Platinum prices have soared

Key statistics:

• • R315-billion Valterra Platinum market value.
  • 2 years production pause at Venetia Mine.
  • R2.1-billion Impala Group Holdings (Implats) reported a gross profit for the first six months of FY2025.

High platinum group metal (PGM) prices in 2025 and the early part of 2026 had a positive effect on the bottom line for several companies that operate in Limpopo. A sharp correction in 2026 followed. Even though the record global supply deficits of 2025 seemed set to be repeated into 2026 and beyond, companies were cautious in terms of allocating capital to expansion projects. Price volatility is not helpful in an environment where investment propositions are measured in decades. 

In contrast to the PGM market, the global market for diamonds – albeit lab-grown diamonds – has created a glut, putting pressure on the miners of actual diamonds that come from the earth. As a result, De Beers, in which Anglo American has an 85% stake, in July 2026 stopped production at its Venetia Mine, pictured below. More than 4 000 people work for the mine or are contractors to it, so the impact on the Musina community in northern Limpopo will be severe.

New developments

1. Having purchased the Bokoni PGM mine in 2022 for R3.5-billion, African Rainbow Minerals (ARM) announced in 2026 a seven-year, R15-billion investment to increase capacity to 180000 tons per month.
2. Valterra Platinum is conducting a feasibility study for underground development at its Mogalakwena complex.
3. Kinetic Development Group, a Chinese state-owned entity, has become the majority shareholder of MC Mining, previously Coal of Africa. The new owners will finance the metallurgical and thermal coal project at Makhado.
4. The Provincial Government of Limpopo has plans for a mining and mineral beneficiation academy in Sekhukhune. Partners include mining companies, the Services Sector Education Training Authority (SSETA), University of Johannesburg (UJ) and the Department of Higher Education and Training (DHET).
5. Implats has introduced an underground collision-avoidance system at its Marula Mine. Plans to expand the mine have been paused.

Major companies

• Valterra Platinum, which hived off from Anglo American in May 2025, posted good financial results for the six months ended June 2026. In Limpopo, Valterra’s assets are Mogalakwena, an open-pit PGM mine near Mokopane, a smelting and refining complex in Polowane, Mototolo mine on the eastern limb of the Bushveld Igneous Complex and Modikwa mine in the same area, which is run as a joint venture with African Rainbow Minerals.
• Marula, a subsidiary of Implats, runs a platinum mine near Burgersfort on the eastern limb of the Bushveld Igneous Complex. 
• Palabora Copper, a subsidiary of Palabora Mining Company, produces about 45 000 tons of copper annually in Phalaborwa, most of which is sold domestically. It runs a smelter and a refinery and also mines magnetite, vermiculite, sulphuric acid and nickel sulphate.
• Afrimat’s Glenover phosphate mine near Lephalale also produces rare earth elements and vermiculite.
• Exxaro’s two coal mines in the Waterberg represent three-billion tons of Measured Coal Resources and 1.8-billion tons of Indicated Coal Resources. This is where Exxaro operates its giant Grootegeluk Mine. Nine plants serve a 4km-long and 120m-deep opencast mine on a 1 200ha site.
• Mantengu has made a R700-million investment commitment in a chrome and platinum group metals mine near Thabazimbi.
• The Langpan Mine, which reportedly has a chrome and a PGM reserve statement of 2.17-million tons and a valuation of R851-million, also has a processing plant. The by-product has a high concentration of PGMs.
• In addition to Bokoni, ARM has joint ventures with Valterra (Modikwa) and Implats (Two Rivers), both PGM mines.
• Glencore (with a 79.5% stake) and Merafe Resources jointly own chrome mines in Limpopo on the Eastern Limb of the Bushveld Igneous Complex (Helena, Magareng and Thorncliffe), the Lion smelter complex near Steelpoort and the Lydenburg smelter. Both smelters have been shuttered at various times due to high electricity tariffs.
• The Waterberg project in the northern limb of the Bushveld Complex is a joint venture between Platinum Group Metals, Implats, HJ Platinum (a consortium including Japan Oil, Gas and Metals National Corporation) and Mnombo Wethu Consultants. Platinum Group Metals’ 49.90% stake in Mnombo gives the company has an effective interest in the Waterberg JV of 50.16%.

Resources

The soils of Limpopo are rich in platinum group metals (PGMs), coal, copper, diamonds, gold, iron ore, nickel, rare earth minerals and tin. Limpopo contributes 4% of coal mining in South Africa, according to the National Department of Mineral Resources and Energy, but it is likely that within the next three decades, the province will be supplying about half of South Africa’s coal. Limpopo’s Waterberg coal field is estimated to contain about 75-billion tons of coal.

Online resources:

• Department of Mineral and Petroleum Resources: www.dmpr.gov.za
• Minerals Council South Africa: www.mineralscouncil.org.za
• South African Institute of Mining and Metallurgy: www.saimm.co.za