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Anglo American, a diversified global mining giant led by South African executive Duncan Wanblad, is set to fully exit the platinum business with a $2.7 billion sale of its remaining 19.9 percent stake in Valterra Platinum. The move marks the final chapter in Anglo’s century-long history in the precious metal.
The 52 million shares on offer will be sold to institutional investors, Anglo said Wednesday, with proceeds used to streamline its portfolio after fending off a $49 billion takeover attempt from BHP Group last year.
Valterra, the former Anglo American Platinum (Amplats), has seen its stock climb about 30 percent since its June listing in London, benefiting from surging demand for platinum group metals (PGMs), which followed its spin-off from Anglo in May.
Wanblad reshapes Anglo’s future
Wanblad, who took over as CEO in 2022, has embarked on a sweeping restructuring to boost Anglo’s profitability. The group has moved to divest coal, nickel, and diamond assets while doubling down on copper, iron ore, and crop nutrients—commodities it views as critical to the energy transition and global food security.
“Valterra Platinum has made a strong start as a standalone company, and we continue to have every confidence in its future,” Wanblad said. “This placing is a further step in simplifying our portfolio and focusing on world-class growth positions.” Anglo previously raised $530 million in November 2024 by selling a 6.6% Valterra stake. The latest transaction signals a decisive exit from PGMs, even as precious metals soar.
Precious metals boom adds timing advantage
The sale comes against the backdrop of a precious metals rally. Platinum has surged 57 percent in 2025, palladium is up 30 percent, and gold hit a record $3,576 an ounce this week, gaining 36 percent year-to-date.
Sasfin Wealth strategist David Shapiro said Anglo may be cashing out at the right time but noted that the rally still has room to run. “This can go on,” Shapiro said. “Gold tends to cool when the economy improves, but soft US job numbers and likely rate cuts could keep momentum strong.”
De Beers and coal divestment challenges
Anglo still faces hurdles in offloading other assets. Its De Beers diamond unit, hit by a 26 percent decline in rough diamond production in 2024, is weighing a sale, demerger, or IPO. Weak demand has kept valuations depressed, though speculation continues that Gulf sovereign funds may step in.
Its coal exit is also proving difficult. A planned $3.8 billion sale to Peabody Energy collapsed in August after a mine accident. Meanwhile, global coking coal demand remains weak, complicating efforts to attract premium buyers. Regulators in Brazil have also launched an investigation into Anglo’s proposed $500 million nickel divestment, further clouding its restructuring timeline.
Financial performance under pressure
Founded in 1917, Anglo American reported first-half 2025 revenue of $8.95 billion, down 7 percent from a year earlier, while EBITDA fell 20 percent. Despite the weaker performance, Anglo shares have gained 10 percent since August, supported by investor optimism around its divestment strategy.
The $2.7 billion Valterra stake sale will strengthen Anglo’s balance sheet as Wanblad continues to reposition the company. For investors, the exit underscores Anglo’s pivot away from volatile commodities toward more strategic, long-term growth bets.
