Anglo American has announced the timeline for the demerger of its 67%-owned Anglo American Platinum (Amplats), which is scheduled for June.
"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 group chief executive Duncan Wanblad.
He said Anglo American intends to retain a 19.9% shareholding in Amplats to further help manage flowback by reducing the absolute size of the shareholding that will be demerged.
Wanblad said the group would no longer have any representation on the Anglo American Platinum board post-demerger and intends to exit its residual shareholding responsibly over time, subject to customary lock-up arrangements.
Anglo American intends to seek shareholder approval for the demerger of Anglo American Platinum at the time of its annual general meeting on 30 April 2025, subject to governance and regulatory approvals.
It said Amplats would be de-consolidated from Anglo American following the demerger.
As of 31 December 2024, Anglo American Platinum had about $900 million of net cash, including the customer prepayment of approximately $600 million.
Meanwhile, Amplats announced its final dividend for 2024, and an additional cash dividend, together totalling R16.5 billion ($900 million), which will be payable to all shareholders ahead of the demerger.
The payment of the additional cash dividend forms part of Amplats' finalisation of its standalone capital structure.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
