Iconic South African mining giant doubles profit

Valterra Platinum declared a dividend that smashed analyst expectations as earnings jumped last year on soaring metals prices.

The Johannesburg-listed miner announced a total 2025 payout of R12 billion, or R45 a share, beating the average estimate of R23.1 a share. Net income more than doubled to R15.4 billion.

It’s the second year of larger-than-anticipated payouts by the producer of platinum-group metals. It benefited from surging prices in 2025, a result of supply deficits, robust Chinese demand and strong US imports amid tariff uncertainty.

Platinum more than doubled, while palladium was up almost 80%.

Valterra started life as an independent company in June, shortly after PGMs began to recover after a prolonged period of weak prices. 

Shares of the former Anglo American subsidiary — which owns mines in South Africa and Zimbabwe — rose as much as 7.7% in Johannesburg following the results announcement on Wednesday.