In a bold move reshaping the mining landscape, Anglo American has officially completed the demerger of its platinum business, giving rise to a new independent entity: Valterra Platinum.
With dual listings on the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LSE), Valterra is now the world’s largest producer of platinum group metals (PGMs), marking a new chapter for the African mining sector and global commodity markets.
The transition from Anglo American Platinum (Amplats) to Valterra comes as Anglo American executes a strategic pivot toward future-facing commodities such as copper and iron ore.
The newly formed Valterra Platinum made its JSE debut on May 28 and began trading in London on June 2 under the ticker symbol “VALT.”
A Mining Giant Is Born
Valterra enters the market with an extensive asset base—six PGM mines across South Africa and Zimbabwe—and a workforce of over 30,000 employees.
The company has ambitious targets for 2025, including production of 3 to 3.4 million PGM ounces and an all-in sustaining cost target of $970–$1,000 per ounce.
Speaking at the LSE listing, Valterra CEO Craig Miller highlighted the importance of independence and focus:
“As Valterra, we now have the agility and strategic clarity to drive operational excellence and return value directly to shareholders.
Our listing in both Johannesburg and London provides access to a global investor base aligned with our vision for responsible and efficient PGM production.”
Anglo American Refocuses on Energy Transition Commodities
Anglo American retains a 19.9% stake in Valterra, estimated at nearly $2 billion, with a mandatory 90-day holding period.
The demerger is a central element of Anglo’s broader restructuring strategy, following a rejected $49 billion takeover bid from BHP.
With planned divestments of its coal, nickel, and De Beers diamond operations, Anglo is sharpening its focus on assets deemed critical to the global energy transition—specifically copper, which is essential for electrification and renewable infrastructure.
Market Reaction and Strategic Impact
Valterra’s debut was well-received by investors, with analysts calling the move a “structural unlock” for both entities. Analysts at Investec noted:
“The demerger of Valterra creates a pure-play PGM leader with operational depth, while allowing Anglo to pursue decarbonization metals with fewer portfolio distractions.”
Valterra has also committed to returning 40% of its headline earnings to shareholders, and has signaled openness to share buybacks should commodity prices remain robust.
The company is targeting cost reductions of R4 billion in 2025 and plans to push its cost base below $950 per 3E ounce.
A New Era for African Mining Leadership
Valterra’s listing represents more than just corporate restructuring—it signifies a realignment of African mining leadership in the global marketplace.
With ESG targets in sight and autonomous governance, the company is poised to influence not only commodity flows but also sustainable mining practices across the continent.
As global demand for PGMs continues to evolve—fueled by hydrogen technologies, catalytic converters, and clean energy catalysts—Valterra’s emergence couldn’t be more timely.
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