Valterra Platinum’s sales in the first three months of 2026 were 60% higher than a year ago as it regained ground lost in the Limpopo floods last summer, according to a production report published on Thursday morning.
The operational rebound allows the company, which split from mining giant Anglo American nine months ago, to capitalise on soaring PGM prices. Valterra’s average received price of the metals rose to their highest level in almost four years during the period under review.
“Operationally the first quarter of 2026 reflected a strong year-on-year recovery,” said CEO Craig Miller, citing a 7% increase in metal-in-concentrate production.
The miner has gone from strength to strength in its nine-year stint as an independent precious metals producer as soaring prices and a steady recovery continue to win over investors. Even after an industry-wide sell-off in the wake of the Iran war, shares in the group remain 135% higher than they were a year ago.
The group’s output has been on a steady recovery since February 2025, when severe flooding forced it to temporarily pause operations at the flagship Amandelbult mine.
As a result, refined production in the first quarter was 78% higher than a year ago at 778,500 ounces, but around 25% lower than in the final quarter of 2025. Sales volumes were also 24% lower on a quarterly basis.
The group’s quarterly performance was marred by a tragic death at the Mototolo mine in Limpopo, the site’s first death in 13 years. An employee was killed in an equipment-related incident while working underground
A dip in the first quarter is typical as this is when Valterra performs scheduled annual stock counts and planned maintenance. This year, however, the group has shifted the activities from the first quarter to the third to reduce its electricity consumption and save money on winter tariffs.
Overall, the company expects to produce 3-million to 3.4-million refined ounces in 2026.
The group also purchased 10% more concentrate volumes to be processed at its facilities as competitors across the PGM industry also ramp up production in response to better weather and higher prices.
Stats SA data shows South Africa’s PGM output jumped by more than 50% year on year in February.
Valterra is the world’s largest producer of PGMs, and about 40% of the world’s annual PGM supply passes through the group’s smelting and refining facilities in the North West.
Despite recent pressure on prices, the company assured investors “large year on year gains remained intact” in the PGM market, “supported by strong performances from rhodium and the minor PGMs”.
On a quarterly basis, the group’s average realised basket price was 23% higher in rand terms in the first quarter.
The group’s quarterly performance was marred by a tragic death at the Mototolo mine in Limpopo, the site’s first death in 13 years. An employee was killed in an equipment-related incident while working underground.
Miller said the group had “further reinforced its resolve to eliminate fatalities across our operations” after the incident, and an investigation was under way.
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