Anglo American said Thursday it raised approximately $2.5 billion from the sale of its remaining stake in Valterra Platinum, completing the separation of its former platinum business amid a wider corporate restructuring.
The global miner sold its entire 19.9% interest, representing about 52.2 million shares, for 44.1 billion South African rand, according to a company filing.
The stake was what Anglo American held onto after demerging the platinum unit, previously named Anglo American Platinum, at the end of May.
The sale is part of a plan to simplify its portfolio and concentrate on what it considers its core assets: copper, premium iron ore, and crop nutrients.
"This Placing marks further progress in our responsible separation process and a further step in our portfolio simplification," Chief Executive Duncan Wanblad said in a statement when the sale was launched.
The divestment comes as the company is embroiled in a dispute over the sale of its Australian steelmaking coal business.
The buyer, Peabody Energy, moved to terminate that deal in August, a decision Anglo American said it is challenging and will take to arbitration to seek damages.
Anglo American said the proceeds from the platinum stake sale will be used to strengthen its balance sheet.
Valterra Platinum will not receive any funds from the transaction.
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