LONDON (ShareCast) - (Sharecast News) - Anglo American has raised $2.5bn from the sale of its remaining stake in Valterra Platinum, fully exiting the South African mining company after its demerger earlier this year.




The company sold 52.2m shares via an accelerating bookbuild offering to institutional investors at a price of ZAR845 a share, generating cash proceeds of ZAR44.1bn.

The transaction followed Valterra's "strong start as a standalone company", according to Anglo chief executive Duncan Wanblad, after a 23% surge in the share price since it was spun off in May.

"We continue to have every confidence in its future as the world's leading integrated value chain producer of PGMs. Valterra is perfectly positioned to benefit from the increasingly attractive structural market dynamics for PGMs," Wanblad said.

Proceeds from what Wanblad called a "responsible separation process" will be used to bolster Anglo's balance sheet, the company said.

The Valterra exit marks a "further step in our portfolio simplification to focus on our world-class positions in copper, premium iron ore and crop nutrients", Wanblad said.

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