End of an era for one of South Africa’s giants

Anglo American Platinum, also known as Amplats, will be changing its name to Valterra Platinum, subject to necessary shareholder approval.

This follows a major restructuring at the group as its parent, Anglo American, moves to stave off a potential takeover.

The change is expected to be voted on in early May at the group’s AGM, with the new name anticipated to be in effect from 28 May 2025.

The company will remain listed in the platinum group metals (PGMs) sub-sector of the Main Board of the JSE, and the Company’s ISIN will remain unchanged.

Regardless, this will mark and end of an era for the group, which was founded in 1995 after the unbundling of Johannesburg Consolidated Investments (JCI).

The group has long been a player in the sector, even being a major shareholder of JCI during its latter years.

In 2024, Anglo signalled that it would scale back its platinum holdings in South Africa, following its exit from coal in 2021 and 2022.

While Anglo American is not exiting South Africa in totality—Kumba Iron Ore will remain held—the demergers are part of a wider restructuring of the group which is seeing it sell or divest in some of its historic assets.

Anglo’s restructuring is seeing the group unbundle key assets, of which the platinum business is one, to free up capital and management time.

The group announced in its financial results for 2024 that the demerger is planned to be completed in June 2025. It said in February 2025 that this remains on track.

It will retain a 19.9% shareholding in the business but plans to exit fully over time.

Amplats CEO Craig Miller said the demerged will result in a “more focused, competitive and independent business, continuing as a leader in the PGM industry”.

The PGM sector has been severely hampered in recent times amidst declining prices during a global economic slowdown.

Concerns over the industry’s future are also present, as electric vehicles do not require platinum to reduce emissions.

As part of this radical overhaul, Anglo is expected to exit its diamond, platinum and remaining coal businesses to turn the company into a copper giant.