Valterra Platinum's refined output of platinum group metals fell 41% in the third quarter because it moved planned maintenance into the period. The company kept its full-year production target, while prices for minor metals iridium and ruthenium nearly doubled.
At a glance
- Refined output for the first nine months was broadly in line with last year, despite the weak quarter.
- Safety stoppages at Amandelbult cut output from Valterra's own mines by 5%.
- Costs are expected near the top of the R19,000-R20,000 an ounce range, partly because of higher fuel prices.
Background
Valterra Platinum is a Johannesburg-listed producer of platinum group metals (PGMs). The group includes platinum and palladium, used in car exhaust catalysts and jewellery, and minor metals such as rhodium, iridium and ruthenium. Miners first produce metal in concentrate, then refine it into pure metal for sale.
What happened
Valterra's refined PGM production fell 41% from a year earlier to 576,900 ounces in the three months to September 30. The company gave the figures in its production report on October 23, Mining Weekly and MiningMX reported. Sales volumes fell 27% to 683,300 ounces, and Valterra drew on its stocks to soften the drop.
"Refined production reflected the planned re-phasing of processing maintenance and annual stock counts into the third quarter," chief executive Craig Miller said. Refined output for the first nine months of the year was broadly in line with 2025.
Mines produced less too
Total PGM production in concentrate fell 6% to 804,300 ounces. Output from Valterra's own mines fell 5% to 511,900 ounces because of safety stoppages at the Amandelbult underground operation, where a worker died in a fall of ground in July. Miller called the death "unacceptable".
The company kept its 2026 forecast of 3 million to 3.4 million ounces for both concentrate and refined output. Unit costs are expected near the top of the R19,000-R20,000 an ounce range, because fuel, drill steel, chemicals and explosives have become more expensive since the Middle East conflict.
Prices and minor metals
Prices stayed well above last year's levels. Valterra's average basket price was R38,815 an ounce, up 15% in rand terms and 24% in dollars. Iridium sold for $7,720 an ounce, up from $4,287 a year earlier, and ruthenium for $1,583, up from $799, on demand from green hydrogen, electronics and data centres.
Our read
Outlook: neutral. The quarterly drop was planned and full-year guidance is unchanged, so total PGM supply from Valterra this year is not expected to fall.
What to watch
- Whether refined output recovers in the fourth quarter, as the planned maintenance is now done.
- Safety performance at Amandelbult after the stoppages.
- Prices for iridium and ruthenium, which have nearly doubled in a year.
For information only, not investment advice.
Platinum price in India
metalscost.com India reference price as of 2026-11-01.
Detailed analysis
Timeline
- 2026-10-23: Valterra Platinum reports third-quarter production and keeps its 2026 guidance.
Demand Drivers
Green hydrogen, electronics and data centres are lifting demand for iridium and ruthenium.
Mining Production
Own-mined output fell 5% to 511,900 ounces after safety stoppages at Amandelbult.
Refinery Output
Refined output fell 41% on planned maintenance, but the nine-month total matched last year.
What could lift prices
- Valterra sold 27% less metal in the quarter, tightening near-term supply.
- Safety stoppages and rising costs are weighing on South African mine output.
What could weigh on prices
- Full-year guidance is unchanged, so lost refined output should be made up later.
- Major PGM prices eased from the second quarter on weaker car sales.
Country impact
| Country | Impact | Reason |
|---|---|---|
| South Africa | Medium | A major PGM producer had lower mine output after safety stoppages. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| PGM Mining | Neutral | Output dipped and costs rose, but prices are well above last year. |
| Automotive | Neutral | Carmakers face steady PGM supply over the year despite a weak quarter. |
Who gains, who loses
- Producers of iridium and ruthenium: Prices for both minor metals have nearly doubled in a year.
- Valterra: Its unit costs are heading to the top of its guidance range on higher input prices.
Other ways this could play out
- If refined output rebounds in the fourth quarter, Valterra could reach the middle of its guidance.
- If more safety stoppages occur, mine output could fall short of the forecast range.
Price risks
- Weaker vehicle sales could keep pressure on platinum and palladium prices.
- Higher fuel and explosives costs could squeeze margins if prices fall.
Historical comparison
- Third quarter of 2025: Valterra received $4,287 an ounce for iridium, against $7,720 this year.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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