• Valterra Platinum stock doubles on the JSE in 2025 after its split from Anglo American

• Rising platinum group metals prices drive gains across global listings

• Market cap reaches 328 billion rand as demand, supply shocks, and investor interest grow

A few months after its separation from Anglo American, Valterra Platinum (formerly Amplats) is set to close the 2025 financial year with strong performance on the markets. On Monday, 1 December, the South African miner’s shares traded at 1,236 rand ($72) on the Johannesburg Stock Exchange (JSE), up 108% year-to-date.

The surge reflects a broader upswing in the platinum group metals (PGM) market. According to Trading Economics, platinum prices have risen more than 70% since early 2025, driven by safe-haven demand, supply disruptions, and strong Chinese consumption.

This environment has benefited Valterra Platinum, a major global PGM producer with assets across the continent, including the Mogalakwena mine in South Africa. The company has highlighted this bullish environment as one of its main successes for the year.

Like on the JSE, the stock has also delivered solid results on the London Stock Exchange (LSE), which became its second listing venue in June. Over the past three months, Valterra shares on the LSE have risen 56.32%. The company’s market capitalization now stands at 328 billion rand (about $19 billion).

“I'm pleased to say that we predicted that the prices would rise, and they did. But I think the real driver for us – and how we look to the future – is continuing to build that credibility as a company – and as an organization – and remaining focused on delivering what we say we're going to deliver,” CEO Craig Miller said on 28 November, according to Mining Weekly.

More broadly, the company’s annual gains may directly benefit shareholders under its distribution policy. Among these investors are major South African asset managers such as Public Investment Corporation Ltd (PIC) and Ninety One, according to MarketScreener.

Aurel Sèdjro Houenou