Valterra Platinum's refined platinum group metal (PGM) production decreased by 41% to 576,900 ounces for the third quarter ending 30 September 2026.
It said PGM sales volumes decreased by 27% to 683,300 ounces.
The drop in refined output primarily stems from the re-phasing of scheduled processing maintenance and annual stock counts from the first to the third quarter.
The decline in sales was driven by the lower refined production, partially offset by a drawdown of refined inventory.
"Refined production reflected the planned re-phasing of processing maintenance and annual stock counts into the third quarter, supporting a more balanced distribution of refined production across the year," said company chief executive Craig Miller.
Year-to-date refined production for the nine months ended September 2026 remained broadly in line with the prior year.
Processing operations were fully ramped up by the end of August, with refined production returning to unconstrained run rates during September.
The average realised basket price was $2,383/PGM ounce, representing year-on-year increases of 15% in rand terms and 24% in dollar terms.
Total PGM production (metal-in-concentrate) decreased by 6% to 804,300 ounces. Own-mined PGM production decreased by 5% to 511,900 ounces, primarily driven by the impact of safety stoppages at Amandelbult. This followed the tragic loss of a colleague, Ms. Olwethu Kutta, at the Amandelbult Tumela Mine in July.
Miller stated that ensuring employees return home safely is the highest priority and that the company has launched a call to action to strengthen safety leadership and controls, supported by an independent review.
Guidance for 2026 remains unchanged, with metal-in-concentrate and refined production expected to be between 3 million and 3.4 million ounces.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
