Anglo American Completes Platinum Business Demerger with Valterra

Anglo American

Strategic Focus Shifts to Copper and Iron Ore

Anglo American has officially completed the demerger of its platinum business, now operating as Valterra Platinum, marking a significant strategic shift. The UK-based miner will retain a 19.9pc stake in Valterra for at least 90 days post-demerger, ensuring a transitional link between the two companies. The move aligns with Anglo American’s broader restructuring efforts aimed at sharpening its focus on copper and iron ore.

The demerger, approved by shareholders on 30 April 2025, took legal effect on 31 May, followed by a share consolidation effective 1 June. Valterra Platinum has secured a primary listing on the Johannesburg Stock Exchange and a secondary listing on the London Stock Exchange as of 2 June. This dual-market presence is expected to boost investor accessibility and liquidity.

This spin-off is part of a broader divestment strategy announced in response to a 2024 hostile takeover bid from Australia’s BHP. Alongside platinum, Anglo American intends to separate its coal, nickel, and diamond businesses. By narrowing its commodity portfolio, the company aims to strengthen its core operations in copper and iron ore—two sectors forecast to see robust demand growth over the next decade.

Positioning for Long-Term Competitiveness

The restructuring signals Anglo American’s intent to position itself for long-term market competitiveness, especially as global energy transition policies drive demand for copper. Meanwhile, Valterra Platinum will operate as an independent entity with a clearer strategic mandate in the platinum group metals sector. Both companies are expected to benefit from greater operational focus and capital allocation discipline.

The Metalnomist Commentary

Anglo American’s spin-off of Valterra Platinum underscores a decisive move toward higher-growth commodities, particularly copper. This strategy not only rebuffs takeover pressures but also aligns the company with long-term market trends driven by electrification and infrastructure investment. Valterra, meanwhile, gains independence to concentrate on platinum group metals in a challenging but potentially rewarding market.