JOHANNESBURG (miningweekly.com) – The market capitalisation of South Africa’s Valterra Platinum has soared to R450-billion from R300-billion at year-end and a gross final 2025 dividend of R11.5-billion has been declared.

Earnings before interest, taxes, depreciation and amortisation increased by 68%, to R33.4-billion, supported by a 22% increase in the rand basket price and R5-billion of additional cost reductions, the Johannesburg Stock Exchange-listed platinum group metals (PGM) mining company reported on Wednesday, February 25.

Net cash at financial year-end was R11.5-billion, a substantial recovery from the R4.9-billion net debt position at 30 June 2025, reflecting strong free cash flow generation, boosted by a strong second-half operational performance and increased PGM prices.

Liquidity headroom of R43-billion is reflective of the strong balance sheet.

“We’re very, very pleased with the positive momentum that we've seen in the Valterra Platinum share price since the lifting of the demerger back in June last year,” Valterra CEO Craig Miller said in response to Mining Weekly during morning media briefing question time.

“That really gives us the momentum and the confidence moving into 2026 that we will continue to deliver value, not only for our shareholders, but all our stakeholders, and that's really front and centre of everything that we do,” Miller enthused.

Being guided for 2026 is unchanged metal in concentrate and refined production of 3-million to 3.4-million PGM ounces.

Cash operating unit cost guidance is R19 000 to R20 000 per PGM ounce, capital expenditure is expected to be R17-billion to R18-billion and expected all-in sustaining cost is $1 050 per three-element ounce sold.

In 2025, the realised dollar basket price increased by 26% from the comparable prior period to $1 852 per PGM ounce, marking its strongest level since 2022.

The average realised platinum price was 40% higher than in 2024, with rhodium 35% higher and ruthenium 88% higher.

Production volumes increased 18% in in the second half resulting in total 2025 metal-in-concentrate production of 3 200 600 oz, reflecting a 10% year-on-year decline, while marginally ahead of guidance.

Own-mined production declined 6%, or 131 500 oz, to 2 060 300 oz. Excluding Amandelbult, own-mined production of 1 576 700 oz declined 2% on lower output at Mogalakwena and Mototolo. Purchase of concentrate (PoC) volumes declined 16% owing to Kroondal's transition from a PoC to a toll arrangement in September 2024.

Refined PGM production (excluding tolling) declined 13% to 3 412 000 oz and sales volumes were 15% lower.