JOHANNESBURG, South Africa (AP) _ South Africa's corporate behemoth, Anglo American Corp., today unveiled a huge restructuring and announced it was moving its headquarters to London.

The new company, Anglo American PLC, would become one of the world's largest mining and natural resources conglomerates, with major holdings in precious and base metals, diamonds, industrial minerals and other industrial and financial activities.

The restructuring would effectively move ownership of South Africa's most prized assets abroad.

Anglo American Corp., which accounts for half of the Johannesburg stock market's capitalization, owns the world's biggest diamond miner and marketer, De Beers Consolidated Mines Ltd., and some of the world's largest gold and platinum mines.

The South African Reserve Bank has approved the plan, the company said.

At the core of the restructuring is the acquisition of minority stakes in Minorco SA, its offshore natural resources arm, and Anglo American Coal Corp.

The shakeup is a major streamlining of Anglo's structures, which for years have kept its share price valued at a discount to its actual assets.

Anglo American shareholders will receive one Anglo PLC share for each company share, while Minorco shareholders will receive one Anglo PLC share for every two of Minorco's shares, or an alternative cash offer of $16 a share.

The restructuring will take effect after shareholders receive documentation in early 1999, and following compliance with London Stock Exchange requirements, Anglo American said.

Anglo American also has investments around the world in coal, steel, paper, timber, chemicals, motor manufacturing, food, financial services and property.