Valterra Platinum Limited, formerly Anglo American Platinum, is a South African PGM producer that reported 3,200.6 koz of PGM (5E+Au) metal-in-concentrate for FY2025. The ownership, refining and market rank behind that figure, plus Valterra's mine-by-mine output and 2026 guidance, are set out below with each figure's source and date.
What Is Valterra Platinum?#
Valterra Platinum Limited, incorporated in South Africa and previously named Anglo American Platinum Limited, is listed on the JSE (share code VAL) with a secondary London Stock Exchange listing (VALT). It reported 3,200.6 koz of PGM (5E+Au) metal-in-concentrate for the year ended 31 December 2025, a basket of platinum, palladium, rhodium, ruthenium, iridium and gold, according to its FY2025 results announced 25 February 2026. Valterra separated from Anglo American in a demerger effective 31 May 2025 and is one of the largest suppliers on the platinum group metals market, alongside Impala Platinum and Sibanye-Stillwater.
| Property | Value |
|---|---|
| Legal name | Valterra Platinum Limited |
| Former name | Anglo American Platinum Limited (until May 2025) |
| Registration number | 1946/022452/06 |
| Incorporated | South Africa |
| Primary listing | JSE, share code VAL |
| Secondary listing | LSE, ticker VALT |
| ISIN | ZAE000013181 |
| Refining and marketing arms | Rustenburg Platinum Mines Limited (refining); Valterra Platinum Marketing Ltd (LPPM Associate Member) |
Valterra is also a member of the World Platinum Investment Council (WPIC), the industry body representing South Africa's major platinum producers, as at 18 May 2026.
Ownership and Corporate Structure#
Valterra Platinum is publicly listed with no single shareholder holding a controlling stake confirmed in the facts ledger, after Anglo American plc's phased exit completed by early 2026. Anglo American demerged the business on 31 May 2025 and initially retained about 19.9% of the shares, stating an intent to hold that stake for at least 90 days. By its FY2025 results announcement of 25 February 2026, Valterra stated that Anglo American "sold its remaining minority interest, fully completing its divestment," so Anglo American holds no confirmed interest in Valterra today.
| Date | Event |
|---|---|
| 30 April 2025 | Anglo American shareholders approve the demerger |
| 31 May 2025 | Demerger effective; Anglo American retains about 19.9%, intended for at least 90 days |
| 2 June 2025 | LSE admission; trading begins under ticker VALT |
| 25 February 2026 | FY2025 results confirm Anglo American has fully divested its remaining stake |
Source: Anglo American and Valterra Platinum press releases, 2025-2026.
Valterra Platinum's PGM Output by Mine and Metal#
Valterra Platinum reported 3,200.6 koz of PGM (5E+Au) metal-in-concentrate for FY2025 (year ended 31 December 2025), down 10% on FY2024, with own-mined output of 2,060.3 koz split across five operations, per its 25 February 2026 results and 5 February 2026 Q4 production report. The table below gives each mine's FY2025 own-mined output with its platinum, palladium and rhodium split, year-on-year change and 2026 guidance.
| Operation | FY2025 PGM (koz) | YoY | Platinum (koz) | Palladium (koz) | Rhodium (koz) | 2026 guidance (koz) |
|---|---|---|---|---|---|---|
| Mogalakwena | 947.8 | -1% | 401.3 | 437.5 | 26.0 | 920-980 |
| Amandelbult | 483.6 | -17% | n/a | n/a | n/a | 570-620 |
| Mototolo | 270.8 | n/a | 125.2 | 77.2 | 21.9 | 270-300 |
| Unki (Zimbabwe) | 219.7 | n/a | 101.5 | 83.6 | 9.4 | 200-220 |
| Modikwa (50% share) | 138.4 | -3% | n/a | n/a | n/a | 130-160 |
| Total own-mined | 2,060.3 | -6% | n/a | n/a | n/a | 2,100-2,300 |
Source: Valterra Q4 2025 production report, 5 February 2026, and 2026 Interim Results presentation, 29 July 2026 (guidance column).
Group-level figures add purchased concentrate to the own-mined total, as shown below.
