Anglo American has completed the demerger of its 51% stake in the platinum group metals business, Valterra Platinum.

The move comes after the South African mining firm rebranded from Anglo American Platinum.

As part of the demerger, Valterra shares will be admitted to the equity shares listing segment and will trade on the London Stock Exchange’s main market under the ticker symbol, VALT.

The listing will be alongside the South African firm’s existing primary listing on the Johannesburg Stock Exchange.

Following the demerger, Anglo American will continue to hold a 19.9% stake in Valterra and intends to retain this shareholding for at least 90 days.

Chief executive at Anglo American, Duncan Wanblad, said that the completion is an important moment for both firms, while also being an opportunity for Anglo American to take a "major step" in its plan to unlock its portfolio’s value with focus on copper, premium iron ore and crop nutrients.

He stated: "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."

Investment director at AJ Bell, Russ Mould, said: "The move is partially in response to fighting off takeover interest from BHP and trying to show that Anglo American has a future as an independent business, and one which is now led by a sharper focus on what it does best.

"Valterra is already listed in South Africa and will now have its own listing in London as well. Anglo retains a 19.9% stake for now, yet it’s already pledged to sell down the remaining position in time.

"Anglo shareholders have inherited Valterra shares and normally in these situations we see a chunk of investors immediately sell the stock. Some shareholders might not want a single commodity company, others might view the Valterra shares as a freebie and liquidate them to raise cash, essentially treating it as a special dividend."

---