Anglo American said Wednesday it is selling its remaining 19.9% stake in Valterra Platinum, moving to complete the separation of its former platinum business as part of a broad strategic overhaul.
The global miner is offering approximately 52.2 million shares in the company, formerly known as Anglo American Platinum, which was demerged at the end of May.
The sale comes as Anglo American navigates a wider restructuring that includes a dispute over the sale of its steelmaking coal business after buyer Peabody Energy moved to terminate the deal in August, a decision Anglo American is challenging.
According to the company, the share sale will raise cash to strengthen its balance sheet and is part of its plan to simplify its portfolio to concentrate on 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 to focus on our world-class positions in copper, premium iron ore and crop nutrients," Chief Executive Duncan Wanblad said in a statement.
The sale to institutional investors will begin immediately, the company said.
More from this issuer
Related coverage
Anglo American said Monday it has scheduled a shareholder vote for Dec. 9 on its proposed merger of equals with Canada's Teck Resources, a key step in creating a major global producer of critical minerals.
Anglo American on Friday released further regulatory details regarding its planned merger of equals with Teck Resources, a deal aimed at creating a Canada-headquartered critical minerals producer to be named Anglo Teck.
Anglo American said on Wednesday that an operational review by its merger partner Teck Resources does not alter the strategic or financial terms of their planned combination.
Anglo American and state-owned Codelco have finalized an agreement to jointly operate their adjacent Los Bronces and Andina copper mines in Chile, a move that deepens the global miner's focus on the industrial metal.