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Total PGM (5E+Au) metal-in-concentrate | 3,200.6 koz | n/a | -10% |
| Purchase of concentrate | 1,140.3 koz | n/a | -16% |
| Refined PGM production (excl. tolling) | 3,412.0 koz | 3,916 koz | -13% |
| PGM sales volumes | 3,454.3 koz | n/a | -15% |
| Realised PGM basket price | US$1,852/oz | n/a | +26% |
| Adjusted EBITDA | R33.4 bn | R19.8 bn | +68% |
Source: Valterra FY2025 results announcement, 25 February 2026.
Valterra labeled this six-metal basket "PGM (5E+Au)" through the FY2025 results, but its 2026 Interim Results presentation of 29 July 2026 relabels the same production and guidance tables "6E," with the basket legend platinum, palladium, rhodium, ruthenium, iridium and gold unchanged. In that H1 2026 update (six months to 30 June 2026), Valterra reported refined production of 1.7 Moz, up 25% year on year, and a realised PGM basket price of US$2,801/oz, up from US$1,517/oz in H1 2025, with AISC of US$996 per 3E ounce (platinum, palladium and rhodium).
Mines and Operations#
Valterra Platinum operates 5 named mines or operations, concentrated on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe.
| Operation | Location / complex | Ownership | Status |
|---|---|---|---|
| Mogalakwena | Limpopo, Platreef (northern Bushveld), open pit | Wholly owned | Operating; largest single asset; Sandsloot underground project advancing toward an investment decision due in H1 2027 |
| Amandelbult | Bushveld (Merensky/UG2), Tumela and Dishaba shafts | Wholly owned | Operating; flooded February 2025, restored to steady state in H2 2025 |
| Mototolo / Der Brochen | Eastern Bushveld | Wholly owned | Operating |
| Unki | Great Dyke, Zimbabwe | Wholly owned | Operating |
| Modikwa | Eastern Bushveld | 50% (joint venture with African Rainbow Minerals) | Operating |
Kroondal is no longer a Valterra mine: its concentrate has moved to toll treatment for Sibanye-Stillwater since September 2024, so it does not appear in the output table above.
PGM Refining and Accreditation#
Valterra Platinum's concentrate is refined by its own LPPM Good Delivery-listed operation, named Rustenburg Platinum Mines Limited, which holds Good Delivery status for both platinum and palladium. Processing runs through the Rustenburg smelting complex and the group's own Base Metals Refinery and Precious Metals Refinery, while Valterra Platinum Marketing Ltd handles sales as an LPPM Associate Member. Mogalakwena achieved IRMA 50 accreditation under the Initiative for Responsible Mining Assurance, completing IRMA certification across all Valterra operations.
Where Valterra Platinum Fits in the PGM Market#
On a 5E+Au-ounce basis, Valterra Platinum's 3,200.6 koz of metal-in-concentrate for calendar 2025 ranks second worldwide among primary PGM producers, behind Impala Platinum's 3,553.3 koz of 6E production for its fiscal year to 30 June 2025, the same six-metal basket under a different label, based on each company's own most recent full-year production disclosures. Nornickel, Sibanye-Stillwater and Northam Platinum are also among the largest PGM producers, but each reports on a different metal basket (Pt and Pd separately, or a 2E/3E/4E convention), so none of these totals can be ranked against Valterra's on a single basis or summed into a global figure. DailyPlatinum states this as a production ranking only, not investment guidance.
Other PGM Producers#
DailyPlatinum covers 3 other PGM producers with different ownership models for comparison against Valterra. Impala Platinum is the world's largest producer by 6E ounces; Sibanye-Stillwater reports separately on 2E, 3E and 4E bases across its South African and US operations; and Zimplats is 87% owned by Implats on Zimbabwe's Great Dyke.
Valterra Platinum FAQ#
What is Valterra Platinum?#
Valterra Platinum is a JSE- and LSE-listed platinum-group-metal producer, formerly Anglo American Platinum, that reported 3,200.6 koz of PGM (5E+Au) metal-in-concentrate for FY2025 from mines in South Africa and Zimbabwe.
Is Valterra Platinum owned by Anglo American?#
No: Anglo American demerged Valterra on 31 May 2025 and initially kept about 19.9% of the shares, but its FY2025 results announcement (25 February 2026) confirms Anglo American has since sold that remaining stake in full.