Valterra Platinum is back on track to achieve its full-year production guidance after the group’s Amandelbult mine recovered from February’s floods in the third quarter.
The return to full capacity will allow the company to capitalise on soaring platinum group metal (PGM) prices as it navigates a new operating landscape as an independent precious metal producer.
Shares in Valterra closed 3.17% higher on Tuesday after the group reported a 118% quarter-on-quarter jump in Amandelbult’s production. On an annual basis, the mine’s output still lagged 3% behind that of the previous third quarter.
Valterra is the world’s largest producer of PGMs, which are primarily used in internal combustion engines but also have key applications in the jewellery sector, military technology and renewables. About 40% of the world’s annual PGM supply passes through Valterra’s smelting and refining facilities in the North West.
The group’s latest operational update comes two months after former parent company Anglo American sold its remaining 19.9% stake in the unit, beginning a new chapter for the miner.
Valterra said on Tuesday that total metal-in-concentrate (M&C) output fell 7% year on year to 855,100 ounces in the three months ended September.
Refined PGM production, excluding tolling, dropped 5% to 981,500oz, while sales volumes declined 9% to 936,800oz, partly due to timing differences that shifted some sales into October.
Despite the lower output, Valterra’s average realised PGM basket price — which reflects the combined value of platinum, palladium, rhodium and other metals in its mix — rose 30% year on year to $1,916/oz, its highest level since early 2023. The rally was supported by a weaker dollar, renewed Chinese demand and tighter global supply.
The price of platinum is now up nearly 80% this year as trade wars, consecutive market deficits and the growing popularity of hybrid electric vehicles buoyed demand.
Amandelbult recorded a strong operational recovery after flooding earlier in the year, producing 153,100oz — up 118% quarter on quarter, though 3% lower year on year. The new Tumela Lower section reached steady-state production ahead of schedule, the company said.
At Mogalakwena, output rose 4% to 225,700oz, driven by improved concentrator throughput. Mototolo, Unki and Modikwa (50% share) posted lower volumes, reflecting complex geology and lower grades.
Own-mined production declined 2% to 539,600oz, while purchased concentrate volumes were stable at 315,500oz.
Base metals and chrome base metal production weakened, with nickel down 15% to 6,226 tonnes and copper down 9% to 4,201 tonnes. Chrome output increased 10% to 271,000 tonnes, supported by higher recoveries at Mototolo and other operations.
CEO Craig Miller said the period reflected both recovery and operational stability after earlier disruptions.
“Amandelbult’s ramp-up has been faster than expected, and our processing assets remain stable. We are also assessing opportunities to optimise work-in-progress inventory to support output,” he said.
Valterra reaffirmed its 2025 guidance for 3.0-million ounces to 3.2-million ounces of metal-in-concentrate and about 3.4-million ounces of refined and sales volumes. Amandelbult is expected to produce 450,000oz–480,000oz this year.
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