Today, Valterra Platinum is widely acknowledged as one of the world's leading primary producers of PGMs globally, focused on further optimising our world-class mineral and processing assets in southern Africa.
![Norman Mbazima [photo]](assets/img/norman-mbazima-2.png)
Norman Mbazima
Chairman
As we enter 2026, we do so with momentum, clarity and an unwavering commitment to value creation for all our stakeholders.
![Craig Miller [photo]](assets/img/craig-miller-2.png)
Craig Miller
Chief executive officer
Throughout the year, Valterra Platinum delivered significantly stronger financial results, driven by decisive execution of operational excellence, disciplined cost and capital management.
![Sayurie Naidoo [photo]](assets/img/sayurie-naidoo-2.png)
Sayurie Naidoo
Chief financial officer
From June 2025, Valterra Platinum began trading on the Johannesburg and London stock exchanges as an independent company – one built on strong foundations and a clear strategy to optimise our world-class portfolio of assets in creating lasting value for stakeholders.
FY24: 1.67
11% improvement
FY24: R19.8 billion
68% increase
FY24: R17.6 billion
FY24: 3,205 cents
2025 target: R4 billion
FY24: 27%
FY24: R18.6 billion
9% decrease
FY24: 7,175cps
(ordinary and special dividend)
FY24: R109 billion
7% increase
FY24: US$986
FY24: R8.4 billion
98% increase
FY24: R72 billion
At Valterra Platinum, everything we do is guided by our purpose of unearthing value to better our world.
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Keep yourself safe
Be your brother’s and sister’s keeper
Treat people with respect
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Do what you say
Take pride in what you do
Find a better way forward
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Remove barriers
Unite to achieve great things
Make people feel they belong
Our key strengths reflect a track record built over decades. At the same time, we remain committed to leading the way as our industry takes on an increasingly important role in the global economy and technologies of tomorrow.
![Valterra Platinum secondary listing on the London Stock Exchange [photo]](assets/img/vp-listing-lse.jpg)
Driving industry-leading returns through the delivery of our strategic priorities.
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Advancing safety
and health
Safety underpins our value delivery, defines who we are and shapes our behaviour
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Zero harm
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Simplified and strengthened organisation
We continue to streamline our organisation and strengthen key capabilities
Delivering competitive advantage
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Achieving operational excellence
We are driving our operational excellence programme to sustain our H1 cost position
Expanding cash-flow margins
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Investing in our portfolio for maximum value
Clarity on each asset’s role, backed by disciplined capital allocation
Sustaining profitability and revenue growth
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Driving demand to ensure long-term success
We play our part to support and develop emerging demand opportunities
Growing PGM demand
Integrating sustainability in all that we do
Playing a leadership role to protect and create value, focused on climate and environment, resilient local communities and ethical value chains
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At Valterra Platinum, integrated risk management (IRM) encapsulates the systematic application of management policies, procedures and practices to the tasks of identifying, analysing, evaluating, treating, monitoring and reviewing risk as an integral part of our business process.
The objective is to identify key matters that materially impact our ability to create, preserve and prevent the erosion of value over time. Identifying materiality is a fundamental component of the integrated and sustainability reporting process, meaning material matters are linked to our strategic risks.
![Materiality process [graph]](assets/img/graph-materiality-process.png)
Our tax strategy, which is shared with revenue authorities, underpins our approach in managing taxes and is aligned with Valterra Platinum’s strategic objectives, values and ethical standards.
In this section
PGM prices were firm in 2025, with the realised basket price of US$1,852 per ounce, 26% higher than 2024 and its highest annual average since 2022. All PGMs except iridium recorded substantially higher annual average prices, and all ended 2025 considerably higher than their opening levels.
In this section
Total PGM M&C and refined production exceeded guidance, with the benefits of our operational excellence initiatives partly offsetting the significant impact of flooding at Amandelbult in the first half of 2025.
In this section
Our primary smelters treat PGM concentrates received from wholly owned, joint operation and third-party mines to produce furnace matte, which is transferred to the converter plant (CP) for further treatment. CP upgrades furnace matte by removing iron and sulphur to produce a PGM-rich converter matte that is slow-cooled before being dispatched to the Base Metals Refinery for further processing.
In this section
The Ore Reserves and Mineral Resources statement is published annually to inform stakeholders, shareholders and potential investors of the mineral assets held by Valterra Platinum. This section of the integrated report should be read with the full Ore Reserves and Mineral Resources report on our website at www.valterraplatinum.com.
In this section
![Integrated Report 2025 [cover]](assets/img/thumb-valterra-iar-2025.png?v2)
![Ore Reserves and Mineral Resources report 2025 [cover]](assets/img/thumb-ormrr-report-2025.png?v2)
![Governance report 2025 [cover]](assets/img/thumb-governance-report-2025.png?v2)
![Tax transparency report 2025 [cover]](assets/img/thumb-ttr-2025.png?v2)
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