REG - Valterra Platinum - Third Quarter Production Report
28/10/2025 07:45
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RNS Number : 0193F Valterra Platinum Limited 28 October 2025
Production Report
Valterra Platinum Limited
(previously Anglo American Platinum Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
JSE Share Code: VAL
LSE Share Code: VALT
ISIN: ZAE000013181
("The Company" or "Valterra Platinum")
28 October 2025
PRODUCTION REPORT FOR THE THIRD QUARTER ENDING 30 SEPTEMBER 2025
Overview - Q3 2025 performance vs. prior period Q3 2024
• Safety performance - We tragically recorded one work-related fatality at
Amandelbult's Dishaba Mine in July 2025. The total recordable injury frequency
rate (TRIFR) improved 7% to 1.53 per million hours at own operations, down
from 1.57 per million hours compared to the prior period.
• Successful ramp up of Amandelbult - Tumela Lower section of Amandelbult
Mine has successfully ramped up to steady state production ahead of schedule,
marking the completion of Amandelbult's recovery to full production following
the February 2025 flooding. Full year production guidance at Amandelbult of
450,000-480,000 Platinum Group Metals (PGM) ounces remains intact.
• Own-managed mines PGM production (expressed as 5E+Au
metal-in-concentrate (M&C)) decreased by 2% to 539,600 ounces due to lower
production from Mototolo, Amandelbult and Unki, partially offset by higher
production at Mogalakwena.
• Purchase of PGM concentrate (POC) of 315,500((1)) ounces was in line
with prior period.
• Refined PGM production (excluding tolling) decreased by 5%((1)) to
981,500 ounces due to lower M&C production and a larger drawdown of excess
work-in-progress inventory in the prior period.
• PGM sales volumes decreased by 9%((1)) to 936,800 ounces, marginally
below refined production volumes due to the timing difference in sales
recognition, with some sales volumes rolling into October.
• Guidance for 2025 - We remain on track to deliver M&C production of
3.0-3.2 million ounces. M&C production from our own operations is expected
to be ~2.0 million PGM ounces and POC between ~1.0-1.2 million PGM ounces.
Refined production and sales volumes guidance is expected at ~3.4 million PGM
ounces due to sustained improvements in stability and reliability of the
processing infrastructure following the completion of scheduled maintenance
and stock counts; and the continued release of work-in-progress inventory.
((1) ) On a like-for-like basis - prior periods are restated to
exclude Kroondal from purchase of concentrate volume, excluded from refined
owned production, treated as 4E toll refined production and excluded from
sales volumes. Kroondal has transitioned to 4E tolling arrangement effective
September 2024, as outlined in the Kroondal sales announcement.
Craig Miller, CEO of Valterra Platinum, said:
"In August we launched our company values which are the foundation of our
business and on 27 October, we observed our first annual Keep It Safe Day as
Valterra Platinum, a milestone in our journey to build a culture where safety,
respect and wellbeing are at the heart of everything we do. Teams across South
Africa, Zimbabwe, China, the UK and Singapore paused to reflect on our safety
journey and reaffirmed our commitment to ensuring that everyone returns home
safely each day. Despite the improvement in our TRIFR, we regret the loss of
our valued colleague, Mr. William Nkenke, a mining team supervisor at
Amandelbult's Dishaba Mine, in July. We extend our deepest condolences to the
family, friends, and team members of Mr. Nkenke. We have conducted a thorough
review of the incident, identified the root causes, and implemented the
necessary measures to prevent recurrence.
"It is pleasing to see the continued recovery in our quarterly M&C
production volumes following the significant weather-related incidents
impacting several of our assets earlier in the year, the most severe of which
was the flooding at Amandelbult. Recovery efforts at Amandelbult have
progressed well, with Tumela Lower achieving steady-state production volumes
ahead of schedule and we maintain our full year guidance for Amandelbult of
450,000-480,000 PGM ounces. Total M&C production for 2025 is expected to
be ~3.0-3.2 million ounces. We have however, identified opportunities to
optimise our work-in-progress inventory, which - combined with the benefits of
our stable and efficient processing assets - will allow us to supplement
M&C production, resulting in expected refined production and sales volumes
of ~3.4 million ounces."
