VALTERRA Platinum’s first quarter production benefited from comparisons with a year ago, when its second biggest mine, Amandelbult, was hit by flooding. The numbers also reflected decision to defer the usual first-quarter maintenance and stock count activities to the third quarter of this year, to minimise electricity usage when winter tariffs are high.
CEO Craig Miller said more stable production and a focus on cost discipline would enable the group to deliver sustainable performance for shareholders, despite the uncertain geopolitical landscape, which was fuelling input inflation.
With Valterra’s average PGM basket price now at a five-year high, the group boosted sales with a marginal draw-down from refined inventory. It sold 60% more PGMs than a year ago, at 791,400oz, into an average basket price of R47,529 ($2,911)/PGM ounce, the highest since Q2 2021. The biggest price gains were in ruthenium, platinum and rhodium.
PGM prices scaled multi-year highs in January, but even though they weakened later in the quarter due to a market correction and rising geopolitical tensions, year-on-year improvements remained intact, Valterra said.
The group’s total PGM production rose 7% to 743,500oz in the first quarter of 2026 compared with the first quarter of 2025, boosted by Valterra’s own mined production as well as higher purchases of metal in concentrate for refining on behalf of other producers. Purchases of metal in concentrate from third parties was 10% higher, whereas Valterra’s own mined PGM production rose 5%.
Mogalakwena, Valterra’s biggest mine, produced 6% less than a year ago, mainly because crusher maintenance was brought forward. Its lower built-up head grades reflected a strategy of blending in from low-grade ore stockpiles. Amandelbult grew production by 43% year on year, as it got back to normal first-quarter output after recovering from last year’s flooding.
In this period, Valterra’s output of base metals, which tends to be variable, was significantly higher: nickel output was up 41%, copper by 26% and chrome by 56%.
Valterra has kept its production guidance for the full 2026 unchanged at 3-3.4 million ounces from minerals in concentrate and refined production. Despite the general cost inflation that commodities companies are experiencing, it kept its all-in sustaining cost guidance unchanged at around $1,050/3E oz.
