Valterra Platinum: Strong refined PGM production
Valterra Platinum (previously Anglo American Platinum) reports that refined PGM production (excluding tolling) increased by 1% to 1,039,400 ounces compared to the prior period, partially driven by higher M&C production. Refined output exceeded M&C mined and purchased, supported by solid processing performance and sustained improvements in the stability and reliability of the processing infrastructure, which enabled the optimisation of work-in-progress inventory.
Toll-refined PGM production increased by 41% to 257,300 PGM ounces, primarily due to the inclusion of Kroondal as toll-refined production from December 2024.
Improved base metal and chrome production
Nickel production increased by 12% to 7,098 tonnes, while copper production decreased by 2% to 4,413 tonnes.
Quarter-on-quarter nickel and copper production increased by 14% and 5% respectively.
Total chrome production for the quarter increased by 17% to 298,000 tonnes, mainly due to higher chrome production at Amandelbult and improvements in chrome yields across our own operations.
Increased PGM sales volumes and realised basket price
PGM sales volumes increased by 4% to 1,042,100 ounces, supported by the timing of some sales rolling over from the previous quarter into October, together with higher volumes of minor PGMs sold.
The average Q4 2025 realised basket price of R38,723/PGM ounce, or $2,269/PGM ounce was the highest since Q4 2022 and up 41% and 50% year-on-year respectively. All PGMs, except iridium, contributed substantial year-on-year gains, most importantly, platinum and rhodium averaged 78% and 70% higher respectively.
A broad-based price rally that began in May, driven by a mix of bullish macroeconomic, fundamental, and structural factors, gained further momentum during the final quarter on rising investor interest in physical assets, the launch of new futures contracts in China and ongoing market tightness. The average realised full year ZAR PGM basket price of R32,611/PGM ounce increased by 22%, while the Dollar PGM basket price of $1,852/PGM ounce increased by 26% year-on-year.
Production guidance for 2026-2028
Production guidance for 2026 for M&C and refined production is consistent with prior estimates at 3.0–3.4 million ounces. Refined production, which has historically been lower in the first quarter, is expected to be more evenly distributed throughout the year following the re-phasing of the annual stock counts and scheduled processing maintenance.
