Diversified miner Anglo American and Valterra Platinum, previously Anglo American Platinum (Amplats), have welcomed the finalisation of the demerger of the majority of Anglo’s interest in Valterra with effect from May 31.

At a general meeting of Anglo on April 30, shareholders voted overwhelmingly to support the proposed demerger of a portion of Anglo’s interest in Amplats, now renamed Valterra Platinum, and the associated share consolidation of Anglo.

As previously announced, Anglo demerged about 136.26-million of the about 176.98-million ordinary shares it held in Valterra. 

Anglo now holds about 19.9% of Valterra’s shares in issue. It plans to retain that shareholding for at least 90 days.

The plan remains, however, to eventually effect a full separation.

Valterra officially started trading on the JSE under its new name on May 28, as reported by Mining Weekly.

Its share have also, with effect from June 2, been admitted to trading on the LSE.

“Today marks a significant milestone as Valterra joins the main market of the LSE, complementing our primary listing in Johannesburg. Our secondary listing is a pivotal step in our evolution as a standalone platinum group metals (PGMs) business.

“Not only does this listing broaden our shareholder base and access to our world-class assets but it also underscores our commitment to long-term value creation for the benefit of all our stakeholders,” comments Valterra CEO Craig Miller.

Anglo CEO Duncan Wanblad adds that this is an important moment for both Anglo and Valterra.

“For Anglo American, this is a major step in our plan to unlock the inherent value in our portfolio as a whole, with enhanced focus on our world-class positions in copper, premium iron-ore and crop nutrients.

“Valterra Platinum has been a major part of the company for many years but now is the right time for it to optimise its value creation prospects on an independent path – it's an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global PGMs industry,” he says.