Amplats on track to demerge from Anglo American in 2025
Amplats expects its demerger from Anglo American to be completed next year, says its chief executive.
The platinum group metals (PGMs) producer is being spun off from Anglo American, which has embarked on a wider restructuring plan to combat a takeover bid from BHP Group.
Johannesburg-based Amplats plans to have a secondary listing in London as part of the plan, its CEO Craig Miller said, adding that it has brighter prospects as a standalone business.
“The planned demerger will create a more focused, independent global leader in the PGM industry,” Miller said.
“We are in the process of potentially doing a secondary listing on the London Stock Exchange,” he added on a conference call, adding this would result in “a diverse group of shareholders” for Amplats.
The miner has cut about 3,700 jobs to reduce spending as it positions itself to remain profitable ahead of the demerger.
Meeting the cost targets as well as its demerger plans are key to efforts by Anglo American CEO Duncan Wanblad to trim the group by exiting platinum, selling coal assets and divesting from its diamonds unit to focus on copper, iron ore and its fertilizer assets.
Amplats said its profit dipped 18% to ZAR6.5 billion (US$355.4 million) in the six months to June 30 and it declared a dividend of ZAR9.75 per share, amounting to a total of ZAR2.6 billion, in the first-half.
