Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) said Tuesday it has launched a sale of ~16M shares in Anglo American Platinum (OTCPK:ANGPY) (OTCPK:AGPPF) ahead of a full demerger of the business as part of its plan to unlock the significant value it says is inherent in its portfolio.

Anglo American Plc raised 9.6 billion rand ($530 million) from the sale of a 6.6% stake in Anglo American Platinum Ltd., a move aimed at increasing the South African unit’s free float ahead of a full exit.

Jefferies has set a new price target of 2,850 pence for Anglo American, a 19% increase from the stock's recent closing price of 2,385 pence. The analysts noted that Anglo’s shares have been trading at a 15% discount to their sum-of-the-parts valuation, offering attractive value despite the risks associated with its restructuring efforts.

Anglo American said on Tuesday it will sell more shares in its South African platinum unit, as it accelerates plans to spin it off.

Anglo American South Africa, a division of the diversified mining company Anglo American, has divested a 6.6% stake in Anglo American Platinum (Amplats), a platinum group metals (PGM) miner. The transaction involved the sale of 17.