Demerger of Anglo American Platinum
Anglo American is simplifying its highly diversified portfolio to focus on its copper, premium iron ore and crop nutrients businesses. This is designed to unlock the full value potential of the portfolio as a whole, both the businesses we will retain and grow, and those that we are divesting and demerging.
As part of our portfolio simplification, subject to shareholder approval, our Platinum business will be demerged from the Anglo American Group on 31 May 2025, becoming a wholly independently owned company. Anglo American Platinum Ltd ("Anglo American Platinum") is already listed on the Johannesburg Stock Exchange, and from 2 June 2025 will also be listed on the London Stock Exchange.
Subject to shareholders approving its name change, Anglo American Platinum will also be renamed "Valterra Platinum Limited" (although in this website we continue to refer to Anglo American Platinum throughout for consistency).
This is all part of our Transformation work. You can find out more about this on Eureka!
The demerger of the Anglo American Platinum business may impact your Anglo American Inala Plan ("Inala") awards. On this page, we explain what happens to the awards you hold over Anglo American shares under the Inala Plan.
For a summary of the impact of the demerger on any other Anglo American share plan(s) you are part of, see the relevant plan page(s). If you own any Anglo American shares, including vested shares from previous participation in Inala, see our Employee Shareholder page.
How it works
There are two parts to the demerger. Anglo American is the majority shareholder of Anglo American Platinum, and will transfer shares in Anglo American Platinum ("Platinum shares") to our shareholders via a distribution. Afterwards, we will consolidate our Anglo American shares.
The detail of the distribution and the consolidation is set out in a circular which was sent to all Anglo American shareholders on 8 April, and which you can access here.
1: Distribution of Platinum shares
For every 1,075 Anglo American shares that you own at the time of the demerger, you will receive 110 Platinum shares.
2: Consolidation of Anglo American shares
To maintain broad comparability of our share price before and after the demerger (as far as is reasonably possible), we will consolidate the Anglo American shares. This means reducing the total number of Anglo American shares, with the intention that the Anglo American share price after the demerger remains broadly comparable with our share price beforehand.
You may need to pay tax in connection with the distribution and consolidation. You can find out more by viewing your country's tax notes (see Resources below).
The intention of the share consolidation is that on the completion of this process the total value of your Anglo American and Platinum shares after the demerger should be broadly comparable to the value of your Anglo American shares before the consolidation. However, external market factors may impact share prices, which can go down as well as up.
What this means for your shares
As an Inala participant, your awards over Anglo American shares will be impacted by the demerger.
The Employee Empowerment Payment (EEP) portion of your awards will not be impacted.
Distribution
As part of this demerger, you will receive something called a "Receivable". This will then be immediately satisfied by the relevant number of Platinum shares. Whilst you need to be aware of these two steps (including as they are referred to in the tax notes which are available in the resources below), the outcome is that you will end up receiving Platinum shares.
Sell
The default position is that any Platinum shares you receive in respect of your Inala awards, as well as any fractional Platinum shares, will be automatically sold on or as soon as possible after 2 June 2025. The proceeds of the sale will be distributed to you via payroll with your monthly salary. This will be shown as a 'Sundry Deduction'. It will be a negative value shown under the Deductions section on your payslip.
Keep
If you would like to keep the Platinum shares instead, you can submit a pre-election – see below for more details.
Regardless as to whether your Platinum shares are sold or you choose to keep them, you may need to pay tax on the value of your Receivable, depending on your individual circumstances – including where you pay tax.
If you received shares in Valterra Platinum as part of the demerger, you may need to complete a tax return. To help calculate any tax that may be due, you will need to know the following:
- The share price is based on the closing price of Anglo American Platinum shares on 30 May 2025.
The closing value used for these shares is ZAR 704.72. - This is also your base cost per share, which you'll use to calculate any capital gains tax if you sell the shares in the future.
ShareForce will also provide you with a statement detailing the distribution of the Valterra shares, you will need this statement to complete your tax return.
You can find out more by viewing your country's tax notes (see Resources below).
Consolidation
The number Anglo American shares you own will automatically reduce, with the intention of maintaining broad comparability in our share price before and after the demerger.
This will not affect the operation of your Inala awards, which will continue to operate on their existing terms over the reduced number of Anglo American shares.
