The platinum operations of Anglo American have officially commenced trading as a distinct entity on the London Stock Exchange, marking a significant phase in the mining conglomerate’s restructuring strategy.

Anglo American has successfully separated its platinum division into a new company named Valterra Platinum, now recognized as the world’s leading producer of platinum, boasting a market capitalization of $11 billion.

This strategic separation was initiated by Anglo American as a defensive maneuver against a $39 billion acquisition proposal from BHP made last year.

In response to BHP’s bid, Anglo American pledged to divest various segments of its business to concentrate on copper and iron ore production. Additionally, the company has been liquidating its nickel and coal operations while eyeing the sale of its diamond subsidiary, De Beers.

Valterra’s shares are set to start trading on the London Stock Exchange, bolstered by a rise in platinum prices due to supply limitations and heightened demand from China. Valterra employs approximately 30,000 individuals dedicated to the extraction of platinum group metals, including palladium and rhodium, from six mines—five located in South Africa and one in Zimbabwe.

Valterra holds a primary listing on the Johannesburg Stock Exchange, and over the past year, Anglo American has been gradually reducing its ownership in Valterra to around 67 percent. The FTSE 100 mining company plans to continue this divestment until its stake falls just below 20 percent.

Anglo American’s copper assets are viewed as pivotal, particularly in light of rising global demand driven by the transition to renewable energy, where copper plays a crucial role in infrastructure such as wind turbines and energy system electrification.

In addition, the valuation of De Beers has been decreased by $2.9 billion in anticipation of a potential trade sale or public offering. CEO Duncan Wanblad noted in February that the diamond sector has encountered significant difficulties, suggesting that spinning off De Beers might represent the final phase of the company’s restructuring efforts. Progress on this spin-off is expected in the year’s second half, following several unsolicited offers from interested buyers.

Earlier in the year, Anglo American finalized a transaction to divest its nickel business to a subsidiary of the Hong Kong-listed MMG, with the deal valued at up to $500 million. This division includes nickel operations in Brazil along with two ferro-nickel facilities and two prospective greenfield projects. This transaction followed Anglo American’s agreement in November to sell its steel-making coal businesses in two deals potentially valued at $4.9 billion.