Q3 2025 Q3 2025 YTD 2025
Valterra Platinum Q3 Q2 Q1 Q4 Q3 vs vs YTD YTD vs
PGM Production Report - Q3 2025 2025 2025 2025 2024 2024 Q3 2024 Q2 2025 2025 2024 YTD 2024
M&C PGM production((1))- adj for Kroondal ((2)) 855.1 769.0 696.3 868.1 (1) % 11 % 2,320.4 2,488.6 (7) %
875.8
Own mined volume((3)) 539.6 464.1 461.9 552.0 (2) % 16 % 1,465.7 1,603.5 (9) %
588.3
Purchase of concentrate((4)) 315.5 304.9 234.3 316.1 - % 3 % 854.7 885.1 (3) %
287.5
M&C PGM production((1)) 855.1 769.0 696.3 922.2 (7) % 11 % 2,320.4 2,677.4 (13) %
875.8
Own mined volume((3))- as reported 539.6 464.1 461.9 552.0 (2) % 16 % 1,465.7 1,603.5 (9) %
588.3
Purchase of concentrate((4))- as reported 315.5 304.9 234.3 370.2 (15) % 3 % 854.7 1,073.9 (20) %
287.5
Refined PGM production ((4))- adj for Kroondal((2)) 981.5 954.0 437.1 1,027.9 1,035.9 (5) % 3 % 2,372.6 2,802.0 (15) %
4E Toll refined production 215.7 194.0 208.2 (4) % 11 % 617.9 604.2 2 %
182.8 224.8
Total refined production (owned & toll) 1,197.2 1,148.0 645.3 (5) % 4 % 2,990.5 3,335.3 (10) %
1,210.7 1,260.7
Refined PGM production ((4)) 981.5 954.0 437.1 1,027.9 1,106.9 (11) % 3 % 2,372.6 2,888.4 (18) %
4E Toll refined production- as reported 215.7 194.0 208.2 182.8 153.8 40 % 11 % 617.9 446.9 38 %
Total refined production (owned & toll)- as reported 1,197.2 1,148.0 645.3 1,210.7 1,260.7 (5) % 4 % 2,990.5 3,335.3 (10) %
PGM sales volume ((5)) - adj for Kroondal ((2)) 936.8 981.5 486.9 1,033.5 (9) % (5) % 2,405.2 2,875.4 (16) %
960.0
PGM sales volume ((5)) - as reported 936.8 981.5 493.7 1,002.0 1,102.2 (15) % (5) % 2,412.1 3,075.8 (22) %
( )
Numbers are independently rounded and minor variances might be present when
performing additions, subtractions and calculations.
(1 ) M&C refers to metal in concentrate. Ounces refer to troy ounces.
PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and
iridium plus gold).
(2) Restated for prior periods to exclude Kroondal from
purchase-of-concentrate volume. Kroondal was a 50% joint operation until 1
November 2023. Upon the disposal of our 50% interest, Kroondal transitioned to
a 100% third-party POC arrangement, whereby 100% of production was presented
under 'Purchase of concentrate' until it transitioned to a toll arrangement on
1 September 2024.
(3 ) PGM production from Mogalakwena, Amandelbult, Mototolo, Unki and 50%
attributable production from joint operation Modikwa.
(4 ) PGM production from third parties and 50% purchased from joint
operation Modikwa.
(5 ) Refined and sales volumes owned by Valterra Platinum referencing its
annual guidance i.e. excluding toll refining volumes.
( )
( )
REVIEW OF THE QUARTER
Safety
Regrettably, a fatal incident occurred at Amandelbult's Dishaba Mine on 22
July 2025, involving Mr. William Nkenke, who tragically lost his life in a
grout pack related incident while working underground. The area was secured,
and operations in the affected zone were suspended. An internal investigation
was initiated in collaboration with relevant authorities to determine the root
cause and preventative measures have been implemented.
The Total Recordable Injury Frequency Rate (TRIFR) improved to 1.53 per
million hours worked at own-managed operations, down from 1.57 in the prior
period, reflecting continued progress in safety performance.
Total M&C PGM production
Total PGM production in Q3 2025 declined 7% to 855,100 ounces compared to the
prior period primarily due to Kroondal's transition to a 4E tolling
arrangement from September 2024. On a like-for-like basis, where prior periods
are restated to exclude Kroondal from purchase of concentrate volume, total
PGM production decreased by 1%.