If you receive a fraction of an Anglo American share
The consolidation may result in you receiving a fraction of an Anglo American share. If this happens, your fraction of a share will be held in your Inala plan account and will be included in the March 2026 vesting.
What you need to do
Decide if you want to keep your Platinum shares
Once you have the information you need, you can pre-elect to keep your Platinum shares via the ShareForce platform if you want to do so. If you do not make a pre-election, your Platinum shares will be sold automatically for you on, or as soon as possible after, 2 June and you will receive the cash received for these shares via payroll. See Pre-election below.
Remember, if you want your Platinum shares to be sold on your behalf, so that you instead receive the cash, you do not need to take any action and do not need to submit a pre-election.
Don't neglect your tax!
Read through your country tax notes to understand what the requirements are in your country (see Resources).
How to make a pre-election
You can arrange to keep your Platinum shares (known as a pre-election) using the pre-elect facility on ShareForce.
You can only use this facility for the Platinum shares you receive in respect of your Inala plan.
You must have your own sharebroker account which is able to receive the platinum shares before you can make a pre-election.
Making an election
The facility to pre-elect to keep your shares will be available on the ShareForce portal from 1 May to 23 May 2025.
If you elect to keep your Platinum shares, they will be transferred to a personal brokerage account of your choice – you will need to enter your account details when you make the election. You can use the Standard Bank brokerage account you use for your vested Inala shares if you have one, or create one if you do not yet have one. Alternatively, you may wish to make other arrangements with another sharebroker.
If the sharebroker details you input into the ShareForce pre-election facility are incorrect, Standard Bank (who are responsible for the transfer of Platinum shares) may not be able to transfer these shares to the intended sharebroker. If this is the case and you do not provide correct details within two months of making your election, your Platinum shares will be sold and the proceeds distributed to you via payroll.
It is therefore important that you carefully input the brokerage account details and ensure they are accurate before you submit your election. If you need to set up a new brokerage account, please do so before making the pre-election. Any fees in relation to the transfer of the Platinum shares will be your responsibility to settle.
If you elect to keep your Platinum shares and they are successfully transferred to your new sharebroker account, you'll be able to choose when to sell those shares as normal. Any fraction of a Platinum share you are entitled to will be sold and paid to you via payroll.
Please refer to the 'Inala Plan Further Information and terms and conditions' document for the terms and conditions that will apply in relation to any pre-election (available in the Resources section below and on the Shareforce Portal).
Please note Anglo American Platinum will be renamed Valterra Platinum Limited (subject to shareholder approval). Once the name change takes place, your Platinum shares will appear on your brokerage account as Valterra Platinum shares. This will have no other impact on the shares.
Selling your shares
If you take no action, your Platinum shares will be sold on, or as soon as possible after, 2 June 2025, and may be sold over several days. Your Platinum shares will be sold on the market, so the sale price will depend on the market share price at the time. Please note this means there will be no certainty about the sale price, as there is no minimum or maximum price.
You will receive the sale proceeds, from Payroll in your July 2025 salary (provided that all sales of Platinum shares have been completed by then).
Some things to consider
Here are some things to consider:
- If you want to sell: If you want your Platinum shares to be sold on your behalf, and for you to receive the cash proceeds, you do not need to take any action.
- Further information if you sell: Further information on how your Platinum shares will be sold if you take no action is available in the 'Inala Plan Further Information and Terms and Conditions' document available in the Resources section below.
- If you want to keep: If you want to instead keep your Platinum shares, you need to submit a pre-election. You can only pre-elect to keep all your Platinum shares. If you want to keep only some of your Platinum shares, you will have to make an election to keep all of your Platinum shares and then log into ShareHub after the demerger to sell the Platinum shares which you do not wish to keep.
- Terms and conditions: The Terms & Conditions for your pre-election to keep the Platinum shares are set out in the 'Inala Plan Further Information and Terms and Conditions' document available in the Resources section below and on ShareForce from 1 May.
- Final decision: Your pre-election to keep your Platinum shares is irrevocable, which means you will not be able to change your mind and sell the shares instead.
Any fraction of a Platinum share you receive will be sold alongside your whole Platinum shares.
