On1 June, Valterra Platinum marked one year as an independent platinum group metals producer, reflecting a year of disciplined delivery, sharp execution and continued progress in building a focused standalone business.
This milestone comes amid a period of significant change for Valterra Platinum and the broader PGM industry, with metal prices showing resilience despite geopolitical volatility, and a renewed recognition of the strategic importance of PGMs. As a standalone company, Valterra Platinum’s objective remains focused on key areas of control: operational discipline, cost competitiveness, capital efficiency and cash generation. The execution of these objectives will allow Valterra Platinum to continue sector leading dividend returns.
Valterra Platinum has strengthened its global markets exposure through a secondary listing on the LSE, complementing its primary JSE listing, broadening the company’s shareholder base. More recently, the establishment of a Domestic Medium Term Note Programme, supported by an investment grade credit rating by S&P Global, has expanded access to competitively priced funding and strengthened overall liquidity position.
Craig Miller, CEO of Valterra Platinum, said: “Operating independently over the past year has sharpened our focus. Our strategy has not changed, but the way we execute against it has strengthened. As a standalone company, we have simplified decision-making, improved accountability and maintained a clear focus on operational excellence and capital discipline. We have strengthened the balance sheet, doubled our headline earnings to over R16 billion and returned R12 billion in dividends since the demerger. The transition has given us a stronger sense of purpose to enhance margins, deliver sustainable free cash flow, allowing us to maintain our industry leading shareholder returns while executing on growth projects. “
Most importantly, I would like to thank our employees and contractors for their dedication, resilience, agility and contribution over the past year. I also extend my thanks to our shareholders, government and industry regulators, customers, host communities, business partners and broader stakeholders, whose support and partnership have been instrumental to our success as we being the next chapter of Valterra Platinum’s journey.”
Valterra Platinum remains responsive to evolving customer requirements through its integrated mine to-market value chain, enabling reliable delivery of refined products, greater supply security and the flexibility to support emerging applications for PGMs across industrial, energy and technology sectors.
Within its existing portfolio, Valterra Platinum is progressing high-quality organic growth opportunities, such as the Sandsloot Underground project at Mogalakwena. A feasibility study is underway, with a final investment decision targeted for the first half of 2027. Subject to Board approval, Phase 1 could increase Mogalakwena production by 10% to 20% by the end of the decade. To date, Sandsloot has advanced more than 10 kilometres of underground development, completed approximately 52 kilometres of exploration drilling and built an 80,000-tonne bulk ore sample stockpile; helping to de-risk the project technically and operationally. Separately located, south of the current Mogalakwena open pit mine, Sandsloot benefits from ore grades of approximately 4 to 6 grams per tonne, well above typical mechanised PGM ore bodies.
Alongside Sandsloot, Valterra Platinum is progressing value-accretive opportunities, including the repurposing of the Mortimer smelter and the Der Brochen project at Mototolo mine. These projects reflect the company’s focus on capital-efficient growth and portfolio quality.
Looking ahead, Valterra Platinum is well positioned to help shape the future of PGMs while supporting demand across an increasingly diverse range of sectors. PGMs are gaining recognition not merely as precious metals, but as critical strategic materials underpinning clean technologies, emissions control, and next-generation industrial applications. Key drivers of demand growth include the expansion of artificial intelligence, progress in decarbonisation and the hydrogen economy, and the growing substitution of gold in selected industrial uses.
