LONDON: Valterra Platinum Ltd. reported a 46% drop in EBITDA to R6.6 billion for the six months ended June 30, reflecting lower PGM sales volumes and one-off demerger costs, the company said Monday.
Despite two fatalities at Unki and Dishaba mines during the first half, CEO Craig Miller reaffirmed safety as a top priority and highlighted multi-year injury-free achievements at Mogalakwena, Mototolo and Tumela mines.
Valterra, newly demerged from Anglo American plc, launched its independent identity and listed on the London Stock Exchange. It completed the pre-feasibility study for the Sandsloot underground project and began the feasibility phase, targeting a 2027 investment decision.
PGM production declined 12% to 926,100 ounces, mainly due to flooding at Amandelbult mine. Refined production dropped 22% to 1.39 million ounces and sales volumes decreased 25%. The company achieved R2.1 billion in cost savings, maintaining positive momentum toward R4 billion savings for the year.
Headline earnings per share fell 81% to R4.73, while basic earnings declined 91% to R2.23. Interim dividend was declared at R2.00 per share, aligned with the company’s 40% payout policy.
Valterra ended the period with R4.9 billion in net debt, a 0.3x net debt-to-EBITDA ratio, and R27 billion liquidity headroom. Production and cost guidance for 2025 remains intact, with expected own-mined output at ~2.0 million ounces and refined production at 3.0–3.4 million ounces.