Wrap Text
Updates on Post Offer Intention Statements
Anglo American plc
Registered office: 17 Charterhouse Street, London EC1N 6RA
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GB00BTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
(the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION
THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS
OF RULE 19.6(B) AND RULE 19.6(C) OF THE CITY CODE ON TAKEOVERS AND MERGERS
(THE "CODE").
19 December 2025
Rule 19.6(b) update and 19.6(c) confirmation with respect to post-offer intention statements
made by Anglo American plc in May 2024
On 14 May 2024, Anglo American plc ("Anglo American") announced that it was accelerating the
delivery of its strategy to unlock significant value from its portfolio and accelerate the delivery of
consistently stronger shareholder returns.
Anglo American announces today that, in accordance with the requirements of Rule 19.6(b) of the
Code, it is providing the following update in relation to Steelmaking Coal, De Beers and Crop
Nutrients, and in accordance with the requirements of Rule 19.6(c) of the Code, it has confirmed
compliance in writing to The Panel on Takeovers and Mergers in relation to Nickel and Anglo
American Platinum, in each case regarding the relevant post-offer intention statements detailed in
its announcement of 14 May 2024 (the "2024 Announcement") in respect of the matters set out
below.
Rule 19.6(c) confirmations
Nickel
Anglo American announced on 18 February 2025 that it had entered into a definitive agreement to
sell its nickel business to MMG Singapore Resources Pte. Ltd, a wholly owned subsidiary of MMG
Limited, for cash consideration of up to US$500 million.
Anglo American is working to finalise the last outstanding regulatory approval with the European
Commission required in order for the transaction to complete.
Anglo American Platinum
Anglo American announced on 2 June 2025 that it had completed the demerger of c.51% of its
interest in Anglo American Platinum (now renamed Valterra Platinum Limited), resulting in Anglo
American holding only a remaining 19.9% interest in Valterra Platinum Limited immediately following
the demerger.
Anglo American subsequently announced on 4 September 2025 that it had sold the entirety of that
remaining 19.9% interest in Valterra Platinum Limited, raising cash proceeds of ZAR44.1 billion
(approximately US$2.5 billion).
Rule 19.6(b) updates
Steelmaking Coal
Anglo American announced on 29 January 2025 that it had completed the sale of its entire 33.3%
interest in Jellinbah Group Pty Ltd to Zashvin Pty Ltd for total cash proceeds of A$1.6 billion
(approximately US$1.0 billion).
Additionally, Anglo American announced on 25 November 2024 that it had entered into definitive
agreements to sell the entirety of its remaining steelmaking coal business to Peabody Energy
("Peabody") for cash consideration of up to US$3.775 billion.
Anglo American subsequently announced on 19 August 2025 that Peabody had made a statement
purporting to terminate its agreements to acquire the steelmaking coal business. As a result, Anglo
American has re-initiated a formal sale process for the remaining steelmaking coal business.
De Beers
Anglo American confirmed in its Q3 Production Report dated 28 October 2025 that good progress
continues to be made on the divestment or demerger of De Beers, with a dual-track separation and
structured sale process currently under way.
Crop Nutrients
Anglo American confirmed in its 2025 interim results released on 31 July 2025 that the pace of
development of the Woodsmith project had slowed to focus on a number of areas of critical work,
including the ongoing sinking of the 1.6km deep service shaft, designed to confirm key schedule
and capital assumptions for the project's overall development. Those interim results also stated that
forecast capital expenditure for the Woodsmith project for 2025 remained at c.$0.3 billion, marginally
above the target level set out in the 2024 Announcement. Work is also ongoing to satisfy the three
conditions required before the project would be sanctioned for full development – completion of a
full feasibility study (as also referred to in the 2024 Announcement), a clear pathway to syndication
for value, and balance sheet capacity.
