Anglo American to Complete Anglo American Platinum Demerger in June

London-based mining company Anglo American announced that it expects to finalize the demerger of Anglo American Platinum by June 2024. The company also confirmed that Anglo American Platinum has declared its final dividend for 2024, along with an additional cash dividend, totaling 16.5 billion rand ($0.9 billion). As a 67% stakeholder, Anglo American anticipates receiving approximately $0.6 billion from these distributions.

CEO Duncan Wanblad stated that Anglo American Platinum, the world’s leading producer of platinum group metals (PGMs), will have its primary listing on the Johannesburg Stock Exchange and a secondary listing on the London Stock Exchange. To manage shareholding flowback, Anglo American plans to retain a 19.9% stake in the company initially but will exit this position over time, subject to lock-up arrangements. The company will no longer hold board representation following the demerger.

Anglo American intends to seek shareholder approval for the demerger during its annual general meeting on April 30. Once completed, Anglo American Platinum will be de-consolidated from Anglo American’s financial structure.