Anglo American (LSE: AAL) sold its final stake in Valterra Platinum (JSE: VAL), formerly Anglo American Platinum (Amplats), as part of restructuring it began last year.
The deal for the 19.9% Valterra tranche fetched $2.5 billion (C$3.45 billion). It follows Anglo’s demerger of a 51% holding in May. The company is selling non-core assets to focus on copper and iron ore. But it had a setback this year when a fire at the Moranbah North mine derailed a $3.8-billion sale of Anglo’s coal assets to Peabody Energy (NYSE: BTU).
“The restart of Moranbah North is likely the key next step ahead of divestment, leaving De Beers as the final (and potentially most complicated) step in its portfolio transformation strategy,” BMO Capital Markets wrote in a note on Thursday.
Anglo America plans to spin out its diamond unit De Beers, sell the coal business and dispose of Valterra as parts of an asset simplification strategy. It aimed to counter a $49 billion takeover bid last year from BHP (NYSE, LSE, ASX: BHP).
Shares in Valterra Platinum fell 3.1% to close at 895 rand apiece Thursday in Johannesburg, valuing the company at 245 billion rand (C$19.1 billion). Anglo’s stock fell 1.4% to end at £22.56 in London for a £26.5 billion market capitalization.
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