganese is one of numerous commodity groups Anglo is looking to exit from as part of efforts to pay down debt and refocus itself on consumer products like diamonds and platinum group metals.

When asked if it would be willing to buy Anglo's 40 per cent stake in the manganese division, a South32 spokesperson said taking full ownership was a possibility.

"We have a good relationship with our joint venture partner and they've communicated their intentions. We know the assets well and collectively we think they are the best in the industry," said the spokesperson.

"Today we operate and market 100 per cent of the product so we know their true value. As a joint venture partner with a deep understanding of their value, we would be a buyer if the price is right."

South32 has a strong balance sheet with very little debt, so has the financial capacity to buy assets during this period of low commodity prices.

The Australian manganese business, which includes mines on Groote Eylandt in the Gulf of Carpentaria and a smelter in Tasmania, was profitable on an earnings before interest and tax basis in the 2015 financial year, while the South African side of the business was loss-making before interest and tax.

But manganese prices have deteriorated severely since then, with South32 and Anglo American recently agreeing to restructure the business (particularly in South Africa) to reduce costs.

Mine production in South Africa will reduce by 23 per cent, while only three of four furnaces at the Metalloys smelter in South Africa now operate.

Changes to reduce the operating costs at the Australian manganese business will be announced at South32's half year financial results on February 25.

Late last year RBC valued South32's stake in the manganese business at $US1.8 billion, but prices have fallen significantly since then and the business has been rationalised, meaning Anglo is likely to be offered much less than $US1 billion for its stake.

South32 is unlikely to have competition in the first instance, as joint venture partners typically have first option to buy other stakes in assets.

UBS analyst Glyn Lawcock said South32 was the logical owner of the manganese assets.

"I think from South32's perspective it makes sense to look. Good assets don't come to the market very often," he said.

"In South32's case they have the balance sheet capacity to do it, they are the logical owner."

Anglo's possible exit from the manganese joint venture comes just 18 months after the company was given better access to operational and financial information within the business, and a greater say in decision making.

The joint venture had traditionally run under informal rules between BHP Billiton and Anglo, but those rules were amended prior to the assets being demerged by BHP into South32.

"As part of the revised joint venture arrangements, more appropriate governance has been put in place, securing Anglo's participation in key decisions and Anglo will benefit from greater operational transparency," said a spokesman for Anglo in August 2014.

"We are happy with the terms of the new JV agreement and look forward to developing a strong and effective relationship."

Perth-based South32 has previously been rumoured to be interested in the niobium and phosphates businesses that Anglo is also trying to sell.

South32 shares were 5 per cent higher on Thursday at $1.26.

The stock has now rallied 41 per cent since January 21.

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