The man leading South Africa’s most valuable platinum mine after it divorced from Anglo American

Valterra Platinum CEO Craig Miller has continued to lead the company to success following its demerger from Anglo American last year.

Valterra is the largest primary producer of platinum group metals (PGMs) in the world, accounting for around 38% of global annual primary platinum supply.

The company, which now has a market cap of around R314 billion on the JSE, was originally formed in 1995 from the unbundling of Johannesburg Consolidated Investment (JCI).

JCI’s majority shareholder at the time, Anglo American, took control of the company’s platinum interests under the name Anglo American Platinum, also known as Amplats.

After 30 years of operation, Amplats demerged from Anglo American on 31 May 2025, with the company renaming itself Valterra Platinum.

Miller, who was appointed CEO almost two years before the demerger, first joined Anglo American in 2000 as a financial manager.

In an interview with 702, Miller said that from an early age, he dreamed of working in finance, and eventually went on to do his articles and become a chartered accountant for Deloitte.

“I had an opportunity with them to go to London and get some further experience,” Miller said. “When I arrived in London, the partner at Deloitte welcomed me.”

“They said, ‘You’re South African, you know Anglo American. Go up the road to Anglo, who are in the process of listing on the London Stock Exchange, and see what you can do to help them’.”

Over the course of his career at Anglo American, Miller was able to work not only in various sectors of the business but also in other countries.

In 2010, he was appointed CFO and Commercial Director of Anglo American’s iron ore operations in Brazil, a position he held for almost five years.

While grateful for the opportunity to work across different mineral groups, Miller believed PGMs presented the most interesting and exciting commodity to work with.

In 2023, Miller was appointed as the CEO of Amplats, retaining this role after the company demerged from Anglo American and rebranded to Valterra.

Prospering under a new name

Despite a rocky start following the demerger, Valterra Platinum has managed to continue the success it saw under the Amplats name.

In its latest financial results for the 2025/26 financial year, the company reported its basic earnings had more than doubled from the previous year.

This is despite a 15% decline in sales over this period, which was offset by a 22% increase in the rand price per ounce of PGM sold.

Reflecting on the demerger process, Miller said he had been determined to carry out the split as quickly as he possibly could in order to preserve the company’s stability.

“When you go through a big transition like this, you do create a significant amount of uncertainty,” Miller explained.

“I was absolutely focused that we were going to try to do it as quickly as we could in order to provide the certainty and the ability to look forward as a company.”

Miller said he had been happy with the terms of the demerger, as they had presented an opportunity for Valterra to set itself up for continued independence.

As part of the agreement, Anglo American retained a 19.9% stake in Valterra after the demerger, with plans to fully divest from the company over time.

Asked whether there was a noticeable difference between being CEO of Valterra in comparison to Amplats, Miller said it was different but rewarding.

“One of the key aspects that I enjoy so much about my job is really getting out to the operations and understanding what’s going on,” Miller said.

“And that’s really what I’ve been able to do with my time. It’s clearly very different to being part of a group than being on your own, but really rewarding.”

Discussing the volatility of PGM prices, Miller admitted that he does not follow the price jumps any closer than what is necessary.

He said it was far more important for him and his company to focus on what they can actually control, such as being financially disciplined with regard to capital expenditure.