Valterra Platinum (LON: VALT), the platinum group metals miner with its primary listing in Johannesburg, said third-quarter M&C PGM production, own-mined output plus purchased concentrate, fell 6% to 804,300 oz. Refined output dropped 41% to 576,900 oz and sales fell 27%, its production report showed at 7:05am UK time today.
Shares were about 4% lower at 8:33am UK time.
Own-mined output fell 5% to 511,900 oz. Amandelbult, Mogalakwena and Unki were lower, while Mototolo was higher. Amandelbult output fell 10% to 137,900 oz after Section 54 and self-imposed stoppages that followed a fall-of-ground fatality at the Tumela mine in July. The company said the mine reached steady state by quarter-end and expects a step-up in the fourth quarter.
The refined drop was largely scheduling. Planned processing maintenance and annual stock counts were moved into the third quarter, and processing was fully ramped by the end of August, running at unconstrained rates in September.
Over nine months, refined output is down just 2% and sales are flat, so the quarter looks mostly like timing. Mototolo rose 7% to 70,800 oz, which chief executive Craig Miller called “a strong performance” that “partially offset the lower production”.
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| M&C PGM production (000 oz) | 804.3 | 855.1 | (6)% |
| Refined production (000 oz) | 576.9 | 981.5 | (41)% |
| PGM sales (000 oz) | 683.3 | 936.8 | (27)% |
| Basket price (US$/oz) | 2,383 | 1,916 | 24% |
| Basket price (R/oz) | 38,815 | 33,654 | 15% |
Volumes fell but prices rose, which cushions revenue: the basket price, the average received across all metals sold, gained 24% in dollars and 15% in rand. Sales were partly met from refined inventory.
Guidance for 2026 M&C and refined production of 3.0 to 3.4 million oz is unchanged. Cash unit costs are expected at or around the upper end of R19,000 to R20,000 per PGM oz if conditions persist, with fuel, drill steel, chemicals and explosives linked to the Middle East conflict, and the stoppages, weighing.
“Looking ahead, production remains on track to be delivered within our 2026 guidance range, and we remain focused on operating safely, executing with discipline and delivering sustainable value for all our stakeholders.”
Craig Miller, chief executive, Valterra Platinum
The figures are unaudited. The fourth-quarter recovery at Amandelbult is the next test.