PGM production from own mines
Own mine production declined 2% compared to the prior period, mainly due to
lower production from Mototolo, Amandelbult and Unki, partially offset by
higher production at Mogalakwena. Quarter-on-quarter production increased by
16%, driven by Amandelbult's ramp up to steady-state operations.
Mogalakwena increased PGM production by 4% to 225,700 ounces, driven by higher
concentrator throughput, albeit at a marginally lower built-up head grade due
to the blending of a greater proportion of lower-grade stockpiled material.
In Q4, the grade fed to the plant is expected to improve as higher-grade
material becomes accessible in the pit, in line with the planned mining
sequence. Operational improvements at the North concentrator and reduced mass
pull from the newly commissioned Jameson cells reflect continued progress in
operational excellence.
Amandelbult production showed a significant recovery in the third quarter,
with Tumela Mine ramping up to steady-state operations, which underpinned a
118% quarter-on-quarter increase in production. However, PGM production at
Amandelbult declined 3% to 153,100 ounces compared to the prior period, due to
marginally lower tonnes milled and a slight reduction in head grade. The mine
remains on track to deliver between 450,000 and 480,000 PGM ounces for the
year.
Mototolo's PGM production declined by 11% to 66,200 ounces, mainly due to
lower tonnes milled and reduced grades. Production was impacted by anticipated
complex geological features encountered at both Borwa and Lebowa shafts, which
temporarily affected crew efficiencies and mining grades. Development at Der
Brochen continues to progress steadily, with all development ends successfully
intersecting the reef after navigating the weathered slow sink zone.
Unki's production declined by 8% to 57,500 PGM ounces mainly due to the
expected lower grades in the current mining area.
Modikwa PGM production (50% own-mined) decreased by 7% to 37,000 ounces,
primarily due to lower concentrator recoveries following the introduction of
open pit material, which replaced the volumes from South 1 shaft
infrastructure that was closed in the first half of the year.
Purchases of PGM concentrate
Purchase of concentrate volumes decreased by 15% to 315,500 ounces primarily
due to Kroondal's transition to a 4E tolling arrangement from September 2024.
Adjusting the comparable period for Kroondal volumes, POC was in line with
prior period.
Refined PGM production
Refined production (excluding tolling) decreased by 11% to 981,500 ounces
compared to Q3 2024. This was mainly due to a larger drawdown of
work-in-progress inventory in the prior period, and the transition of Kroondal
volumes from POC to tolling, which were included in the prior year's refined
production.
Adjusting for Kroondal, the decline was 5%. Refined output exceeded M&C
mined and purchased, on the back of a solid processing performance due to
sustained improvements in stability and reliability of the processing
infrastructure that facilitated the release of work-in-progress inventory.
Toll-refined PGM production increased by 40% to 215,700 PGM ounces.
Normalising the comparative period to include Kroondal as tolling volumes,
implies a 4% reduction as a result of lower volumes received from third
parties.
Base metal and chrome production
Nickel production decreased by 15% to 6,226 tonnes and copper production
decreased by 9% to 4,201 tonnes, as the prior period included a larger release
of work-in-progress inventory.
Total chrome production increased by 10% to 271,000 tonnes, mainly due to
higher chrome production at Mototolo and improvements in chrome yields across
our own operations.
PGM sales volumes
PGM sales volumes decreased by 15% to 936,800 ounces, marginally below refined
production volumes due to the timing difference in sales recognition, with
some sales volumes rolling into October. Excluding Kroondal volumes from the
comparable period, sales volumes declined by 9%.
The average Q3 2025 realised basket price was $1,916/PGM ounce, the highest
since Q1 2023 and up 30% year-on-year. Much of this gain came between Q2 and
Q3, with a 27% quarter-on-quarter increase in Q3, driven by broad price gains
for all PGMs since May. The rally reflects a confluence of bullish macro-,
micro- and sectoral drivers, including a weaker US dollar, resilient economic
growth, robust precious metal investment amid rising inflationary fears and
heightened geopolitical tensions, buoyant Chinese demand and concerns over
metal availability in key trading centres.
2025 guidance
We remain on track to deliver M&C production of 3.0-3.2 million ounces.
