Valterra Platinum's refined platinum group metal (PGM) production fell 41% to 576,900 ounces in the third quarter of 2026, after the company moved scheduled processing maintenance and annual stock counts from the first quarter into the July to September period, according to its production report released on 23 October.
Chief executive Craig Miller said production remains on track to land within 2026 guidance of 3.0 to 3.4 million ounces for both metal-in-concentrate and refined output.
Mine output down 6%
"Ensuring that our employees return home safely every day is our highest priority." Craig Miller, CEO, Valterra Platinum
Total PGM production, measured as metal in concentrate, fell 6% to 804,300 ounces compared with the third quarter of 2025. Own-mined output dropped 5% to 511,900 ounces and purchased concentrate from third parties fell 7% to 292,400 ounces, the company said.
Amandelbult was hit hardest, with production down 10% to 137,900 ounces after Section 54 and self-imposed safety stoppages that followed a fatal fall-of-ground incident at Tumela Mine in July, in which Ms Olwethu Kutta lost her life. Valterra said the operation was back at steady state by the end of the quarter and expects a step-up in the fourth quarter.
Mogalakwena produced 217,600 ounces, down 4%, mainly because the Baobab concentrator lease expired at the end of 2025. Unki in Zimbabwe fell 12% to 50,600 ounces on lower grades, while Mototolo rose 7% to 70,800 ounces on the Borwa shaft and the continued ramp-up at Der Brochen.
Sales and prices
Sales volumes fell 27% to 683,300 ounces, cushioned by a drawdown of refined inventory. Year-to-date refined production and sales are broadly in line with 2025, Valterra said, and its processing operations were fully ramped up by the end of August.
The realised basket price was R38,815 per PGM ounce (US$2,383), up 15% in rand and 24% in dollars year on year. Valterra said iridium and ruthenium continued to outperform on demand from emerging technology uses. Chrome concentrate output rose 7% to 277,000 tonnes, Miningmx noted, as by-products carry more weight for South African PGM producers.
Cost pressure
Valterra now expects cash operating unit costs at or around the upper end of its R19,000 to R20,000 per PGM ounce range. It linked this to higher prices for fuel, drill steel, chemicals and some explosives tied to the Middle East conflict, together with the volume lost to safety stoppages. The all-in sustaining cost target remains about US$1,050 per 3E ounce.
During the quarter Valterra also signed two new purchase of concentrate agreements with Tharisa, which Miller said would add margin and help fill its processing capacity.
Why it matters
Valterra is one of the world's biggest platinum producers and a major employer in Limpopo, so its safety record, cost trend and processing schedule set the tone for South Africa's PGM sector and for the producers that sell it concentrate.
Source: Valterra Platinum production report, 23 October 2026; additional reporting from Miningmx.