Valterra guides for soaring profits

High PGM prices and strong sales sets company up for bumper first half

Valterra Platinum guided for a sharp in earnings as it reported increased sales volumes and prices. The platinum miner, which was demerged from Anglo American last year, guided for earnings of R18.5-22.2 billion, up from just R1.2 billion from the previous year. The boost to profits reflects an 18% increase in PGM sales volumes alongside an 85% rise in the US dollar PGM basket price to $2,801/oz.

The rand denominated PGM basket price increased 66% to R45,993 per ounce. "The uplift in volumes was driven by higher M&C output following the flooding related disruptions at Amandelbult in the first half of 2025," Valterra said. "In addition, the proactive rescheduling of planned maintenance activities and annual stock counts to the third quarter of 2026 facilitated a more even distribution of refined production throughout the year, further supporting sales volumes.

"Craig Miller, Valterra chief executive, said the company will "remain focused on embedding a culture of zero harm, while continuing to advance operational excellence as we unlock further efficiencies across the portfolio". "We are well positioned for a strong second half, supported by improving operational performance and increased production flexibility," Miller said. "We remain committed to delivering within our 2026 guidance."