Duncan Wanblad-led Anglo American gets nod to spin off platinum unit

Key Points

• Anglo American will spin off its platinum unit, renamed Valterra Platinum, on May 31, 2025, to sharpen its focus on copper, iron ore, and crop nutrients.
• Valterra Platinum will debut with dual listings, primary on the Johannesburg Stock Exchange and secondary on the London Stock Exchange under the ticker “VALT.”
• The restructuring aligns with CEO Duncan Wanblad’s strategy to exit non-core assets, including De Beers, and improve returns through a streamlined portfolio.

Anglo American Plc, the global mining giant led by South African executive Duncan Wanblad, has secured shareholder approval to spin off its platinum unit, Anglo American Platinum, as part of a sweeping restructuring under CEO Duncan Wanblad. The unit, to be renamed Valterra Platinum Limited, will begin operating as an independent company on May 31, 2025.

The decision was finalized at a general meeting on April 30, and the demerged entity will maintain its primary listing on the Johannesburg Stock Exchange while also securing a secondary listing on the London Stock Exchange under the ticker VALT, with trading set to commence at 8:00 a.m. BST on June 2.

Reshaping the portfolio amid market shifts

The move is central to Wanblad’s strategy to streamline Anglo American’s portfolio and sharpen its focus on higher-growth assets such as copper, premium iron ore, and crop nutrients. It also comes amid plans to divest from businesses including De Beers, steelmaking coal, nickel, and now platinum group metals.

“Valterra Platinum will provide investors with direct exposure to one of the world’s largest PGM producers, operating independently with focused governance,” the company said in a statement.

The demerger won’t change Anglo American’s underlying stake in the platinum business but is seen as a significant milestone in realigning the miner’s operations amid shifting global demand for PGMs. The dual listing is designed to maintain liquidity and access for the company’s UK investor base.

A stronger focus on core assets

Since taking the helm in April 2022, Wanblad has led Anglo American through a major restructuring aimed at delivering stronger returns for shareholders. With operations spanning Africa, Asia, Australia, Europe, and the Americas, the company remains one of the world’s largest producers of platinum, diamonds, and steelmaking coal.

The latest move—the shareholder-approved demerger of Anglo American Platinum, which is set to be renamed Valterra Platinum Limited—marks a milestone in the company’s strategy. Effective 31 May 2025, the demerger reinforces Anglo American’s focus on its core portfolio. 

Valterra Platinum will maintain its primary listing on the Johannesburg Stock Exchange and commence trading on the London Stock Exchange on June 2 under the ticker “VALT,” ensuring continued access for UK-based investors. This step underscores Anglo American’s commitment to long-term value creation, streamlining its operations and positioning the business to better navigate shifting dynamics in the global mining sector.