Clare Davage
VP, Deputy Company Secretary
Anglo American plc
The Company has a primary listing on the Main Market of the London Stock Exchange and
secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the
Namibia Stock Exchange and the SIX Swiss Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Notes:
Anglo American is a leading global mining company focused on the responsible production of
copper, premium iron ore and crop nutrients – future-enabling products that are essential for
decarbonising the global economy, improving living standards, and food security. Our portfolio of
world-class operations and outstanding resource endowments offers value-accretive growth
potential across all three businesses, positioning us to deliver into structurally attractive major
demand growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value
chain, from how we discover new resources to how we mine, process, move and market our
products to our customers – safely, efficiently and responsibly. Our Sustainable Mining Plan commits
us to a series of stretching goals over different time horizons to ensure we contribute to a healthy
environment, create thriving communities and build trust as a corporate leader. We work together
with our business partners and diverse stakeholders to unlock enduring value from precious natural
resources for our shareholders, for the benefit of the communities and countries in which we operate,
and for society as a whole. Anglo American is re-imagining mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes to unlock the
inherent value in its portfolio and thereby accelerate delivery of its strategic priorities of Operational
excellence, Portfolio simplification, and Growth. The sale of our steelmaking coal and nickel
businesses and the separation of our iconic diamond business (De Beers) continue to progress and,
once completed, will focus Anglo American on its world-class resource asset base in copper,
premium iron ore and crop nutrients.
Group terminology
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we",
"us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work
for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The
use of those generic terms herein is for convenience only, and is in no way indicative of how the
Anglo American Group or any entity within it is structured, managed or controlled. Anglo American
subsidiaries, and their management, are responsible for their own day-to-day operations, including
but not limited to securing and maintaining all relevant licences and permits, operational adaptation
and implementation of Group policies, management, training and any applicable local grievance
mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform
practices and standardisation across the Anglo American Group but is not responsible for the day
to day implementation of such policies. Such policies and procedures constitute prescribed minimum
standards only. Group operating subsidiaries are responsible for adapting those policies and
procedures to reflect local conditions where appropriate, and for implementation, oversight and
monitoring within their specific businesses.
Disclaimer
This document is for information purposes only and does not constitute, nor is to be construed as,
an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell
shares in Anglo American or any other securities by Anglo American or any other party. Further, it
should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice
and has no regard to the specific investment or other objectives, financial situation or particular
needs of any recipient.
Forward-looking statements and third party information
This document includes forward-looking statements. All statements other than statements of
historical facts included in this document, including, without limitation, those regarding Anglo
American's financial position, business, acquisition and divestment strategy, dividend policy, plans
and objectives of management for future operations, prospects and projects (including development
plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve
and Mineral Resource positions) and sustainability performance related (including environmental,
social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-
looking statements. By their nature, such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or
achievements of Anglo American or industry results to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American's
present and future business strategies and the environment in which Anglo American will operate in
the future. Important factors that could cause Anglo American's actual results, performance or
achievements to differ materially from those in the forward-looking statements include, among
others, levels of actual production during any period, levels of global demand and product prices,
unanticipated downturns in business relationships with customers or their purchases from Anglo
American, mineral resource exploration and project development capabilities and delivery, recovery
rates and other operational capabilities, safety, health or environmental incidents, the effects of
global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on
our information systems, natural catastrophes or adverse geological conditions, climate change and
extreme weather events, the outcome of litigation or regulatory proceedings, the availability of
mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to
produce and transport products profitably, the availability of necessary infrastructure (including
transportation) services, the development, efficacy and adoption of new or competing technology,
challenges in realising resource estimates or discovering new economic mineralisation, the impact
of foreign currency exchange rates on market prices and operating costs, the availability of sufficient
credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil
unrest, uncertainty, tensions and disputes and economic and financial conditions around the world,
evolving societal and stakeholder requirements and expectations, shortages of skilled employees,
unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions
of competitors, activities by courts, regulators and governmental authorities such as in relation to
permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's
assets and changes in taxation or safety, health, environmental or other types of regulation in the
countries where Anglo American operates, conflicts over land and resource ownership rights and
such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking
statements should, therefore, be construed in light of such risk factors and undue reliance should
not be placed on forward-looking statements. These forward-looking statements speak only as of
the date of this document. Anglo American expressly disclaims any obligation or undertaking (except
as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the
Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Listings
Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss
Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other
applicable regulations) to release publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in Anglo American's expectations with regard thereto or any
change in events, conditions or circumstances on which any such statement is based.
Nothing in this document should be interpreted to mean that future earnings per share of Anglo
American will necessarily match or exceed its historical published earnings per share. Certain
statistical and other information included in this document is sourced from third party sources
(including, but not limited to, externally conducted studies and trials). As such it has not been
independently verified and presents the views of those third parties, but may not necessarily
correspond to the views held by Anglo American and Anglo American expressly disclaims any
responsibility for, or liability in respect of, such information.
Date: 19-12-2025 03:00:00
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