Anglo American has finalised the demerger of approximately 51 per cent of its interest in Valterra Platinum, formerly known as Anglo American Platinum.
The demerger officially took effect on May 31, followed by a share consolidation on June 1, as the move received overwhelming shareholder approval on April 30.
As part of the changes, Anglo American’s new ordinary shares were admitted to the Financial Conduct Authority’s official list and began trading on the London Stock Exchange’s main market.
Simultaneously, entitlements to the company’s new ordinary shares also commenced trading on the Johannesburg Stock Exchange.
“This is an important moment for both Anglo American and Valterra Platinum,” Anglo American chief executive officer Duncan Wanblad said.
“For Anglo American, this is a major step in our plan to unlock the inherent value in our portfolio as a whole, with enhanced focus on our world-class positions in copper, premium iron ore and crop nutrients.”
Following the rejection of BHP’s second takeover offer in May 2024, Anglo American revealed a structural overhaul of its portfolio, which will see the major miner focus on its copper assets in South America and iron ore assets in South Africa and Brazil.
The Woodsmith polyhalite fertiliser mine being developed in the north-east of England will also be a mainstay for the company.
“Valterra Platinum has been a major part of the company for many years but now is the right time for it to optimise its value creation prospects on an independent path – it’s an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry,” Wanblad said.
Anglo American will retain a 19.9 per cent stake in Valterra Platinum for at least 90 days post-demerger, subject to exceptions, with plans to manage this holding toward a full separation over time.
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