Anglo American: Mining firm behind Yorkshire’s Woodsmith project raises £1.85bn from sale of platinum interests
Mining giant Anglo American has raised around £1.85bn from the sale of its stake in Valterra Platinum, its former platinum subsidiary, as the firm continues in its bid to raise money through a radical restructuring plan.
Anglo American, which is also behind the major Woodsmith mining project in North Yorkshire, launched its radical restructuring effort last year after fending off a £39bn takeover bid from rival mining firm BHP.
Through the move, Anglo American has sold off or is seeking to sell off a number of its entities, including its De Beers diamond wing, to focus on its core copper, premium iron ore, and crop nutrients divisions.
In its latest announcement, the company said it had sold its remaining 19.9 per cent stake in Valterra Platinum – formerly Anglo American Platinum Limited – which it retained following a demarger in early June.
The company said it had raised 44.1bn South African Rand, or around £1.85bn, from the move.
Anglo American announced in June that it had completed its demerger of around 51 per cent of its interest in Valterra Platinum, leaving the company with a 19.9 per cent stake.
Speaking at the time, Duncan Wanblad, chief executive of Anglo American, said: "This is an important moment for both Anglo American and Valterra Platinum. For Anglo American, this is a major step in our plan to unlock the inherent value in our portfolio as a whole, with enhanced focus on our world-class positions in copper, premium iron ore and crop nutrients.
“Valterra Platinum has been a major part of the Company for many years but now is the right time for it to optimise its value creation prospects on an independent path - it's an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry."
Anglo American’s Yorkshire-based Woodsmith project, which falls under the firm’s crop nutrients division, is seeking to access what it says is the world's largest known deposit of polyhalite – a mineral used as a fertilizer.
In 2024 Anglo American announced that it would be slowing the pace of development of the Woodsmith project in the near-term. Around 2,000 people previously worked on the project, but these numbers are thought to have been reduced to around 1,000 as of February this year.
In July, as Anglo American released its half-year results, the firm said that it anticipated that it would “ramp up” work on the project from 2027.
A statement added: "Anglo American has high confidence, backed by its proven track record in project delivery, to develop the Woodsmith project once the critical studies have been completed, the pathway to syndication is clear and the balance sheet is suitably deleveraged.”