Valterra says Zimbabwe's historic $100m export-proceeds debt remains unresolved

Valterra Platinum is making headway in extracting current export proceeds from Zimbabwe, where it operates the Unki mine, but has no settlement in sight for roughly $100m owed from earlier years.

Chief financial officer Sayurie Naidoo told Miningmx on 29 July 2026, when the company released its interim results, that Zimbabwe owed Valterra about $120m last year, of which about $10m had been paid. A further $10m of current proceeds is due, but she said there was no sustainable solution yet for the balance relating to previous years.

How the money gets trapped

Under Zimbabwe's foreign-currency retention system, exporters must convert 30% of their dollar earnings into local currency. The problem arises when the local-currency amounts are not paid over. Naidoo said Valterra was now getting close to the full value of current proceeds, either through offsets against tax or through the Reserve Bank paying out at least 15%, but more engagement was needed on the historic balances.

She said Valterra had been talking to the Reserve Bank and the Ministry of Finance, although it had not yet secured a meeting with the finance ministry itself. It has met the mines ministry and asked the South African government to intervene. Naidoo also mentioned talk of a facility involving the African Export-Import Bank, which had yet to be finalised.

An industry-wide problem

Valterra is not alone. According to reports cited by Miningmx, Zimbabwe's platinum miners are owed a combined $228m in unpaid export income, including $78m owed to Impala Platinum. Implats has larger exposure than Valterra: it draws about 500,000oz a year of PGMs from its 87% stake in Zimplats and also co-owns the Mimosa mine. Reuters quoted Platinum Producers' Association chairman Alex Mhembere in June as saying the payment delays were compounding pressure from high costs and unreliable power, and that engagement with government had not significantly changed the situation.

Unki produced 219,700oz of PGMs in concentrate in 2025, about 7% of Valterra's total concentrate output, so the sums involved are material to the operation even if modest for the group as a whole.

Signs of movement

There has been some progress for other producers. When Implats reported full-year results in September, chief financial officer Meroonisha Kerber told CNBC Africa that an agreement now allows the company to receive half of its surrender proceeds in cash, with the rest used for set-offs against taxes, royalties and customs duties. Implats said Zimplats had gained access to R746m of the R962m in local currency it could not use at the start of its financial year.

For investors, the issue colours every Zimbabwean PGM investment decision, from Implats' growth studies at Zimplats to Tharisa's new Karo mine. Implats said the improved arrangements had raised its confidence in continuing to invest in the country.

Sources

• Miningmx: Valterra hits brick wall on Zimbabwe's unpaid $100m, 29 Jul 2026
• CNBC Africa: Impala Platinum earnings soar, offsets help ease Zimbabwe cash lock-up, 03 Sept 2026
• Miningmx: Implats takes shine to bite-sized Waterberg JV, 03 Sept 2026

Photo: View over Harare, Zimbabwe's capital, from Chiremba Road. Itaisibanda, Wikimedia Commons, CC BY-SA 4.0.