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Valterra’s unbundling from the Anglo-American rump was completed in May this year, with Anglo retaining about a fifth of the platinum counter’s shareholding.
Anglo American Plc is bidding a final goodbye to platinum with the announcement that it will sell its remaining stake in Valterra Platinum, which is the old Anglo-American Platinum (Amplats).
The 19.9% stake is valued at about USD2.7 billion (R48 billion), and the 52 million shares up for grabs will be sold to qualifying institutional investors. Valterra shares are up about 30% since listing as a standalone company on the London Stock Exchange in June.
Valterra’s unbundling from the Anglo-American rump was completed in May this year, with Anglo retaining about a fifth of the platinum counter’s shareholding.
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This stake will now be offered to institutional shareholders, according to a press statement released on Wednesday. With precious metal prices surging, Anglo has decided the time is right to offload its remaining shares in Valterra. This is part of a restructuring of the group following BHPs aborted $49 billion bid to acquire Anglo American in 2024.
Anglo reckoned it could do a better job than BHP in uncorking value, and since then has announced the sale of its Australian coal mines, along with plans to exit less profitable parts of the business, namely coal, nickel, and diamonds.
Platinum prices are up 57% since the start of the year, alongside a 30% gain in palladium and a 36% run in gold, which hit an all-time high this week at $3 576 an ounce.
