JOHANNESBURG (miningweekly.com) – Johannesburg Stock Exchange-listed platinum group metals (PGM) mining and marketing company Valterra Platinum on Wednesday reported stunningly high financial results for the six months to June 30 – a half-year stricken by three work-related fatalities.

Revenue was up 93% to R82-billion, headline earnings per share increased by 1 633% to R82.02 from R4.73, adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 404% to R33.4-billion, mining’s Ebitda margin expanded to 50% from 22%, net cash strengthened to R23.7-billion, refined production rose 25% to 1.7-million ounces, PGM sales volumes rose 18% to 1.7-million ounces, and all-in sustaining costs (AISC) reduced 21% to $996 per three element (3E) ounce, with 2026 production and cost guidance reaffirmed.

Valterra’s strengthened net cash position of R23.7-billion compared with net debt of R4.9-billion a year earlier.

The R15-billion interim dividend declared represents 70% of headline earnings.

The three deceased colleagues are Michael Ramodike at Mototolo’s Borwa shaft on March 27, Thato Makuwa, at Mogalakwena’s North Concentrator on June 9, and Mongezi Mbusi at Amandelbult’s Tumela mine on June 11.

“We are devastated by these losses, and on behalf of the board and everyone at Valterra Platinum I extend our deepest condolences to their families, friends and colleagues,” Valterra CEO Craig Miller lamented during a media call in which Mining Weekly participated.

Following these tragedies, Valterra implemented company-wide safety stoppages at all of its operations to refocus teams on critical safety behaviours, accelerating the implementation of corrective actions across the business.

“We’re focused on learning from these incidents, and have subsequently strengthened leadership accountability, engagement, and visibility on operational risks across our operations. We remain resolute in our commitment to creating a workplace where every employee and contractor returns home safely every day,” Miller emphasised.

Operating as an independent company over the past year has enabled Valterra to accelerate decision-making and strengthen execution across the business, with the exceptional first-half 2026 performance reflecting operational momentum, strategic execution advancement and value creation for all stakeholders.

Its remarkable results were hoisted by a 4% uplift in solid metal in concentrate (M&C) production to 1.5-million PGM ounces and 18% higher sales volumes to 1.7-million PGM ounces, in line with higher refined output.

The operational execution and higher PGM prices enabled the four-fold R33.4-billion Ebitda increase, which are the third highest interim profits.

The promising Sandsloot Underground Project under way at Mogalakwena remains on track to reach an investment decision during the first half of 2027.

An 18% increase in chrome yields has been achieved at the Amandelbult mine and 15% year-on-year Jameson Cells-assisted improvement in mass pull reduction and improved recoveries were recorded at the Mogalakwena North Concentrator.

This year’s M&C and refined production, as well as unit cost guidance, remains unchanged at a business that is described as being “well positioned to continue this positive delivery momentum through the second half of the year”.

“We continue to be well positioned to sustain our track record of industry-leading shareholder returns through the cycle,” Miller pointed out.

The PGM market has experienced a substantial recovery, with Valterra's realised dollar basket price increasing 85% to $2 801/oz and the rand basket price rising 66% to R45 993/oz.

Long-term PGM demand growth is being supported by collaboration with Johnson Matthey and Sibanye-Stillwater and partnerships with Umicore in Germany and Pujing Chemicals in China, to expand the use of PGMs in industrial applications.

Despite inflationary pressures and ongoing geopolitical impacts on input costs, cash operating costs remained broadly flat at R20 677/PGM oz and the 21% AISC reduction was on higher sales volumes, increased by-product revenues and lower sustaining capital expenditure.

Being forecast is M&C and refined production of three-million to 3.4-million PGM oz.

Full-year unit cost guidance is R19 000 to R20 000 per PGM ounce and AISC $1 050/3E oz sold.

Second-half capital expenditure of R17-billion to R18-billion is expected.