Valterra Platinum, formerly Anglo American Platinum, commenced trading on the London Stock Exchange on June 2, 2025, marking the completion of its demerger from global mining company Anglo American. This move is a key component of Anglo American’s broader strategy to restructure its portfolio and concentrate on core assets, following the rejection of a $50 billion takeover bid from BHP Group in 2024.
Anglo American, a UK-headquartered multinational mining company, has spun off approximately 51% of its interest in Valterra Platinum, distributing these shares to its own shareholders. Anglo American will retain a 19.9% stake in the newly independent Valterra Platinum for at least 90 days, with intentions to manage this holding towards a full separation over time. The demerger and subsequent listing are part of Anglo American’s plan to streamline operations and focus on its copper, premium iron ore, and crop nutrient businesses.
Strategic Realignment and Market Debut
The demerger of Valterra Platinum, the world’s largest producer of platinum group metals (PGMs) by value, was finalized on May 31, 2025, with an associated share consolidation for Anglo American effective June 1, 2025. Valterra Platinum’s shares began trading on the London Stock Exchange (LSE) under the ticker “VALT” through a secondary listing, complementing its existing primary listing on the Johannesburg Stock Exchange (JSE) where it trades under the symbol “VAL”.
Upon its LSE debut, Valterra Platinum was valued at approximately £7.77 billion (around $9.88 billion USD at current exchange rates). Early trading saw Valterra shares priced around 2,830 pence, rising to 2,960 pence shortly after trading commenced. Anglo American’s shares experienced a slight decline following the demerger.
Duncan Wanblad, Chief Executive of Anglo American, described the demerger as an important moment for both companies. He stated that for Anglo American, it represents a major step in unlocking value from its portfolio, allowing for enhanced focus on its primary commodity interests. He expressed confidence in Valterra Platinum’s future as an independent leader in the PGM industry.
Craig Miller, CEO of Valterra Platinum, highlighted that the London listing enhances the company’s position as an independent entity and aims to broaden its shareholder base and improve access to its assets. Miller emphasized Valterra’s robust resource base, competitive cost structure, and integrated processing capabilities as key strengths for capitalizing on PGM demand.
Anglo American’s Portfolio Overhaul
The separation of its platinum arm is a significant step in Anglo American’s ongoing business restructuring. This strategic shift was accelerated after fending off BHP’s acquisition proposal. Anglo American is divesting assets deemed non-core to its future strategy. The company has already agreed to sell its steelmaking coal business for up to $4.8 billion and its nickel operations in Brazil to MMG for up to $500 million. Anglo American has also announced plans for a potential sale or listing of its De Beers diamond unit.
The company’s refined strategy will concentrate on its copper operations, particularly in South America, its high-quality iron ore assets in South Africa and Brazil, and the Woodsmith polyhalite fertilizer project in the UK. This focus aligns with long-term demand trends for commodities essential for electrification, infrastructure development, and global food security.
Valterra Platinum’s Independent Path
As an independent entity, Valterra Platinum is expected to produce between 3 million and 3.4 million PGM ounces in 2025, with an all-in sustaining cost target of between $970 and $1,000 per ounce. The company plans to maintain its capital allocation strategy, which includes distributing 40% of headline earnings to shareholders, and may consider share repurchases if metal prices improve.
The secondary listing on the LSE is intended to provide greater visibility and liquidity for Valterra Platinum in the global market and to allow UK-based Anglo American shareholders to retain exposure to the PGM business.
Company Background and Market Context
Anglo American is a globally diversified mining company headquartered in London, UK. Its portfolio has historically included a wide range of commodities such as diamonds (through De Beers), copper, platinum group metals, iron ore, coal, and nickel. The company is currently undergoing a significant strategic transformation to simplify its portfolio, reduce debt, and focus on assets with high growth potential and those aligned with sustainability trends like copper and crop nutrients. This restructuring follows a period of intense investor scrutiny and a rejected takeover bid.
Valterra Platinum, formerly Anglo American Platinum (Amplats), is the world’s largest primary producer of platinum group metals. Its operations are primarily located in South Africa and Zimbabwe. The company has an extensive resource base and integrated mining, concentrating, and refining operations. As a newly independent entity, Valterra Platinum aims to optimize its value creation prospects by focusing solely on the PGM market.
Platinum Group Metals (PGMs), which include platinum, palladium, rhodium, iridium, ruthenium, and osmium, are rare and valuable metals with unique catalytic and physical properties. They are crucial in various industrial applications, primarily in automotive catalytic converters to reduce harmful emissions. PGMs also find use in jewelry, chemical processing, electronics, and medical applications. The PGM market is influenced by automotive production trends, emissions regulations, industrial demand, and investment flows. Valterra Platinum’s position as a leading PGM producer means its performance will be closely tied to these market dynamics.
