Anglo American has announced progress on its demerger of Anglo American Platinum, with plans to complete the separation by June 2025.
The demerged company will be listed on the Johannesburg Stock Exchange, with an additional listing on the London Stock Exchange.
Anglo American Platinum, one of the world’s leading producers of platinum group metals (PGMs), declared a final dividend and an additional cash dividend for 2024, totalling R16.5 billion (approximately $0.9 billion).
Anglo American expects to receive around $0.6 billion, as a 67 per cent shareholder from its dividend distribution.
“We are on a clear timeline towards demerging Anglo American Platinum in June,” Anglo American chief executive Duncan Wanblad said.
“Consistent with our commitment to deliver a responsible demerger, Anglo American intends to retain a 19.9 per cent shareholding in Anglo American Platinum in order to further help manage flowback by reducing the absolute size of the shareholding that will be demerged.”
Wanblad confirmed that Anglo American would no longer have board representation on Anglo American Platinum post-demerger and plans to exit its residual shareholding “responsibly over time, and subject to customary lock-up arrangements”.
The demerger is subject to governance and regulatory approvals, with Anglo American planning to seek shareholder approval at its annual general meeting on April 39, 2025.
Upon completion, Anglo American Platinum will be de-consolidated from Anglo American’s financial statements.
As of December 31, 2024, Anglo American Platinum reported net cash of approximately $0.9 billion, including a customer prepayment of $0.6 billion.
The company also reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of R19.8 billion (approximately $1.1 billion) for 2024.
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