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Platinum group metals (PGM) mining, refining and marketing company Valterra, which last week reported sharply rising earnings expectations for 2025, has delivered its strongest quarterly performance of the year in the three months to December 31.
The Johannesburg- and London-listed company, headed by CEO Craig Miller, on Thursday, February 5, reported increased production across all major PGM metrics.
Full-year PGM sales volumes of 3 454 300 oz were driven by higher above-guidance refined production of 3 412 000 oz.
The 2026 metal-in-concentrate and refined production guidance of three-million ounces to 3.4-million ounces is consistent with prior estimates.
Own-mined production increased by 1% to 594 600 oz on higher production from the Amandelbult mine, partially offset by lower production at the Mogalakwena, Unki and Mototolo mines.
Toll-refined PGM production increased by 41% to 257 300 PGM ounces, primarily owing to the inclusion of Kroondal as toll-refined production from December 2024.
Nickel production increased by 12% to 7 098 t, while copper production decreased by 2% to 4 413 t.
Quarter-on-quarter nickel production increased by 14% and quarter-on-quarter copper production increased by 5%.
Total fourth-quarter chrome production increased by 17% to 298 000 t on higher chrome production at Amandelbult and improvements in chrome yields across Valterra's own operations.
Increased PGM sales volumes and realised basket price PGM sales volumes increased by 4% to 1 042 100 oz, supported by the timing of some sales rolling over from the previous quarter into October, together with higher volumes of minor PGMs sold.
The average realised fourth-quarter basket price of R38 723 per PGM ounce, or $2 269 per PGM ounce, was the highest since the fourth quarter of 2022 and up 41% and 50% year-on-year respectively.
All PGMs, except iridium, contributed substantial year-on-year gains, with platinum 78% higher and rhodium 70% higher.
The broad-based price rally that began in May gained further momentum during the final quarter on rising investor interest in physical assets, the launch of new futures contracts in China and ongoing market tightness. The average realised full-year rand PGM basket price of R32 611 per PGM ounce increased by 22%, while the dollar PGM basket price of $1 852 per PGM ounce increased by 26% year-on-year.
Valterra smelts and refines PGMs and associated co-products from its South African and Zimbabwean operations and has integrated value chain bolstered by marketing hubs in London, Singapore and Shanghai.
As reported by Mining Weekly in December, Valterra's market capitalisation has sky-rocketed to north of R300-billion and the company is continuing to look for new markets into which it can invest and which can utilise its products. The utilisation of PGMs in cleaner mobility is being expanded by fuel cell electric vehicle development, battery electric vehicle advances and more recently, in technological applications such as data storage and electronic chips.
Fourth-quarter production delivered the strongest quarterly performance of 2025, increasing by 10% quarter-on-quarter owing to Amandelbult's return to steady-state operations and improved output at Mogalakwena.
Mogalakwena's PGM production decreased by 8% to 260 800 oz, despite higher tonnes milled, owing to a lower built-up head grade compared with the fourth quarter of 2024.
On a quarter-on-quarter basis, own-mined production increased by 10%, reflecting Amandelbult's return to steady-state production for the first full quarter following the February 2025 flooding. Full-year own-mined PGM production exceeded guidance at 2 060 300 oz amid total full-year PGM production hitting the 3 200 600-oz mark.
Expressed as five element ...
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