M&C production from our own operations is expected to be ~2.0 million PGM
ounces and POC between ~1.0-1.2 million PGM ounces. Refined production and
sales volumes guidance is expected to be ~3.4 million PGM ounces.
Q3 2025 Q3 2025 YTD 2025
Valterra Platinum Q3 Q2 Q1 Q4 Q3 vs vs YTD YTD vs
PGM Production Report - Q3 2025 2025 2025 2025 2024 2024 Q3 2024 Q2 2025 2025 2024 YTD 2024
Safety
Fatalities - own managed operations number 1 1 0 1 0 - % (100) % 2 2 - %
Total recordable case frequency rate (TRCFR) /million hrs 1.53 1.28 1.70 1.92 1.57 (7) % 15 % 1.52 1.61 (6) %
Mined production
PGM ounces produced((1)) 000 ounces 539.6 464.1 462.0 588.3 552.0 (2) % 16 % 1,465.7 1,603.5 (9) %
Platinum 000 ounces 246.4 207.0 207.1 267.5 249.8 (1) % 19 % 660.5 730.0 (10) %
Palladium 000 ounces 192.7 178.2 175.4 218.0 198.4 (3) % 8 % 546.3 580.7 (6) %
Rhodium 000 ounces 30.8 23.0 23.8 31.1 32.3 (5) % 34 % 77.6 91.1 (15) %
Other PGMs 000 ounces 69.7 55.9 55.7 71.7 71.5 (3) % 25 % 181.3 201.6 (10) %
Tonnes milled 000 tonnes 6,331 5,848 5,675 6,219 5,979 6 % 8 % 17,852 18,042 (1) %
4E built-up head grade((2)) g/t 3.02 2.88 2.91 3.34 3.22 (6) % 5 % 2.94 3.15 (7) %
Mogalakwena
PGM ounces produced((1)) 000 ounces 225.7 234.3 227.0 283.5 217.8 4 % (4) % 687.0 669.9 3 %
Platinum 000 ounces 96.3 98.8 95.9 122.0 92.1 5 % (3) % 291.1 286.5 2 %
Palladium 000 ounces 103.1 108.2 105.2 129.8 101.2 2 % (5) % 316.5 307.7 3 %
Rhodium 000 ounces 6.2 6.5 6.3 7.6 6.1 - % (5) % 19.0 18.6 2 %
Other PGMs 000 ounces 20.1 20.8 19.6 24.1 18.4 9 % (3) % 60.4 57.1 6 %
Tonnes milled 000 tonnes 3,623 3,699 3,583 3,701 3,167 14 % (2) % 10,905 10,165 7 %
4E built-up head grade((2)) g/t 2.45 2.48 2.48 3.00 2.68 (9) % (1) % 2.47 2.57 (4) %
Amandelbult
PGM ounces produced((1)) 000 ounces 153.1 70.2 85.8 136.9 158.2 (3) % 118 % 309.1 442.9 (30) %
Platinum 000 ounces 76.9 35.9 43.3 69.0 79.5 (3) % 114 % 156.1 225.4 (31) %
Palladium 000 ounces 35.8 16.3 20.0 31.8 37.0 (3) % 120 % 72.1 103.9 (31) %
Rhodium 000 ounces 14.2 6.2 7.8 12.6 14.6 (3) % 128 % 28.2 40.3 (30) %
Other PGMs 000 ounces 26.2 11.8 14.7 23.5 27.1 (3) % 122 % 52.7 73.3 (28) %
Tonnes milled 000 tonnes 1,085 550 588 899 1,101 (1) % 97 % 2,222 3,171 (30) %
4E built-up head grade((2)) g/t 4.41 4.12 4.40 4.49 4.44 (1) % 7 % 4.33 4.48 (3) %
Mototolo
PGM ounces produced((1)) 000 ounces 66.2 67.5 66.2 74.2 74.1 (11) % (2) % 199.8 202.3 (1) %
Platinum 000 ounces 30.6 31.3 30.6 34.1 33.6 (9) % (2) % 92.4 91.7 1 %
Palladium 000 ounces 18.9 19.2 19.0 21.5 21.7 (13) % (1) % 57.0 59.8 (5) %
Rhodium 000 ounces 5.4 5.4 5.4 6.0 5.9 (8) % (1) % 16.2 16.3 (1) %
Other PGMs 000 ounces 11.3 11.6 11.2 12.6 12.9 (12) % (3) % 34.2 34.5 (1) %
Tonnes milled 000 tonnes 646 632 602 666 697 (7) % 2 % 1,880 1,873 - %
4E built-up head grade((2)) g/t 3.22 3.31 3.34 3.41 3.35 (4) % (3) % 3.29 3.43 (4) %
Unki
PGM ounces produced((1)) 000 ounces 57.5 53.8 53.6 60.3 62.2 (8) % 7 % 165.0 179.7 (8) %
