VALTERRA Platinum made hay in the fourth quarter increasing sales of platinum group metals four percent year-on-year to 1,042 million ounces.
The increase was a function of previous quarter sales being rolled over into October, and an increase in minor metals production. There was also an underpin of improved concentrate production from Valterra’s managed mines in the fourth quarter.
Commenting on fourth and full year production results on Thursday, Valterra CEO Craig Miller 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”.
This took the edge of a difficult 2025 for Valterra Platinum since its demerger from Anglo American (in May). Year-on-year total PGM concentrate production fell 10% to 3.2 million ounces (2024: 3.6 million oz). Heavy flooding in the first quarter smacked Amandelbult especially hard.
There was also a 16% decline in purchase-of-concentrate. Refined PGM production declined 13% for the year to 3.4 million oz (3.9 million oz). PGM sales fell 15% year-on-year.
The fourth quarter was a good time to stage an operational recovery. This was owing to a leap in PGM prices almost across the board, especially in December. The average price for the basket of metals in 2025 was R32,611 per PGM ounce. This represented the highest since the last quarter of 2022, and an increase of 22% for Valterra year-on-year. The average basket price for PGMs was 26% higher in dollars in 2025.
In addition to an 88% higher ruthenium price, the fourth quarter average realised rhodium price was 40% higher. Platinum and palladium were 78% and 42% higher respectively. Minor metals account for 22% of Valterra’s production while platinum and palladium account for 45% and 33% of total production.
Valterra described the price rally as down to “a mix of bullish macroeconomic, fundamental, and structural factors which gained momentum in the final quarter owing to rising investor interest in physical assets, the launch of new futures contracts in China and ongoing market tightness”.
Analysts are bullish on the PGM markets despite the vast improvement in prices lately, and a recent price correction. The US is stockpiling critical minerals and speculative interest in China, as well as an investment push for all precious metals, is expected to continue to support average prices through the year.
However, Standard Bank Group Securities warned of the potential damage to industrial demand for the metals. “A growing speculative market and high prices could become a major concern for industrial users, and producers should be concerned as to how this may impact long-term demand,” said the bank’s analyst Adrian Hammond.
