Valterra Platinum ends 2025 with stronger quarterly output

Valterra Platinum Ltd reported on Thursday its annual production was lower, but quarterly performance was stronger.

The Rosebank, Johannesburg-based company, formerly called Anglo American Platinum Ltd, was demerged from Anglo American PLC late in May last year.

In a trading update, it said M&C platinum group metal production was down 4.8% to 3.2 million ounces in 2025 from 3.4 million in 2024. M&C refers to metal in concentrate. Output was up 0.5% to 880,200 ounces for the fourth quarter from 875,700 ounces a year before, was rose 2.9% from 855,100 in the third quarter.

Refined PGM production declined 8.5% to 3.4 million ounces in 2025 from 3.7 million in 2024. But production rose 4.8% to 1.0 million ounces in the fourth quarter from 992,000 on-year, and up 5.9% from 981,500 ounces on-quarter.

PGM sales volume were 10% lower at 3.4 million ounces in 2025 from 3.8 million in 2024. Fourth-quarter output was up 8.6% to 1.0 million ounces on-year from 960,000, and rose 11% from 936,800 ounces.

‘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,’ Valterra Chief Executive Officer Craig Miller said.

For 2026, Valterra expects M&C PGM production of between 3.0 million ounces and 3.4 million, between 3.0 million ounces and 3.3 million in 2027 and between 3.0 million ounces and 3.3 million in 2028.

Shares in Valterra fell 3.6% to R 1,431.77 in Johannesburg on Thursday afternoon, but were up 0.9% to 6,500.00 pence in London.

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