Northam Platinum said on 25 August 2026 it had received an unsolicited, non-binding approach from a major South African PGM producer, reported by Bloomberg to be Valterra Platinum, and invited rival bids.
Valterra Platinum is recovering most of its current Zimbabwean export proceeds through tax offsets and central bank payments, but there is still no solution for about $100m owed from previous years.
Valterra Platinum lifted interim EBITDA to R33.4bn from R6.6bn and declared R57 a share in dividends, a 70% payout, while leaving 2026 production and cost guidance unchanged.
Valterra Platinum's first-quarter 2026 production rose 7% year-on-year to 743,500 oz, with Amandelbult up 43% as it recovered from 2025 flooding, while the average basket price hit a five-year high.
Valterra Platinum's annual reporting suite said the hydrogen economy was set to be a broad, strongly growing demand sector for the PGMs it produces, citing partnerships with TotalEnergies and Johnson Matthey.
Envusa Energy's 240MW Mooi Plaats solar plant has begun commercial operation, supplying wheeled renewable power to Anglo American-linked miners Kumba Iron Ore, De Beers and Valterra Platinum.
Valterra Platinum's first full-year results as an independent company showed headline earnings up 98%, a swing to net cash, and total dividends of R45 a share including a R5.3bn special payout.
Valterra Platinum will begin trial underground mining at its Mogalakwena complex by late 2026, testing whether higher-grade ore beneath the Sandsloot pit can extend the mine's life well beyond its open pits.
Anglo American Platinum was demerged from its parent and renamed Valterra Platinum, listing separately in Johannesburg and London as Anglo American retained a residual stake it later sold down.
