By Adam Whittaker
Valterra Platinum started secondary trading on the London Stock Exchange following its spinoff from parent Anglo American with a value of around 7.77 billion pounds ($10.45 billion).
Shares in the world's largest platinum group metals mining company were trading around 29.30 pence in early morning European trading. At this price, Anglo American's 19.9% retained stake is worth around 1.55 billion pounds. It is required to hold its stake for at least 90 days.
Valterra is keeping its main listing on the Johannesburg Stock Exchange.
"Our secondary listing is a pivotal step in our evolution as a stand-alone, platinum group metals business. Not only does this listing broaden our shareholder base and access to our world-class assets but it also underscores our commitment to long-term value creation for the benefit of all our stakeholders," Chief Executive Craig Miller said.
He added that the company's resource base, competitive cost position and integrated processing capacity position the company to make the most of the PGM industry.
Anglo American started demerging Valterra Platinum, formerly Anglo American Platinum, following BHP's $50 billion failed takeover bid last year.
For 2025, Valterra expects to produce between 3 million and 3.4 million PGM ounces and set an all-in sustaining cost target of between $970 and $1,000 an ounce.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
June 02, 2025 04:54 ET (08:54 GMT)
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