Valterra Platinum: Strong PGM production from own mines
Valterra Platinum (previously Anglo American Platinum) reports that own-mined production increased by 1% to 594,600 ounces compared to the prior period, mainly due to higher production from Amandelbult, partially offset by lower production at Mogalakwena, Unki and Mototolo. Fourth-quarter production delivered the strongest quarterly performance of 2025, increasing by 10% quarter-on-quarter due to Amandelbult’s return to steady-state operations and improved output at Mogalakwena.
Mogalakwena’s PGM production decreased by 8% to 260,800 ounces, despite higher tonnes milled, primarily due to a lower built-up head grade compared to Q4 2024. Quarter-on-quarter production increased by 16%, supported by an 11% improvement in grade to 2.71g/t and an 87% increase in full-grade ore tonnes mined to ~4.7 million tonnes. Mogalakwena produced ~948,000 ounces for the year, reflecting the continued delivery of tangible results from the implementation of operational excellence initiatives. These include pit optimisation work, improved concentrator throughput, reduced mass pull, as well as the benefits of processing of low-grade ore stockpiles. At the Sandsloot underground project, 3.2 km of development was completed during 2025, with progress further supported by the successful completion of the ventilation main pass. The year ended with a ~80,000 tonne bulk ore sample stockpile, which is expected to be processed in 2026 to support the completion of the feasibility study.
Amandelbult PGM production recovered significantly in the fourth quarter, with a 14% quarter-on-quarter increase driven by the return of Tumela Mine to steady-state operations. Full year production exceeded guidance at 483,600 ounces as a result of comprehensive execution of the restoration plan following the February 2025 flooding.
Mototolo’s PGM production was impacted by the development work supporting the advancement of the Der Brochen project, which is progressing steadily, with all development ends successfully intersecting the reef after navigating the weathered zone. A higher proportion of development tonnes mined compared to the prior period diluted the overall mined grade, leading to a 4% decline in production to 71,000 ounces. As anticipated, production was further impacted by complex geological features at both Borwa and Lebowa shafts.
Unki’s PGM production declined by 9% to 54,700 PGM ounces, driven by the continued mining of lower-grade ore blocks and concentrator throughput disruptions resulting from power and plant instabilities.
Modikwa PGM production (50% own-mined) increased by 1% to 33,600 ounces, primarily due to higher tonnes milled.
Purchases of PGM concentrate
Purchase of concentrate volumes decreased by 1% to 285,600 ounces, primarily due to lower receipts from third parties, partially offset by higher production at Modikwa.