Separate pre-election facilities may be available for Platinum shares you receive pursuant to other share plans. You will need to take separate action if you want to use those pre-election facilities – see the relevant share plan page(s).
Timeline
Elect
Decide if you want to keep your Platinum shares. If you do, you can submit a pre-election on your ShareForce account.
Demerger
Platinum leaves the Anglo American Group, with shares listed on the Johannesburg and London Stock Exchanges. Any Anglo American shares you own on this date will be impacted by the demerger.
Consolidation
We will reduce the number of Anglo American shares available. This change will show on ShareForce as soon as possible after the consolidation.
Sale
If you do not pre-elect to keep your Platinum shares, they will be automatically sold on your behalf on or following 2 June. Sale proceeds will be paid to you via Payroll.
Receive
If you choose to keep your Platinum shares, they will become visible in your brokerage account as soon as possible after the demerger.
Change of name
Anglo American Platinum will be renamed "Valterra Platinum Limited" (subject to shareholder approval). Your Anglo American Platinum shares will then show as Valterra Platinum shares.
Receive proceeds
If your shares are sold, you will receive the proceeds in your July pay slip (provided that all sales have completed by this time). Regardless of any election made, you will receive proceeds in respect of your fractional entitlement of Platinum shares via payroll.
Tax
You may need to pay tax in connection with the Platinum shares you receive, whether or not you sell them.
See your country tax notes.
Matt's story
Matt has been working at Anglo American for 3 years. Since starting, he's received an Inala award every year. He currently holds 32 Anglo American shares in his Inala plan account.
During the Platinum demerger, Anglo American shareholders will receive a Receivable equal to 1 Platinum share* for every 10 Anglo American shares they own. (The actual ratio is slightly different to this, but this has been rounded to 1:10 for the purposes of this illustration).
- The day before the demerger, each Anglo American share is worth (for example) R600*, so Matt's shares are worth R19,200
- The day of the demerger, the closing price for Platinum shares is (for example) R650* per share and, in this example, the Anglo American share price after the consolidation is still R600*.
*These numbers are for illustration purposes only.
Here's what the distribution will look like for Matt
| Matt receives a Receivable which is satisfied with 3.2 Platinum shares | 32 Anglo American shares ÷ 10 shares for each Platinum share |
| Matt's Receivable is worth R2,080 | 3.2 Platinum shares x R650 |
Matt did not make a pre-election, so his Platinum shares were sold on or soon after 2 June. He receives R2,080 from the sale of his Platinum shares in the July payroll.
Matt may need to pay tax on the value of the Receivable.
Here's what the consolidation will look like for Matt
Matt's Anglo American shares are consolidated with the intention of maintaining broad comparability of the share price compared to before the demerger.
The consolidation results in Matt holding 28.3 Anglo American shares.
The 0.3 of an Anglo American share is added to his Inala plan account and will vest in March 2026. In total Matt owns 28.3 Anglo American shares.
In this illustration, the total value of Matt's shares has been broadly maintained
| Value of Anglo American shares before the demerger | R19,200 |
| Value of Platinum shares after the demerger | 3.2 shares sold for R2,080 |
| Value of Anglo American shares after the demerger | 28.8 shares worth approximately R17,280 |
| Total after the demerger | R19,360 |
Important: Please be aware that whilst the consolidation is intended to, as far as possible, broadly maintain comparability of the Anglo American share price before and after the demerger, both the Anglo American share price and the Platinum share prices depend on the share price movements in the market. These share prices can go up as well as down, and the share prices of each of Anglo American and Platinum could be higher or lower than prior to the distribution and consolidation. The values given above are therefore for illustrative purposes only.
Questions & Answers
Anglo American is simplifying its highly diversified portfolio to focus on its copper, premium iron ore and crop nutrients businesses – designed to unlock the full value potential of the portfolio as a whole, both the businesses we will retain and grow, and those that we are divesting and demerging. As part of this, our Platinum business will be demerged from the Anglo American Group on 2 June 2025, becoming a wholly independently owned company called Valterra Platinum Limited.
More information on the Transformation work can be found on Eureka!
Anglo American Platinum Ltd will become an independent company called Valterra Platinum Limited. It will no longer be part of Anglo American and will operate separately.
