End of an era for iconic South African company

Anglo American Platinum has proposed changing its name to Valterra Platinum, subject to necessary shareholder approval, marking the end of an era for the mining giant. 

This was revealed by the company in its notice given to shareholders of its annual general meeting (AGM), set to be held on 8 Mary 2025. 

At the AGM, shareholders will vote on a variety of proposals, including the company’s name change to Valterra. 

“The notice of AGM includes a proposal to change the Company’s name to Valterra Platinum Limited, subject to obtaining the necessary shareholder approval,” the company said in a statement on the JSE’s news service.  

“The Company will remain listed in the platinum group metals (PGMs) sub-sector of the Main Board of the JSE, and the Company’s ISIN will remain unchanged.”

The miner will also retain its historical financial and trading reference data. 

Anglo American Platinum’s proposed name change comes amid major changes at its parent company, Anglo American, which is undergoing an extensive restructuring to stave off a potential takeover. 

Anglo American is reinventing itself by pivoting away from its historic crown jewel in De Beers and platinum to copper, iron ore, and crop nutrients assets. 

This transformation has been driven by Australian miner BHP’s failed takeover bid last year, with Anglo CEO Duncan Wanblad pledging reform to stave off any future bids. 

While necessary, this process threatens to make Anglo a shell of its former self and, with promises to sell out of its platinum business and De Beers, potentially unrecognisable.

Anglo will have to unbundle key assets, of which the platinum business is one, to free up capital and management time. It is also looking to capitalise on emerging trends in the mining industry. 

Chief among these is the focus on maximising the return on its high-quality copper assets in South America and iron ore deposits in South Africa. 

This continued a process that began in the early 2000s when Anglo unbundled some of its diverse holdings, which included industrial giants such as Mondi. 

The most recent of these developments was the unbundling of Thungela Resources, which holds all of Anglo’s significant coal assets, to reduce the risk of clean-up liabilities at a group level and make the company more attractive to investors sensitive to environmental issues. 

Anglo’s latest reinvention was kickstarted by a takeover bid from Australian rival BHP Billiton in April 2024. Anglo rejected the initial bid and a revised offer in May 2024. 

To stave off the takeover bid and appease shareholders attracted to BHP’s offer, which required Anglo to get rid of its South African assets, the miner revealed an extensive overhaul of its business. 

As part of this radical overhaul, Anglo is expected to exit its diamond, platinum and remaining coal businesses to turn the company into a copper giant.