Anglo American (AGL) has completed its exit from the platinum sector by selling its remaining 19.9% stake in Valterra Platinum (VAL), valued at $2.7 billion, through an accelerated bookbuild offering to institutional investors. This move concludes a multi-stage separation process that began with the unbundling of Valterra Platinum, formerly Anglo American Platinum, earlier in 2024.
The timing of the divestment has been favourable. Valterra’s share price has gained around 25% since its standalone listing on the Johannesburg Stock Exchange (JSE) in June, while platinum itself has rallied over 50% year-to-date alongside record-high gold prices. By capitalising on this momentum, Anglo American has strengthened its balance sheet and simplified its portfolio.
CEO Duncan Wanblad described the sale as a key milestone in the company’s broader restructuring. With platinum operations now spun off, Anglo American will focus on its core growth assets in copper, premium iron ore, and crop nutrients. Sectors that are aligned with global demand trends in electrification, infrastructure, and sustainable agriculture.
The divestment also reflects pressure on Anglo to unlock shareholder value after BHP’s failed $49 billion takeover bid in 2024. Beyond platinum, Anglo is exploring the sale of its Australian coal mines, as well as options for its diamond and nickel businesses. However, these moves may face challenges with diamond demand remaining weak, De Beers’ rough diamond production down 26% last year, and coal sales becoming increasingly constrained by regulatory pressures tied to decarbonisation in Australia.
For now, the successful $2.7 billion Valterra sale highlights Anglo’s commitment to streamlining operations and delivering returns in a shifting commodities environment. Investors will be watching closely how its next divestitures unfold and whether its pivot to copper, iron ore, and crop nutrients delivers the stability and growth it seeks.
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** This article was prepared by BROKSTOCK analyst Maboko Seabi
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