Valterra Platinum has sharper focus on value: Craig Miller
- 3 June 2026
Platinum’s price dip has been a drag on Valterra Platinum’s share price of late, but CEO Craig Miller says he “couldn't be happier and more proud of the team in terms of what we've been able to accomplish” as the company marks one year as an independent producer.
“I think the demerger and the way we set ourselves up has really enabled us to be a successful standalone company,” Miller said of Valterra’s separation from Anglo American, rebranding and secondary London Stock Exchange listing.
Notwithstanding recent share price volatility in line with softening platinum and palladium sentiment, Valterra has seen its market value climb more than 60% since June last year to circa-£14 billion. The company retains its primary Johannesburg listing.
“Most importantly for me was that we were able to set out what the value proposition was to so many team members, so many people who have amazing skills and competencies, who were really determined to make a success of Valterra Platinum,” Miller said.
“I'm very pleased about the way the demerger has gone and how we’re getting ourselves up for the future and leveraging the value that that I see within the assets and within my team.”
Valterra Platinum last year sold more than US$7 billion of platinum, palladium, rhodium, ruthenium and iridium, plus co-products such as copper, nickel, cobalt sulphate, sodium sulphate, chrome and gold, from mines and processing operations in South Africa and Zimbabwe.
Miller said the company was advancing high-quality organic growth opportunities such as the Sandsloot underground project at Mogalakwena. More than 10km of underground development, about 52km of drilling and an 80,000-tonne bulk ore sample had already been completed to de-risk the project ahead of a final investment decision in the first half of next year.
“Operating independently over the past year has sharpened our focus,” Miller said.
“Our strategy has not changed but the way we execute against it has strengthened.
“As a standalone company we have simplified decision-making, improved accountability and maintained a clear focus on operational excellence and capital discipline. We have strengthened the balance sheet, doubled our headline earnings to over R16 billion and returned R12 billion in dividends since the demerger.
“Valterra Platinum is well positioned to help shape the future of PGMs while supporting demand across an increasingly diverse range of sectors.
“PGMs are gaining recognition not merely as precious metals but as critical strategic materials underpinning clean technologies, emissions control and next-generation industrial applications. Key drivers of demand growth include the expansion of artificial intelligence, progress in decarbonisation and the hydrogen economy, and the growing substitution of gold in selected industrial uses.”
