Swiss miner Xstrata is evaluating a number of South African pgm prospects as potential acquisition targets.
The news follows the breakdown of the Xstrata takeover bid for WMC Resources, with chief executive Mick Davis casting his eye around other markets.
Numis Securities says that the firm is considering some South American copper sites, but that South Africa's platinum firms could prove an attractive target.
Reuters cites analyst John Meyer's assessment that the planned movement is likely to "cause concern among some potential target companies and anticipation at others".
He highlighted copper miners Antofagasta and Monterrico Metals as front runners, but stressed that the SA platinum sector had been discussed in the past.
He predicted that world number two Impala Platinum, Lonmin and Aquarius Platinum could all be approached, "since that precious metal has long been a favourite of Davis".
While Xstrata has debts totalling more than $1.4 billion, its strong cash flow will facilitate any eventual bid.