Latest news with #Valterra
Daily Mail
a day ago
- Business
- Daily Mail
Platinum miner shows its mettle: Anglo American's spin-off climbs on London debut in boost for the City
Shares in the platinum arm of Anglo American edged higher on their London debut in a boost for the City. The mining giant spun off its Amplats business – renamed Valterra Platinum – as part of a restructuring plan launched last year to defeat a takeover bid by rival BHP. Valterra yesterday launched its secondary listing on the London Stock Exchange about a week after making its market debut in Johannesburg. Shares started trading at 2,830p and closed up 2 per cent at 2,890p, valuing it at £7.8billion. The firm 'briefly' considered a US listing but 'discounted [that idea] quite early on', Valterra chief executive Craig Miller said. Instead, the firm chose London's stock market for its mining sector knowledge and experience. And the location will make it easier for Anglo American shareholders in the UK to buy in to the firm. Miller said: 'It's predominantly to enable Anglo American's existing shareholders offshore of South Africa to continue to hold shares in Valterra Platinum.' The spin-off came as a 'surprise' to Miller when the plan was unveiled by Anglo chief executive Duncan Wanblad last year. It was part of a huge overhaul of the FTSE 100 company, which is listed in London. Anglo has sold its steel making coal and nickel businesses and is planning to offload diamond firm De Beers – although a time frame has not been set. Anglo will continue to hold a near-20 per cent stake in Valterra. Wanblad said: 'For Anglo American, this is a major step in our plan to unlock the inherent value in our portfolio as a whole, with enhanced focus on our world-class positions in copper, iron ore and crop nutrients.' ...but Indivior quits LSE Indivior has become the latest firm to quit London's stock market for the US. The pharmaceutical group moved its primary listing to New York last year. And yesterday it revealed it will cancel its secondary listing in London in another blow to the City. The liquidity on Nasdaq 'far outweighed' that of London, an Indivior spokesman said. The London Stock Exchange last year saw 88 firms delist or transfer their primary listing – the most since 2009.
The Independent
2 days ago
- Business
- The Independent
Drug maker Indivior to abandon London stock market for the US
Drug maker Indivior has announced plans to delist its shares from the London Stock Exchange (LSE), marking the latest company to abandon the UK market for the US. However, the LSE welcomes Anglo-American's platinum spin-off Valterra after becoming independent from the mining giant. Indivior's exit comes after the company moved its primary listing to the US's Nasdaq index last year. It said cancelling the secondary listing in London eliminates 'cost and complexity' and better reflects the business – with more than 80% of its revenues generated in the US. It also said liquidity on the Nasdaq now 'far outweighs' that of the LSE with a greater level of trading. The US-based pharmaceutical firm makes prescription medicines to treat opioid addiction, and has a market capitalisation of £1.2 billion. 'A single primary listing on Nasdaq best reflects the profile of Indivior's business,' chairman David Wheadon said. 'We appreciate the support received from shareholders for this initiative and look forward to capitalising on the expected benefits of this move, including reductions in cost and complexity.' The LSE faced the largest exodus of companies since the global financial crisis in 2024, according to EY analysis. There were 88 companies to delist or transfer their primary listing from the main market – the most since 2009. At the same time, the LSE struggled to attract as many new companies to fill the gaps – with 18 new listings in total last year. Nevertheless, Indivior's exit, which will take effect from July 25, comes as Valterra Platinum makes its debut on the London market. Anglo American spun off its platinum business into the new entity, which has become the world's most valuable producer of the metal. Valterra will have its secondary listing on the LSE, with its primary on the Johannesburg Stock Exchange. Duncan Wanblad, Anglo American's chief executive, said: 'Valterra Platinum has been a major part of the company for many years but now is the right time for it to optimise its value creation prospects on an independent path – it's an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry.'
