Mining giant Anglo American has outlined its June timeline for the separation of Anglo American Platinum, following the platinum company’s release of its 2024 annual results.
Anglo American has scrambled to fight off takeover interest from BHP, and this demerger is one measure undertaken in an attempt to keep the Anglo listing going.
The unit will be listed on both the Johannesburg Stock Exchange and the London Stock Exchange, meaning the London-listed AAL entity will retain some exposure to its platinum business.
Anglo American Platinum has declared dividends amounting to R16.5 billion (approximately £0.7 billion), which comprises both a final dividend for 2024 and an additional cash dividend.
These payments will be distributed to all shareholders before the demerger takes place. As Anglo American currently holds approximately 67 per cent of Anglo American Platinum’s shares, it anticipates receiving roughly £0.5 billion from these dividend payments.
Anglo American Platinum reported adjusted EBITDA for 2024 of R19.8 billion, approximately $1.1 billion.
“We are on a clear timeline towards demerging Anglo American Platinum – the world’s leading PGMs producer – in June, with its primary listing on the Johannesburg Stock Exchange and an additional listing on the London Stock Exchange,” said Duncan Wanblad, Chief Executive of Anglo American.
“Consistent with our commitment to deliver a responsible demerger, Anglo American intends to retain a 19.9% shareholding in Anglo American Platinum in order to further help manage flowback by reducing the absolute size of the shareholding that will be demerged. Anglo American will no longer have any representation on the Anglo American Platinum board post demerger and we intend to exit our residual shareholding responsibly over time, and subject to customary lock-up arrangements.”