This change will impact all Anglo American shareholders.
There are two parts to the demerger. Anglo American is the majority shareholder of Anglo American Platinum, and will transfer shares in Anglo American Platinum ("Platinum shares") to our shareholders via a distribution.
After the distribution, we'll consolidate our shares. This means the total number of Anglo American shares will reduce, with the intention that the Anglo American share price after the demerger remains broadly comparable with our share price beforehand.
The demerger will affect everyone who holds shares in Anglo American plc. This includes:
- Independent corporate and retail investors
- Employees with shares – either purchased or vested via share plan participation
- Employees who participate in particular share plans
- Employees who hold shares under the Anglo American Inala Plan ("Inala").
The demerger is expected to take place on 31 May 2025.
Anglo American Platinum Ltd is already listed on the Johannesburg Stock Exchange (JSE) and from 2 June, will also be listed on the London Stock Exchange (LSE), and will become an independently owned company. You should receive your Platinum shares (or cash if you've elected to sell them) in the weeks following.
We will consolidate Anglo American shares on 1 June 2025. You should see this change in your administrator account and/or your personal broker account shortly after.
This change in name does not affect the treatment of the demerger or share consolidation. For consistency we refer throughout to Anglo American Platinum, and to Platinum shares.
Subject to shareholder approval after the demerger you will then see the name change to Valterra Platinum, and shares being referred to as shares in Valterra Platinum Limited (and if you continue to hold the shares you will see this new name in the share details). However, it remains the same company and the same shares.
There are two parts to the demerger. Anglo American is the majority shareholder of Anglo American Platinum.
Anglo American shareholders will receive something called a "Receivable", which will then be immediately satisfied by a transfer of the relevant number of Platinum shares.
Afterwards, we will consolidate our Anglo American shares, in order to maintain broad comparability between the share price before and after the demerger.
Yes, the Anglo American shares you hold under Inala will be impacted by the demerger.
As part of the demerger, Anglo American shareholders will receive something called a "Receivable". This will then be immediately satisfied by (in summary) a transfer of the relevant number of Platinum shares. Whilst you need to be aware of these two steps (as they are referred to in the tax notes available in the Resources section) the outcome is that you will end up receiving Platinum shares.
Following the demerger, the number of Anglo American shares you hold will automatically reduce. This is intended to maintain broad comparability between the share price before and after the demerger.
No, the EEP portion of your award will not be affected by the demerger.
To be eligible to receive Platinum shares, you must hold your Anglo American shares on the record date, which is 30 May 2025.
If you sell shares on or before the 30 May 2025, you will not be entitled to receive Platinum shares in relation to those shares sold.
If you leave on or before 30 May 2025 the treatment of your shares will depend on your reason for leaving and how long you have held the shares in the plan.
| Reason for leaving | Impact on your unvested shares |
|---|---|
| Retirement Redundancy Death in service TUPE transfer |
Your Inala unvested shares will vest and you can choose to keep or sell them (subject to any conditions that may apply). You will not receive any further Employee Empowerment Payments (EEP). If you still own the Inala shares on 30 May 2025, they will participate in the demerger. You will receive the distribution of Platinum shares and your Anglo American shares will be consolidated. |
| Resignation Dismissal |
All your unvested Inala shares, including the EEP, will be forfeited. If your unvested Inala shares are forfeited before the demerger record time (6pm on 30 May), they will not participate in the demerger. |
The demerger will happen automatically.
The default position is that any Platinum shares you receive in respect of your Inala awards, as well as any fractional Platinum shares, will be automatically sold on or as soon as possible after 2 June 2025. The proceeds of the sale will be distributed to you via payroll with your monthly salary. This will be shown as a 'Sundry Deduction'. It will be a negative value shown under the Deductions section on your payslip.
You may choose to pre-elect to keep your Platinum shares. To do this you'll need to make an election via the ShareForce platform between 1 May and 23 May 2025.
If you decide to keep your Platinum shares, they will be transferred to a personal brokerage account of your choice, and you will be able to sell them at any time in the future. When you do sell them, you may need to pay tax on any increase in value since you received them on 2 June 2025. This is the difference between the sale price (their value when you sell them) and the cost basis (their value when you received them).
