Anglo American successfully completed the demerger of our majority interest in the Platinum Group Metals (PGMs) business, Valterra Platinum, formerly Anglo American Platinum, marking a significant milestone in our portfolio optimisation and enhancing the value-creation prospects for both companies.
Following overwhelming approval by shareholders, the demerger took effect on 31 May 2025, with the share consolidation becoming effective on 1 June.
Duncan Wanblad, CEO of Anglo American, said at the time: “This is an important moment for both Anglo American and Valterra Platinum. 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.”
A major part of the company for years
“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 the team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry,” Duncan said.
On 2 June 2025, Valterra was listed on the London Stock Exchange (LSE). The LSE listing was in addition to Valterra’s existing primary listing on the Johannesburg Stock Exchange (JSE).
At the time of the demerger, Anglo American continued to hold a c.19.9% interest in Valterra, with the intention of completing the full separation responsibly over time.
Unlocking value
A few months later, on 3 September 2025, we launched an accelerated bookbuild offering of our remaining c.52.2 million ordinary shares of Valterra.
With a successful demerger complete, we subsequently sold all of our remaining holding in Valterra, with the placing of shares raising further cash proceeds for Anglo American and adding to the strength of our balance sheet.
The placing of the c.52.2 million ordinary shares raised cash proceeds of ZAR44.1 billion (approximately $2.5 billion). Duncan said: “Valterra Platinum has made a strong start as a stand-alone company and we continue to have every confidence in its future as the world’s leading integrated value chain producer of PGMs.
“Valterra is perfectly positioned to benefit from the increasingly attractive structural market dynamics for PGMs. This placing marks further progress in our responsible separation process and a further step in our portfolio simplification to focus on our world-class positions in copper, premium iron ore and crop nutrients.”
Anglo American was recognised at the ProShare Awards 2025 for the effective communication of the demerger to our employee shareholders, winning the ‘Most Effective Communication of an Employee Share Plan (50,000+ employees)’ award, as well as being commended in the ‘Best Employee Share Plan Outcome Following a Major Corporate Change’ category.
