Anglo American has raised 7.2 billion South African rand ($400 million) through the sale of shares in one of its key subsidiaries, Anglo American Platinum Ltd. The British multinational mining company said the move could pave the way for a potential listing of the world’s largest platinum producer on the London Stock Exchange.
Anglo American Sells $400M of Shares : Details of the Share Sale
The mining giant sold approximately 14 million shares on the Johannesburg Stock Exchange, where Anglo American Platinum lists its stock. The sale, conducted at 515.0 rand per share, accounted for about 5.3% of the subsidiary’s total issued shares. Prior to the sale, Anglo American owned 78.56% of its platinum unit.
The $400 million raised through this transaction will contribute to Anglo American’s plans to strengthen its balance sheet. CEO Duncan Wanblad highlighted the company’s intention to reduce debt and refocus its strategy on key resources such as copper, premium iron ore, and crop nutrients.
Strategic Shift for Anglo American
This sale is part of a larger strategic realignment for Anglo American, which includes the separation of its steel-making coal business and potential spin-off of its diamond business, De Beers. Additionally, Anglo American Platinum could list on the London Stock Exchange, adding to its existing Johannesburg listing.
