Valterra Platinum said on Friday its third-quarter PGM output fell 6% from a year earlier to 804,300 ounces, and it kept its 2026 production guidance.
The figure for platinum group metals (PGMs) is metal in concentrate, the output of its own mines plus concentrate bought from other producers, in the three months to 30 September. Compared with the second quarter it was up 4%, from 775.4koz.
Compared with a year earlier, own mines produced 5% less, at 511,900 ounces. Purchased concentrate was 292,400 ounces, down 7%, because various third-party producers delivered less. Valterra said production remains “on track to be delivered within our 2026 guidance range” of 3.0 million to 3.4 million ounces, chief executive Craig Miller said.
Where the output fell
Amandelbult produced 137,900 ounces, down 10%. Valterra said the mine lost output to regulatory stoppages (Section 54) and to its own safety stoppages after a fatal fall-of-ground accident at the Tumela mine in July. It said output recovered during the quarter and was back at its normal rate by the end of September.
Mogalakwena produced 217,600 ounces, down 4%, mainly on lower milling throughput after the lease on the Baobab concentrator expired at the end of 2025. Unki in Zimbabwe fell 12% to 50,600 ounces on lower head grades and plant maintenance. Modikwa, in which Valterra’s share is 50%, fell 5% to 35,000 ounces. Mototolo rose 7% to 70,800 ounces.
Metal in concentrateRefined
Source: Valterra Platinum production report, 23 October 2026. Metal in concentrate and refined PGMs (excluding toll refining). Chart: Rand Desk
Refined output and sales
Refined PGM production, excluding toll refining, fell 41% to 576,900 ounces. Valterra said it moved scheduled processing maintenance and its annual stock counts from the first quarter into the third. For the nine months, refined output of 2,318.8koz was 2% below the 2,372.6koz of the same period of 2025, which Valterra called broadly in line.
Sales volumes fell 27% to 683,300 ounces, partly offset by selling refined stock. The nine-month total of 2,420.3koz was level with the previous year.
The average realised basket price was US$2,383 an ounce, up 24% from the third quarter of 2025 and 12% lower than in the second quarter. In rand it was R38,815, up 15% year on year. Valterra said it achieved an average of R16.27 to the dollar on sales, against R17.64 a year earlier.
Valterra reported one fatality in the quarter. Its total recordable injury frequency rate improved 5% to 1.45 per million hours worked. It said it had asked outside safety specialists to review its practices.
Valterra also said it had concluded two new concentrate purchase agreements with Tharisa. We covered one of those deals on 15 October.