Please see your country tax notes in the Resources section for more details.
The number of Platinum shares you receive will depend on:
- How many Anglo American shares you own on the record date
- The distribution ratio 110 Platinum shares for every 1,075 Anglo American shares that you own
You may need to pay tax on the Platinum shares you receive. You can find out more by viewing your country's tax notes in the Resources section.
The distribution ratio of Anglo American shares to Platinum shares may result in a fractional share. Fractions of Platinum shares will be sold automatically and paid to you via payroll in your July 2025 salary. Fractions of Anglo American shares will be retained until the March 2026 vesting date and paid to you at that time.
You may need to pay tax on the fractional Platinum share you receive. You can find out more by viewing your country's tax notes in the Resources section.
Provided that you elect to keep your Platinum shares on ShareForce during the pre-election window of 1 May to 23 May, your Platinum shares will be transferred to your personal brokerage account on or shortly after 2 June 2025.
Once you have received your Platinum shares, you can choose to either keep or sell them.
The Platinum business will become a wholly independent business, separate from Anglo American. If you decide to keep your Platinum shares, you will be entitled to any dividends the new Platinum business pays to its shareholders in the future.
You do not need to take any action to sell your Platinum shares.
If you take no action, your Platinum shares will be sold on, or as soon as possible after, 2 June 2025, and may be sold over several days. Your Platinum shares will be sold on the market, so the sale price will depend on the market share price at the time. Please note this means there will be no certainty about the sale price, as there is no minimum or maximum price.
You will receive the sale proceeds, from Payroll in your July 2025 salary (provided that all sales of Platinum shares have been completed by then). If you decide not to sell your Platinum shares immediately, you'll need to submit a pre-election to keep them via the ShareForce platform from 1 May to 23 May 2025.
When you do come to sell them, you may need to pay tax on any increase in value since you received them on 2 June 2025. This is the difference between the sale price (their value when you sell them) and the cost basis (their value when you received them).
Please see your country tax notes in the Resources section for more details.
Any Platinum shares you receive will be treated as dividend income for tax purposes. You may need to pay dividend tax on these.
Please see your country tax notes in the Resources section for more details.
If you keep your shares and sell them at a later date, you may also be liable for capital gains tax on any increase in value when you come to sell them.
Please refer to your country tax notes in the Resources section for more information.
We are unable to provide tax advice. If you need further guidance, we recommend consulting an independent tax advisor.
The value of the Platinum shares received is ZAR 704.72 per share. This is based on the closing share price of Anglo Amercian Platinum shares on 30 May 2025.
The base cost for Platinum shares is ZAR 704.72 per share. This is based on the closing share price of Anglo Amercian Platinum shares on 30 May 2025. You may need to use this base cost to calculate any future Captial Gains tax.
If you take no action, your Platinum shares will automatically be sold on, or as soon as possible after, 2 June 2025. The sale of your Platinum shares may take place over a number of days.
Any Platinum shares will be sold on the market, and so the sale price will depend on the market share price for Platinum shares when the sale takes place. This could be on 2 June 2025, or at a later date, depending on when the sale is made. There will be no minimum or maximum price, and sales will go ahead at whatever the market price for Platinum shares is at the time of the sale.
It is important that you understand there is no certainty as to what sale price you will receive for your Platinum shares that are sold.
You will receive the proceeds in respect of the sale of your Platinum shares via payroll with your July 2025 salary. This will be shown as a 'Sundry Deduction'. It will be a negative value shown under the Deductions section on your payslip.
You can make an election to keep your Platinum shares via the ShareForce platform from 1 May to 23 May 2025.
If you elect to keep your Platinum shares, they will be transferred to a personal brokerage account of your choice – you will need to enter your account details when you make the election. You can use the Standard Bank brokerage account you use for your vested Inala shares if you have one, or create one if you do not yet have one. Alternatively, you may wish to make other arrangements with another sharebroker.
If you wish to keep only some of your Platinum shares, you will firstly need to make an election to keep all of them via the ShareForce platform from 1 May to 23 May 2025. Once the shares have been transferred to your personal brokerage account, you will be able to sell them.
When you do come to sell them, you may need to pay tax on any increase in value since you received them on 2 June 2025. This is the difference between the sale price (their value when you sell them) and the cost basis (their value when you received them).
