Valterra Platinum Limited
Valterra Platinum (formerly Anglo American Platinum Limited, renamed May 2025 after its demerger from Anglo American on 31 May 2025) is the world's largest primary producer of platinum, accounting for ~38% of global annual supply, and produces the full PGM basket (platinum, palladium, rhodium, ruthenium, iridium, osmium) plus base metals (nickel, copper, cobalt sulphate, chrome) and gold. Its flagship Mogalakwena Mine (five open pits, Limpopo Province) generates roughly half of group PGM output and is the world's largest open-pit PGM mine, with an Ore Reserve of 135.2 million 4E ounces and Mineral Resource of 140.2 million 4E ounces (exclusive of reserves) -- current mine plan extends well beyond 2060, with a resource life of ~150 years. Valterra began trial underground mining at Mogalakwena in late 2026.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.7/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Dec 2021 · Source
- Jan 2007 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)6/10
South Africa has deep, established PGM mining infrastructure and expertise, offset by real operational risk from grid/power reliability, labor relations, and community/safety issues (the company itself flagged a 'safety decline' alongside strong 2026 results).
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Mogalakwena Mine.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Marula (Impala Platinum Holdings Limited), 131 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not yet researched
Holder register not researched yet
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2.3/10
Nearest producing mine: Marula (Impala Platinum Holdings Limited), 131 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
South Africa: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of Valterra Platinum Limited (formerly Anglo American Platinum) since 1 Oct 2023, having led the business through its 2025 demerger from the Anglo American Group as an independent standalone PGM producer. Joined the Amplats executive committee and board as finance director/CFO in Mar 2019. Before that, 19 years (2000-2019) of progressively senior finance leadership roles at Anglo American plc, including CFO of Anglo American Thermal Coal South Africa, Head of the Group CEO's Office, CFO of Anglo American's Iron Ore Brazil business (Minas-Rio), and Group Financial Controller. Began his career as a trainee accountant at Deloitte in Johannesburg. Chartered accountant (CA), Bachelor of Accounting Science (Honours), University of South Africa.
Chief Financial Officer of Valterra Platinum Limited since May 2024 (led the company's 2025 financial separation from the Anglo American Group). Spent over 15 years at the Anglo American Group before her CFO appointment, roughly 8 of which were in senior finance roles at Kumba Iron Ore Limited (financial controller, senior manager performance reporting, principal accountant corporate development) before moving into the platinum business, where she rose through financial controller and acting-CFO roles. Began her career as a trainee accountant at Deloitte. CA(SA), dual degrees in accounting and finance, University of Cape Town.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Not scored. Smart-money tracking covers companies below about US$5B in market cap, where a single specialist fund or strategic investor taking a stake is a meaningful signal. This company was above that size when it was assessed.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Valterra Platinum, formerly Anglo American Platinum, was renamed after its demerger from Anglo American on 31 May 2025 and is the world's largest primary platinum producer, with about 38% of global supply; it produces the full platinum group metals basket plus nickel, copper, cobalt sulphate, chrome and gold. Its flagship, Mogalakwena in Limpopo Province, is the world's largest open-pit PGM mine, with five pits producing roughly half of group PGM output, an 86-year ore reserve life and a 150-year resource life. A Sandsloot underground pre-feasibility study completed in H1 2025 confirmed reef grades of 4-6 g/t, with trial mining from late 2026 and a feasibility study targeted for H1 2027. In H1 2026, adjusted EBITDA rose 406% to R33.4 billion on a 66% recovery in the rand PGM basket price, refined production rose 25% to 1.7 Moz, all-in sustaining cost was US$996 per 3E ounce and an interim dividend of R57.00 per share was declared. Three workplace fatalities were reported in the half.