JOHANNESBURG (miningweekly.com) –  Diversified mining major Anglo American plc reported on Monday that it had made significant progress towards its demerger of Anglo American Platinum, which has announced dividends totalling R16.5-billion ($0.9-billion) payable to all its shareholders ahead of the demerger.

Anglo American Platinum's payment of the additional cash dividend forms part of the finalisation of its standalone capital structure.

As a 67% shareholder in Anglo American Platinum, Anglo American expects to receive $0.6-billion from these dividends.

Anglo American Platinum's 2024 earnings hit the $1.1-billion mark.

"We’re on a clear timeline towards demerging Anglo American Platinum – the world's leading platinum group metals producer – in June, with its primary listing on the Johannesburg Stock Exchange and an additional listing on the London Stock Exchange,” Anglo American CE Duncan Wanblad stated in a Stock Exchange News Service announcement accessed by Mining Weekly.

“Consistent with our commitment to deliver a responsible demerger, Anglo American intends to retain a 19.9% shareholding in Anglo American Platinum in order to further help manage flowback by reducing the absolute size of the shareholding that will be demerged,” Wanblad added.

Anglo American will no longer have any representation on the Anglo American Platinum board post demerger and has expressed its intention to exit its residual shareholding responsibly over time, and subject to customary lock-up arrangements.

Anglo American intends to seek shareholder approval for the demerger of Anglo American Platinum at the time of Anglo American's annual general meeting on April 30.

Anglo American Platinum will be de-consolidated from Anglo American following the demerger. As at December 31, Anglo American Platinum had $0.9-million of net cash, including the customer prepayment of some $0.6-billion.