The election to keep your Platinum shares is irrevocable, meaning you are not able to change your mind once you have submitted your request to ShareForce.
Once the Platinum shares have been received into your personal brokerage account, you will be able to sell them.
To maintain broad comparability of our share price before and after the demerger (as far as is reasonably possible), we will consolidate the Anglo American shares. This means reducing the total number of Anglo American shares, with the intention that the Anglo American share price after the demerger remains broadly comparable with our share price beforehand.
All Anglo American shareholders will see a reduction in the number of shares they own, but the total value of a shareholding will remain broadly comparable.
The consolidation of shares will be determined, approved and become effective on 2 June 2025 once the market closes.
Yes, the number of Anglo American shares you own will reduce, to maintain broad comparability between the share price before and after the demerger.
The consolidation may result in you receiving a fraction of an Anglo American share. If this happens, your fractional Anglo American share will be held in your Inala account and will be sold and paid to you in the March 2026 vesting. You may need to pay tax on this fractional share. There's more information in your country tax notes in the Resources section.
Other than the fractional share element mentioned in 6.4, you should not need to pay tax on the consolidation of Anglo American shares. However, you should continue to review the information in your country tax notes in the Resources section.
The consolidation will happen automatically, so you don't need to do anything.
Access your share account
You can view your Inala awards on ShareForce.
This is where you can:
- View your shares
- Choose to make a pre-election to sell your Platinum shares
- Maintain your contact details including your bank account details
Make sure you have your Username (email) and Password.
You can find these in your award email.
Support
Contact us
If you have any questions about the Platinum demerger and how it affects your share plan, that haven't been answered above, please contact:
Contact ShareForce
For questions about accessing ShareForce,
please contact:
+27 10 143 4430
If you own Anglo American shares in your Standard Bank brokerage account, see how your shares are impacted on the Employee Shareholder page. You can view your shareholdings by logging on to your Standard Bank account.
Please be aware that we are not able to provide any legal, financial or tax advice nor advice on your personal circumstances.
Disclaimer
- The information included on this website does not constitute tax, financial, legal or investment advice and is not intended to be a comprehensive description of all of the legal, financial, tax or other considerations that may be relevant to the proposed demerger and/or share consolidation.
- If you are in any doubt about any matters, including but not limited to financial, taxation and legal matters, referred to on this website or their application to your own specific circumstances, you are recommended to seek your own independent financial, tax and legal advice from an appropriately authorised independent professional advisor.
- No member of the Anglo American group or any of their officers, employees, nominees, agents or representatives is giving you financial, legal, investment, tax or other advice in relation to the Anglo American share plans or the impact of the demerger and/or share consolidation on your awards and/or shares.
- Any Anglo American shareholder is recommended to review the Anglo American shareholder circular which sets out information addressed to all Anglo American shareholders including those who hold or have a beneficial interest in Anglo American shares through the Anglo American share plans.
- Please refer to the Platinum prospectus for information relating to Platinum and the Platinum shares.
- To the extent there is a conflict between any information on this website and the Anglo American circular, the Anglo American circular shall take precedence over this website.
- The value of Anglo American and Platinum shares can go down as well as up and nothing on this website is intended as advice or predictions on any share price movement. It is important to note that the share prices of each of Anglo American and Platinum could be higher or lower than prior to the distribution and consolidation.
- No member of the Anglo American group or any of their officers, employees, nominees, agents or representatives accepts any liability for any loss arising from reliance on any information contained on this website.
- Any references to third-party sources or links are provided for convenience only and do not constitute endorsement or verification of the content.
- Any tax information included on this website is intended only as a general guide to current tax law and published tax authority practice, as applied in the jurisdiction referred to in the tax information as at 8 April 2025, both of which are subject to change at any time, possibly with retrospective effect.
- Any tax information included on this website applies only to Anglo American employees holding Anglo American shares who are tax resident and domiciled and working solely in the jurisdiction in respect of which any tax information is provided through-out both the entire vesting or equivalent period of any Anglo American share award and during the entire tax period in which the demerger occurs.
- It is the responsibility of each employee to ensure compliance with applicable tax regulations based on their personal circumstances.