Platinum 000 ounces 26.6 24.7 24.6 27.7 28.1 (5) % 8 % 75.9 81.4 (7) %
Palladium 000 ounces 21.7 20.6 20.6 23.1 24.0 (10) % 5 % 62.9 69.4 (9) %
Rhodium 000 ounces 2.5 2.2 2.3 2.6 2.8 (10) % 13 % 7.0 8.0 (12) %
Other PGMs 000 ounces 6.7 6.3 6.1 6.9 7.3 (8) % 6 % 19.2 20.9 (8) %
Tonnes milled 000 tonnes 653 644 636 652 687 (5) % 1 % 1,932 1,950 (1) %
4E built-up head grade((2)) g/t 3.28 3.18 3.21 3.43 3.30 (1) % 3 % 3.22 3.37 (4) %
Modikwa joint operation (AAP share)((3))
PGM ounces produced((1)) 000 ounces 37.0 38.3 29.4 33.4 39.7 (7) % (3) % 104.8 108.7 (4) %
Platinum 000 ounces 15.9 16.3 12.7 14.7 16.5 (3) % (2) % 44.9 45.0 - %
Palladium 000 ounces 13.3 13.9 10.6 11.8 14.5 (9) % (5) % 37.8 39.9 (5) %
Rhodium 000 ounces 2.6 2.7 2.0 2.3 2.9 (10) % (4) % 7.3 7.9 (8) %
Other PGMs 000 ounces 5.2 5.4 4.1 4.6 5.8 (10) % (4) % 14.8 15.9 (7) %
Tonnes milled 000 tonnes 324 323 266 301 327 (1) % - % 913 883 3 %
4E built-up head grade((2)) g/t 3.81 3.92 3.86 3.72 3.90 (2) % (3) % 3.86 3.88 - %
Purchase of concentrate (POC)
PGM ounces produced((1)) 000 ounces 315.5 304.9 234.3 287.4 370.3 (15) % 3 % 854.7 1,073.9 (20) %
Platinum 000 ounces 139.4 138.0 102.0 130.0 171.2 (19) % 1 % 379.4 499.1 (24) %
Palladium 000 ounces 67.3 68.6 51.4 63.7 86.5 (22) % (2) % 187.4 255.3 (27) %
Rhodium 000 ounces 19.1 18.0 14.1 17.0 24.9 (23) % 6 % 51.2 74.5 (31) %
Other PGMs 000 ounces 89.7 80.3 66.8 76.7 87.6 2 % 12 % 236.7 244.9 (3) %
Refined production owned
PGM ounces refined 000 ounces 981.5 954.0 437.1 1,027.9 1,106.9 (11) % 3 % 2,372.6 2,888.4 (18) %
Platinum 000 ounces 440.3 455.0 170.2 482.1 536.9 (18) % (3) % 1,065.4 1,363.6 (22) %
Palladium 000 ounces 310.4 286.8 141.3 327.9 341.7 (9) % 8 % 738.6 920.6 (20) %
Rhodium 000 ounces 61.6 55.7 27.6 67.8 70.2 (12) % 11 % 144.9 180.6 (20) %
Other PGMs 000 ounces 169.2 156.5 98.0 150.1 158.1 7 % 8 % 423.7 423.6 - %
Nickel tonnes 6,226 6,408 4,161 6,329 7,363 (15) % (3) % 16,795 19,408 (13) %
Copper tonnes 4,201 3,573 3,054 4,515 4,639 (9) % 18 % 10,828 12,548 (14) %
Chrome 000 tonnes 271 165 181 255 247 10 % 64 % 618 695 (11) %
Toll refining
PGM ounces refined 000 ounces 215.7 194.0 208.2 182.8 153.8 40 % 11 % 617.9 446.9 38 %
Platinum 000 ounces 128.4 115.2 123.6 108.6 90.8 41 % 11 % 367.3 262.3 40 %
Palladium 000 ounces 67.4 59.9 64.3 57.7 48.3 39 % 13 % 191.6 139.3 38 %
Rhodium 000 ounces 17.3 16.3 17.7 13.9 12.4 40 % 6 % 51.4 38.5 34 %
Gold 000 ounces 2.5 2.6 2.6 2.6 2.3 10 % (3) % 7.6 6.8 11 %
Sales volume from production
PGM ounces 000 ounces 936.8 981.5 493.7 1,002.0 1,102.2 (15) % (5) % 2,412.1 3,075.8 (22) %
Platinum 000 ounces 411.7 474.8 148.4 477.7 527.4 (22) % (13) % 1,035.0 1,393.2 (26) %
Palladium 000 ounces 297.9 267.9 171.2 334.6 325.2 (8) % 11 % 737.0 959.3 (23) %
Rhodium 000 ounces 56.8 54.1 29.3 68.2 69.0 (18) % 5 % 140.2 185.2 (24) %
Other PGMs 000 ounces 170.4 184.7 144.8 121.5 180.6 (6) % (8) % 499.9 538.1 (7) %
Realised metal, Fx and realised basket prices
