Valterra Platinum’s shares rose 10% to R81.40 on Wednesday as the miner reported bumper profits and shareholder returns in the year ended December, thanks to a recovery of metal prices.
The platinum producer said its earnings before interest taxation depreciation and amortisation (ebitda) surged by 68%, to R33.4bn, supported by a 22% increase in the rand basket price and R5bn of additional cost reductions.
CEO Craig Miller said the group saw a significant improvement in free cash flow generation during the period.
In line with its commitment to shareholder returns, the group declared a R11.5bn, or R43 a share, final dividend, which included a final payout of 40% of headline earnings, and a special dividend of R5.3bn or R20 per share.
The group’s total dividend for the full year is R12bn or R45 per share, representing a 71% payout ratio.
Prices made a comeback in 2025 with the dollar basket price surging by 26% compared with a year earlier to $1,852 per PGM ounce, marking its strongest level since 2022.
“The average realised platinum price was 40% higher than in 2024, with rhodium and ruthenium 35% and 88% higher, respectively, all making major contributions to the increase in our realised basket price,” he said.
Valterra, previously known as Anglo American Platinum, was spun out of Anglo a year ago, and listed as a separate entity on the JSE with a secondary listing on the London Stock Exchange.
Despite the strong financial performance, total PGM production was 10% lower, including own-mined PGM production, which declined 6% to 2.06-million ounces, primarily due to flooding at Amandelbult in February 2025 following abnormally heavy rains.
“In the second half of the year, Amandelbult was restored to full production, with H2 2025 production volumes increasing 10% on the comparable prior period,” said Miller.
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