Anglo American Considers UK Listing for £7bn Platinum Division Amid Strategic Shake-Up

Anglo American is contemplating a secondary listing of its £7bn platinum division, Amplats, on the UK stock market as part of a strategic shake-up following the rejection of a £39bn takeover offer from rival BHP. This move would mirror the spin-off of its South African coal business, Thungela Resources, in 2022, according to CEO Duncan Wanblad.

Amplats' primary listing will remain in Johannesburg, meaning it will not join the FTSE 100 despite being sizable enough. However, the UK listing would still bolster the London market, which has seen several firms shift to foreign stock exchanges.

This development follows reports that Anglo's diamond business, De Beers, could also go public in London with a valuation exceeding £4bn. These steps are part of Anglo American's broader strategy to streamline operations, which includes divesting from its platinum business, De Beers, and its steel-making, coal, and nickel assets. The company has also announced a slowdown in the development of the Woodsmith fertiliser mine in North Yorkshire.

Wanblad stated, "We are now starting the formal processes for the divestment or demergers of these businesses," as Anglo American advances its restructuring plans post-BHP's abandoned takeover attempt.