Valterra Platinum reported a strong financial and operational performance for 2025, with adjusted EBITDA surging 68% to R33.4 billion (approx. $2.08 billion) on the back of higher PGM prices and significant cost reductions.
Revenue for the year reached R116.3 billion ($7.23 billion), supported by a 22% increase in the rand basket price and R5 billion ($311 million) in additional cost savings.
The mining EBITDA margin came in at 38%.
The company achieved mined and concentrated production of 3.2 million PGM ounces and refined production of 3.4 million ounces, both marginally above guidance. Sales volumes of 3.5 million PGM ounces benefited from the realisation of refined inventory into a stronger pricing environment.
Valterra ended the year with a net cash position of R11.5 billion ($715 million), enabling the board to declare total dividends of R12.0 billion ($746 million) for the full year, comprising a final dividend in line with the company's 40% payout policy and a special dividend.
Chief executive Craig Miller said that the company delivered on all strategic priorities in 2025, reinforcing organisational and technical capabilities while advancing growth projects. At Mogalakwena, the Sandstock underground project prefeasibility study was completed, with a feasibility study and investment decision targeted for the first half of 2027. Operational excellence initiatives delivered a 22% reduction in the strip ratio at Mogalakwena, while Jameson Cells were fully commissioned and are being optimised to improve concentrator recoveries.
At Motolo, the Bar Broben shaft development progressed well, successfully navigating the weathered zone.
Total development metres improved by 10.7% and immediately available ore reserves increased by 9%.
All-in sustaining costs for the year came in at $987 per 3E ounce, while headline earnings per share reached R63.48 ($3.95).
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
