Valterra Platinum (formerly Anglo American Platinum), forecasts headline earnings growth of 85–105% and basic earnings growth of 105–125%

Headline earnings are expected to reach R15.6–17.3 billion (from R8.4 billion in 2024) with HEPS of 5,941–6,588 cents per share (from 3,205 cents)

Basic earnings are projected at R14.5–15.9 billion (from R7.1 billion) with EPS of 5,522–6,055 cents per share (from 2,683 cents)

This is despite R1.9 billion non-recurring asset scrapping charges and higher taxation/royalties in line with improved profitability

Harare- Valterra Platinum, one of the world's leading primary platinum group metals (PGM) producers, has forecasted a strong earnings performance for the twelve months ended 31 December 2025, driven by elevated PGM prices, significant cost savings, and effective risk mitigation measures.

The company, which operates across South Africa and Zimbabwe including key assets such as the Unki Mine in Zimbabwe, expects headline earnings and headline earnings per share (HEPS) to increase by between 85% and 105% compared to the prior period ended 31 December 2024.

Headline earnings are projected to range from R15.6 billion to R17.3 billion (up from R8.4 billion in 2024), with HEPS anticipated to be between 5,941 cents and 6,588 cents per share (from 3,205 cents).

Basic earnings and earnings per share (EPS) are set to show even stronger growth, rising by 105% to 125%. Basic earnings are likely to be between R14.5 billion and R15.9 billion (from R7.1 billion), translating to EPS of 5,522 cents to 6,055 cents per share (from 2,683 cents).

The robust results were primarily supported by a 26% stronger PGM dollar basket price, averaging $1,852 per PGM ounce, which significantly enhanced revenue. Valterra also delivered R5 billion in operational cost reductions, more than offsetting inflationary pressures and R1.7 billion in one-off demerger-related costs.

Sales volumes were lower year-on-year, reflecting a larger drawdown of excess work-in-progress inventory in the prior period and the impact of significant flooding at the Amandelbult Tumela mine in South Africa during the first half of 2025, which affected mined and refined output. The flooding disruption was partially offset by R2.5 billion in insurance proceeds received.

Basic earnings were further impacted by R1.9 billion (or 725 cents per share) in non-recurring asset scrapping charges related to abandoned design and engineering work on the SO₂ abatement plant at Mortimer Smelter and the Vaalkop Tailings Storage Facility. These were replaced by the Blinkwater Tailings Storage Facility, which provides adequate future tailings capacity.

Taxation and royalties increased in line with the higher earnings, reflecting the improved profitability.

Valterra Platinum’s performance underscores its operational resilience and ability to capitalise on favourable PGM market conditions, while maintaining disciplined cost management and risk mitigation across its South African and Zimbabwean operations. Full audited results are expected to be released in due course.

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