Key Points
-
Anglo’s Valterra divestment raised R44.1 billion.
-
Standard Bank enabled Africa’s biggest equity transaction.
-
Platinum demand surges amid global supply constraints.
Anglo American has sold its last 19.9% stake in Valterra Platinum in what has been described as the largest equity capital markets deal in the history of the Johannesburg Stock Exchange (JSE).
Standard Bank, which acted as joint global coordinator, confirmed on Tuesday that the sale raised R44.1 billion.
The bank said the placement supports Anglo’s plan to simplify its portfolio, focusing on copper, iron ore and crop nutrients. It also strengthens the company’s balance sheet.
Richard Stout, head of Equity Capital Markets for South Africa and Sub-Saharan Africa at Standard Bank, said the successful placement reinforced the bank’s position as a leading equity markets player across the continent.
Standard Bank secures full Valterra divestment
As the only South African bank in the syndicate, Standard Bank secured anchor demand that ensured Anglo’s entire stake was sold.
The offering included 52.2 million Valterra shares priced at R845 each. It launched in early September.
Valterra, formerly known as Anglo American Platinum, mines, smelts and refines platinum group metals (PGMs) in South Africa and Zimbabwe.
The company operates six underground mines, a flagship open-pit mine and global marketing hubs in London, Singapore and Shanghai.
Its product mix includes platinum, palladium, rhodium, iridium, ruthenium and osmium. These metals are widely used in jewellery, hydrogen fuel cells, vehicle catalytic converters, medical devices and electronics.
Platinum demand grows despite supply constraints
The World Platinum Investment Council (WPIC) reported strong investment demand for platinum in 2025.
According to WPIC research director Edward Sterck, Chinese investors, especially retail buyers, are purchasing more platinum bars and coins as alternatives to gold.
He said platinum demand is outpacing supply, marking the third straight annual deficit expected in 2025. This trend highlights platinum’s role as both an industrial and investment asset.
Industry experts argue South Africa should seize the opportunity by expanding access to platforms such as the Guangzhou Futures Exchange in China. Greater transparency and liquidity, they say, could boost the country’s PGM sector and the wider economy.
