Valterra Platinum guides for interim earnings surge as PGM prices soar

Valterra Platinum Ltd on Friday guided for a surge in first-half earnings, thanks to higher platinum group metals sales volumes and robust PGM prices.

The Rosebank, Johannesburg-based company, formerly called Anglo American Platinum Ltd, estimates basic earnings per share at between 7,085 rand cents and 8,494 cents for the six months that ended June 30, from 223 cents a year earlier.

Headline EPS is projected within a range of between 7,047 cents and 8,456 cents from 473 cents.

Valterra said the earnings growth was likely supported by a combination of an increase in PGM sales volumes and significantly stronger PGM prices.

Realised average PGM basket price soared 80% to USD2,710 an ounce for the second quarter that ended June 30 from USD1,508 in the same quarter a year before, and was up 6.9% from USD2,911 an ounce in the first quarter to March 31.

PGM sales volumes rose 18% to 1.74 million ounces for the first half to June 30 from 1.48 million the prior year. For the second quarter, volumes were up 3.7% to 945,600 ounces year-on-year from 981,500, and up 19% from 791,400 on-quarter.

The uplift in volumes was driven by higher production following the flooding-related disruptions at Amandelbult mine in Limpopo in the first half last year.

PGM production for the first six months grew by 3.6% to 1.52 million ounces from 1.47 million. Second-quarter output was up 0.8% to 775,400 ounces year-on-year from 769,000, and rose 4.3% from 743,500 ounces on-quarter.

"From a production perspective, the second quarter of 2026 reflected a resilient year-on-year recovery with own-mined metal-in-concentrate production up 13%, driven largely by improved performance at Amandelbult following the flooding disruptions experienced in 2025.

We are well positioned for a strong second half, supported by improving operational performance and increased production flexibility," Valterra Chief Executive Officer Craig Miller said.

Looking ahead, Valterra kept its its 2026 PGM production guidance at between 3.0 million ounces and 3.4 million, from 3.2 million ounces in 2025.

Shares in Valterra were up 0.2% to 4,878.00 pence in London early Friday, and were down 1.1% at ZAR1,068.25 in Johannesburg.

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