Valterra Platinum’s (LSE:VALT) refined platinum group metal (PGM) production fell 41% year-on-year to 576,900 ounces across its South Africa and Zimbabwe operations in the September quarter.
The decline was a result of scheduled processing maintenance and annual stock counts being moved from the first quarter to the third.
Metal-in-concentrate production also fell 6% to 804,300 ounces. Shanghai Metals Market (SMM) says this reflects lower own-mined output and purchases of concentrate.
Sale volumes also declined 27% to 683,300 ounces.
Despite the decrease in PGM production, Valterra maintained its 2026 production guidance of 3–3.4 million ounces (Moz) for concentrate and refined output.
Valterra’s Southern African assets span three regions of the Bushveld Igneous Complex in South Africa’s Limpopo province and the Great Dyke of Zimbabwe. They include the Mogalakwena open-pit and underground mine, and the Amandelbult, Mototolo, and Unki complexes.
Future Metals
Global mine supply for PGMs remains constrained, with 2025 world mine production estimated at roughly 170,000 kilograms for platinum and 190,000 kilograms for palladium, according to the US Geological Survey (USGS).
Safety stoppages, scheduled maintenance, and lower grades at major mines in South Africa and Zimbabwe continue to limit global PGM output.
PGMs are essential in various applications, often referred to as modern industrial vitamins, as they are used in automotive emissions control, clean energy, and high-technology applications.
Global proven mineral reserves for PGMs total around 70,000 tonnes, according to the USGS.
As such, PGMs face supply risks due to geographical concentration of mineral resources, geopolitical tensions, territorial disputes, labour-capital relations, and other factors.
Companies around the world are exploring for PGMs to help bring new supply online, including Future Metals (ASX:FME) via its Panton PGM Project in Western Australia.
Panton hosts a JORC mineral resource of 82.3 million tonnes (Mt) grading 1.6 grams per tonne platinum equivalent for 4.24Moz. The resource comprises 40Mt in the indicated category and 42.3Mt in the inferred category.
“One of the unique characteristics of Panton within the PGM mix is that it’s got a much higher platinum component than the majority of other PGM projects here in Australia,” Managing Director Keith Bowes previously said.
“Our platinum makes up about 45–50% of our PGM mix, while if you look at some of the other PGM projects out there, their platinum is only 10–20%.”
Future Metals is currently conducting a range of activities across Panton, including planning for infill drilling, as well as metallurgical test work to support future mining studies.
The company is also undertaking an assessment of a standalone and third-party processing pathway.
At a time when global PGM supply is heavily concentrated, companies such as Future Metals are considered crucial as they advance projects towards development.
Write to Aaliyah Rogan at Mining.com.au
Main image: Shanghai Metals Market
