Anglo American Platinum, also known as Amplats, will be changing its name to Valterra Platinum, subject to necessary shareholder approval.<\/p>\n\n\n\n
This follows a major restructuring at the group as its parent, Anglo American, moves to stave off a potential takeover.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The company will remain listed in the platinum group metals (PGMs) sub-sector of the Main Board of the JSE, and the Company\u2019s ISIN will remain unchanged.<\/p>\n\n\n\n
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).<\/p>\n\n\n\n
The group has long been a player in the sector, even being a major shareholder of JCI during its latter years.<\/p>\n\n\n\n
In 2024, Anglo signalled that it would scale back its platinum holdings in South Africa, following its exit from coal in 2021 and 2022.<\/p>\n\n\n\n
While Anglo American is not exiting South Africa in totality\u2014Kumba Iron Ore will remain held\u2014the demergers are part of a wider restructuring of the group which is seeing it sell or divest in some of its historic assets.<\/p>\n\n\n\n
Anglo’s restructuring is seeing the group unbundle key assets, of which the platinum business is one, to free up capital and management time.<\/p>\n\n\n\n
The group announced in its financial results for 2024 that the demerger is\u00a0planned to be completed in June 2025.<\/strong>\u00a0It said in February 2025 that this remains on track.<\/p>\n\n\n\n It will retain a 19.9% shareholding in the business but plans to exit fully over time.<\/p>\n\n\n\n Amplats CEO Craig Miller said the demerged will result in a \u201cmore focused, competitive and independent business, continuing as a leader in the PGM industry\u201d.<\/p>\n\n\n\n The PGM sector has been severely hampered in recent times amidst declining prices during a global economic slowdown. <\/p>\n\n\n\n Concerns over the industry\u2019s future are also present, as electric vehicles do not require platinum to reduce emissions.<\/p>\n\n\n\n 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.<\/p>\n","protected":false},"excerpt":{"rendered":" Anglo American Platinum will be carrying a whole new identity in the coming months as the UK mining giant exits the business. <\/p>\n","protected":false},"author":10,"featured_media":817883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[19405,2318,22100],"class_list":["post-817881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-amplats","tag-anglo-american","tag-valterra-platinum"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/817881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=817881"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/817881\/revisions"}],"predecessor-version":[{"id":817885,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/817881\/revisions\/817885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/817883"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=817881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=817881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=817881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}