JOHANNESBURG (miningweekly.com) –  The refined platinum group metal (PGM) production of South Africa’s Valterra Platinum increased by 78% to 778 500 oz in the first three months of 2026 compared with the first quarter of 2025.

PGM sales volumes were also at a 60%-higher 791 400 oz.

However, a mobile machinery-related incident at the Mototolo PGMs mine on March 27 resulted in Michael Ramodike losing his life and during the quarter, the total recordable injury frequency rate also increased by 12%.

“The tragic loss is deeply felt across the organisation, particularly given that it occurred following a 13-year fatality-free period at Mototolo mine. We have further reinforced our resolve to eliminate fatalities across our operations. A comprehensive investigation is underway, and the findings will be fully integrated into our systems and practices to prevent a similar occurrence,” Valterra CEO Craig Miller reported.

The 7%-higher first-quarter metal-in-concentrate (M&C) improvement to 743 500 oz follows the severe weather-related disruptions at Amandelbult, and also contributing to the M&C boosted refined production surge was the improved use of processing infrastructure, supported by the proactive rescheduling of planned maintenance and annual stock counts into the third quarter of 2026, the Johannesburg Stock Exchange-listed company stated in a media release to Mining Weekly.

“The realignment of processing downtime to periods of higher electricity tariffs reflects our continued focus on optimising operating efficiency and reducing cost.

“Looking ahead to the remainder of the year, our priorities are clear. We remain focused on embedding a culture of zero harm, while continuing to advance operational excellence as we unlock further efficiencies across the portfolio.

“With production stabilised and continued focus on cost discipline, we are delivering in line with our strategy. This positions us well to continue to deliver sustainable performance and long-term value for all stakeholders, despite the uncertain geopolitical landscape, which is impacting the global economic outlook and fuelling input commodity inflation,” Miller commented.

Refined production for 2026 is consistent with prior estimates at three-million to 3.4-million ounces.

Cash operating unit cost guidance remains between R19 000 and R20 000 per PGM ounce.

Targeted all-in sustaining cost of $1 050 per three-element ounce is unchanged and the input costs impact from the Middle East conflict continues to be closely monitored.

Own-mined production increased by 5% to 486 200 oz compared with the prior period, owing to higher output from Amandelbult and Mototolo, partially offset by lower production at Mogalakwena and Unki.

Mogalakwena’s PGM production decreased by 6% to 212 300 oz compared with the prior period on lower tonnes milled following the planned high-pressure grind rolls crusher maintenance being brought forward and lower built-up head grade resulting from the strategised blending of low-grade ore stockpiles.

Amandelbult PGM production increased by 43% to 122 800 oz, which is broadly consistent with performances in previous years.

Mototolo’s PGM production increased by 3% to 68 200 oz and continued development of Der Brochen has resulted in increased dilution.

Unki’s PGM production declined by 4% to 51 700 oz while the half-owned Modikwa PGM production was a 6%-higher 31 200 oz and also formed part of the 10%-higher 257 300 oz of purchased PGM concentrate.

While first-quarter production has historically been lower owing to scheduled annual stock counts and planned maintenance, these activities have now shifted from the first to the third quarter to align reduced power consumption with higher winter tariffs, contributing to further cost savings. This change supported nickel production’s 41% rise to 5 880 t and copper production’s 26% increase to 3 845 t, and first-quarter chrome production rose by 56% to 283 000 t.

Regarding PGM sales, the average realised basket price increased strongly to R47 529 per PGM ounce, or $2 911 per PGM ounce, representing year-on-year increases of 70% in rand terms and 90% in dollar terms.

The strong price gains across the PGMs were led by ruthenium, platinum and rhodium.

In January, prices scaled multi‑year highs before weakening later in the quarter owing to a broader market correction and rising geopolitical tensions.

Despite this, large year‑on‑year gains remained intact, supported by strong performances from rhodium and the minor PGMs.

Quarter-on-quarter, the realised PGM basket price increased by 23% in rand terms and 28% in dollar terms.

Valterra, which smelts and refines ore from its mines, has PGM marketing hubs in London, Singapore and Shanghai.