Yahoo
5 days ago
- Business
- Yahoo
Valterra Platinum begins trading on Johannesburg bourse after separating from Anglo American
Valterra Platinum, a miner of platinum by value, marked its entry on the Johannesburg Stock Exchange (JSE) as an independent entity on Wednesday, according to a Reuters report. This move finalised the spin-off from its former parent company, Anglo American. The demerger of the Johannesburg-based platinum group metals (PGM) producer, previously known as Anglo American Platinum, aligns with Anglo's strategy to concentrate on the copper and iron ore sectors. Valterra's CEO, Craig Miller, emphasised that the company will focus on value creation and maintaining the high standards set during its tenure within the Anglo group. 'Part of our DNA is upholding those high standards and exemplifying who we are as a PGM producer,' Miller was quoted as saying, post-listing. Valterra's chief financial officer, Sayurie Naidoo, confirmed the company's intention to adhere to its capital allocation framework, with plans to distribute 40% of headline earnings. Naidoo also mentioned the potential for share buybacks should metal prices increase and generate surplus cash. Additionally, Valterra is preparing for a secondary listing in London on 2 June, the report said. Meanwhile, Anglo American is in the process of divesting from its platinum mining operations as part of a broader restructuring. This comes after the company successfully fended off a $49bn (A$76.08bn) takeover bid from BHP Group a year ago. Anglo has retained a 19% stake in the South African platinum miner and is also considering the sale or listing of its loss-making De Beers diamond unit, along with disposing of other assets. Anglo's CEO, Duncan Wanblad, has expressed that focusing on copper assets should enhance the company's value. However, there is speculation among analysts and investors that if Anglo's shares do not revalue as expected, it could become a target for another takeover bid. In related news, US-based Peabody Energy is reassessing its options concerning the acquisition of Anglo American's Tier 1 Australian steelmaking coal assets, valued at $3.78bn (£2.93bn), following a fire at the Moranbah North coal mine, which is included in the transaction. "Valterra Platinum begins trading on Johannesburg bourse after separating from Anglo American" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Valterra Platinum begins trading on Johannesburg bourse after separating from Anglo American
Valterra Platinum, a miner of platinum by value, marked its entry on the Johannesburg Stock Exchange (JSE) as an independent entity on Wednesday, according to a Reuters report. This move finalised the spin-off from its former parent company, Anglo American. The demerger of the Johannesburg-based platinum group metals (PGM) producer, previously known as Anglo American Platinum, aligns with Anglo's strategy to concentrate on the copper and iron ore sectors. Valterra's CEO, Craig Miller, emphasised that the company will focus on value creation and maintaining the high standards set during its tenure within the Anglo group. 'Part of our DNA is upholding those high standards and exemplifying who we are as a PGM producer,' Miller was quoted as saying, post-listing. Valterra's chief financial officer, Sayurie Naidoo, confirmed the company's intention to adhere to its capital allocation framework, with plans to distribute 40% of headline earnings. Naidoo also mentioned the potential for share buybacks should metal prices increase and generate surplus cash. Additionally, Valterra is preparing for a secondary listing in London on 2 June, the report said. Meanwhile, Anglo American is in the process of divesting from its platinum mining operations as part of a broader restructuring. This comes after the company successfully fended off a $49bn (A$76.08bn) takeover bid from BHP Group a year ago. Anglo has retained a 19% stake in the South African platinum miner and is also considering the sale or listing of its loss-making De Beers diamond unit, along with disposing of other assets. Anglo's CEO, Duncan Wanblad, has expressed that focusing on copper assets should enhance the company's value. However, there is speculation among analysts and investors that if Anglo's shares do not revalue as expected, it could become a target for another takeover bid. In related news, US-based Peabody Energy is reassessing its options concerning the acquisition of Anglo American's Tier 1 Australian steelmaking coal assets, valued at $3.78bn (£2.93bn), following a fire at the Moranbah North coal mine, which is included in the transaction. "Valterra Platinum begins trading on Johannesburg bourse after separating from Anglo American" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
7 days ago
- Business
- Reuters
Valterra Platinum makes bourse debut as Anglo exits S.African unit
JOHANNESBURG, May 28 (Reuters) - Valterra Platinum , the world's biggest miner of the metal by value, made its trading debut on the Johannesburg bourse as a standalone unit on Wednesday, completing a spin-off from parent Anglo American (AAL.L), opens new tab. Its shares opened weaker on the Johannesburg Stock Exchange before changing direction in a volatile early session. Anglo's demerger of the Johannesburg-based platinum group metals (PGM) producer, formerly known as Anglo American Platinum, comes as it shifts focus to copper and iron ore. CEO Craig Miller said Valterra would focus on creating value from its existing portfolio and upholding standards established during its time as part of the Anglo group. "Part of our DNA is upholding those high standards and exemplifying who we are as a PGM producer," Miller said after the listing. Valterra CFO Sayurie Naidoo said the company would maintain its capital allocation framework - paying out 40% of headline earnings - but would consider share buybacks if metal prices rise and there is surplus cash. Valterra will also have a secondary listing of its shares in London on June 2. London-listed Anglo is exiting the platinum mining business as part of a business revamp roughly a year on from surviving a $49-billion takeover bid by bigger rival BHP Group ( opens new tab. Anglo retained a shareholding of about 19% in the South African platinum miner. It is also selling its coking coal assets in Australia, nickel mines in Brazil and has said it is weighing whether to sell or list its loss-making De Beers diamond unit.
