Iconic South African mining giant set to double profit

Valterra Platinum said on Friday it expects its annual profit to rise by as much as 106%, on the back of a record rally in platinum prices and operational cost reductions.

Valterra said that, under its updated outlook, it expects headline earnings between R15.6 billion and R17.3 billion ($965.71 million and $1.07 billion) in the year ended 31 December, up from R8.4 billion the previous year.

The earnings for the period were boosted by a 26% increase in prices for the platinum group metals (PGM) basket as well as R5 billion worth of operational cost reductions, which more than offset the impact of inflation and R1.7 billion in one-off demerger-related costs, it said in a trading statement.

Valterra, the world’s top platinum producer by value, was demerged from its restructuring former parent company Anglo American last May.

Spot platinum prices hit a record $2,684.43 an ounce earlier on Friday, up 27% year-to-date.

The price of platinum, which is used to make catalytic converters that curb vehicle emissions, is being driven up by the European Union’s U-turn on a 2035 combustion-engine ban, tight supply and rising investment demand for precious metals.

Valterra will publish its results for the 2025 financial year on 25 February.