Platinum (US$/oz) 1,392 1,024 985 945 952 46 % 36 % 1,165 959 21 %
Palladium (US$/oz) 1,157 1,006 957 975 1,027 13 % 15 % 1,055 1,013 4 %
Rhodium (US$/oz) 6,125 5,404 4,556 4,607 4,699 30 % 13 % 5,519 4,649 19 %
Iridium (US$/oz) 4,287 3,938 4,029 4,457 4,484 (4) % 9 % 4,101 4,628 (11) %
Ruthenium (US$/oz) 799 586 493 442 345 132 % 36 % 626 349 80 %
Gold (US$/oz) 3,528 3,313 2,731 2,895 2,800 26 % 6 % 3,225 2,481 30 %
Average Fx achieved on sales ZAR/US$ 17.64 18.23 18.51 17.90 17.84 (1) % (3) % 18.12 18.37 (1) %
US$ realised basket price (/PGM oz) 1,916 1,508 1,533 1,509 1,477 30 % 27 % 1,672 1,455 15 %
ZAR realised basket price (/PGM oz) 33,654 27,443 28,005 27,371 25,888 30 % 23 % 29,970 26,475 13 %
Numbers are independently rounded and minor variances might be present when
performing additions, subtractions and calculations.
¹ M&C refers to metal in concentrate. Ounces refer to troy ounces.
PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and
iridium plus gold)
² 4E: the grade measured as the combined content of: platinum, palladium,
rhodium and gold, excludes tolled material. Minor metals are excluded due to
variability
³ Modikwa is a 50% joint operation. The 50% equity share of production is
presented under 'Own mined' production. Valterra Platinum purchases the
remaining 50% of production, which is presented under 'Purchase of
concentrate'.
JSE sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
For further information, please contact:
Investors:
Leroy Mnguni
leroy.mnguni@valterraplatinum.com
Marcela Grochowina
marcela.grochowina@valterraplatinum.com
Media:
Cindy Maneveld
cindy.maneveld@valterraplatinum.com
ABOUT VALTERRA PLATINUM
Valterra Platinum Limited is one of the world's leading integrated producers
of platinum group metals (PGMs) with a primary listing on the Johannesburg
Stock Exchange and a secondary listing on the London Stock Exchange. With a
portfolio of world class, long-life mines and the most efficient processing
assets in the industry, the company responsibly mines, smelts and refines PGMs
and associated co-products from its operations located in South Africa and
Zimbabwe. With its integrated value chain, supported by marketing hubs in
London, Singapore and Shanghai, the company delivers tailored solutions for
its customers. The Company continues to integrate sustainability into
everything it does, supports investment in its mining and processing
capabilities and pursues market development activities to grow and
commercialise new demand segments. It also makes a meaningful impact to
communities around its operations and will deliver consistent and superior
returns to shareholders. Valterra Platinum is committed to zero harm, capital
allocation discipline and delivering on our value-accretive strategic
priorities as a standalone, leading integrated PGM producer, guided by our
purpose of unearthing value to better our world
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