Valterra Platinum is advancing the Sandsloot Underground Project at its flagship Mogalakwena mine in Limpopo, with trial mining planned before the end of 2026 and a final investment decision targeted for the first half of 2027.
The project could introduce higher-grade underground ore into Mogalakwena’s existing production mix, improving the economics of the operation and extending the value of one of the company’s most important assets.
Trial mining and feasibility work
The investment case for Sandsloot is compelling and our approach remains value over volume.
Trial mining will be an important next step as Valterra completes the feasibility study and assesses the project against its capital allocation requirements. A full development decision remains subject to the study results and board approval.
Valterra has completed more than 10 km of underground development and about 52 km of exploration drilling. An approximately 80,000-tonne bulk ore sample stockpile has also been established to support testing and reduce technical and operational uncertainty ahead of the investment decision.
Higher grades and potential cost benefits
Sandsloot is targeting underground ore grades of around 4–6 g/t. Blending this material with ore from Mogalakwena’s open-pit operations could raise the grade of feed supplied to the existing processing infrastructure.
Subject to approval, Phase 1 could increase Mogalakwena production by approximately 10–20% by the end of the decade. Valterra has also outlined the potential for an approximately 10–20% reduction in all-in sustaining costs (AISC) as higher-grade underground material enters the production mix.
A phased underground development
The initial underground production concept is around 2 million tonnes of ore per year (2 Mtpa). Longer-term development could expand capacity to as much as 5 Mtpa, subject to further studies, infrastructure investment and approval.
A phased approach would allow Valterra to build the underground operation progressively while making use of Mogalakwena’s established infrastructure.
Extending value from Mogalakwena
Sandsloot offers a route to access higher-grade underground mineralisation as Valterra considers how best to sustain value from Mogalakwena over the long term.
The project’s investment case centres on improving the quality of ore feed, strengthening cost competitiveness and generating returns. With trial mining approaching and feasibility work continuing, the targeted H1 2027 investment decision will be a key milestone for the proposed development.