Valterra Platinum: Full year PGM production at 3.2 million ounces
Valterra Platinum (previously Anglo American Platinum) reports that total PGM production (expressed as 5E+Au metal-in-concentrate (M&C)) during the quarter, increased by 1% to 880,200 ounces compared to the prior period, driven by an increase in own-mined volume. Full year PGM production was 3,200,600 ounces.
Own-mined PGM production was strong over the quarter, increasing by 1% to 594,600 ounces compared to the prior period. On a quarter-on-quarter basis, own-mined production increased by 10%, reflecting Amandelbult’s return to steady-state production for the first full quarter following the February 2025 flooding. Full year own-mined PGM production exceeded guidance at 2,060,300 ounces.
Purchase of PGM concentrate (POC) decreased by 1% on the prior period to 285,600 ounces. Full year POC PGM production was 1,140,300 ounces.
Refined PGM production (excluding tolling) increased by 1% on the prior period, and 6% from the previous quarter to 1,039,400 ounces due to higher M&C production and the release of work-in-progress inventory. Full year refined PGM production exceeded guidance at 3,412,000 ounces.
PGM sales volumes for the quarter increased by 4% to 1,042,100 ounces, supported by the rollover of some sales from the previous quarter into October and increased sales volumes of minor PGMs. Full year sales volumes were 3,454,300 ounces, driven by higher refined production.
Production guidance for 2026 for M&C and refined production is consistent with prior estimates at 3.0-3.4 million ounces.
Craig Miller, CEO of Valterra Platinum, said: “We delivered our strongest quarterly performance of the year in the fourth quarter, with increased production across all major PGM metrics, showing clear momentum in achieving operational stability.
“Our own-mined output increased meaningfully driven by Amandelbult’s full return to steady-state operations and higher grades at Mogalakwena, which supported increased refined throughput and PGM sales in a higher price environment. We exceeded guidance across full year M&C production and refined output, reflecting disciplined execution driven by our operational excellence initiatives. With safety performance also continuing to improve, we remain focused on our ongoing drive to optimise working capital and enhance processing stability. “Valterra Platinum’s performance in the quarter under review underscores a business operating with confidence and consistency, delivering on its strategy to build a stable, competitive and profitable long-term PGM business.”
