Anglo American has indicated that it does not plan any further market sell-down of its holding before the demerger. Credit: Marlon Trottmann/Shutterstock.

Anglo American South Africa, a division of the diversified mining company Anglo American, has divested a 6.6% stake in Anglo American Platinum (Amplats), a platinum group metals (PGM) miner.

The transaction involved the sale of 17.5 million shares of Amplats at R548 per share, amounting to gross proceeds of R9.6bn ($527m).

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The sale is a step towards the planned demerger of Anglo American’s majority stake in Amplats.

The shares were sold via an accelerated bookbuild initiated by Anglo American on 26 November. The settlement of the Placing Shares is slated for on or around 2 December on the Johannesburg Stock Exchange, adhering to a T+3 settlement cycle.

Following the completion of this transaction, Anglo American South Africa’s remaining shares in Amplats will be locked up for 90 days, with certain customary exceptions allowed.

The demerger of Anglo American Platinum is progressing as planned and is expected to be finalised by mid-2025.

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In line with this schedule, Anglo American has indicated that it does not plan any further market sell-down of its holding before the demerger is complete.

The joint bookrunners for this placement were Goldman Sachs International, Morgan Stanley & Co. International and Rand Merchant Bank, while Investec Bank served as the co-manager.

Earlier this month, Anglo American sold its 33.3% stake in the Jellinbah Group, which owns 70% of the Jellinbah East and Lake Vermont mines, to Zashvin for A$1.6bn ($1.1bn).

Zashvin, along with Anglo American and Marubeni, already holds a 33.3% stake in the Jellinbah Group.

The sale of Anglo American’s stake won’t affect mine operations as the company is not involved in their management or marketing.