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The broadening market consensus is that supply and demand fundamentals will continue to support robust pricing for platinum, and this, together with Northam Platinum's growth profile, places the Johannesburg Stock Exchange-listed platinum group metals (PGM) group in a strategically strong position, Northam CEO Paul Dunne highlighted during his presentation of record dividend interim financial results on Friday, February 27.

Following the display of platinum gauze used to produce cardiac stents has an indication of the widespread use of this very special metal, Dunne reported that all three of Northam's mines had performed well in the six months to December 31.

"Once again we've published record production and record sales volumes and significant appreciation in price for all of our metals led to a 60% increase in revenue to R23.3-billion rand," Dunne reported.

Royalty charges grew by 257% on the back of higher revenue and improved profitability.

Northam has continued to progress its project pipeline, in particular the development of the Eland mine, 3 Shaft project at the Zondereinde mine, further upgrades to metallurgical facilities, the expansion of the Booysendal South tailings facility, and a meaningful carbon footprint reduction.

If all goes to plan, 3 Shaft will be operational in April, and displayed was the picture of a raise bore rig which has begun to ream 4 Shaft, the next component in realising full value from Zondereinde's western extension.

"Incidentally, this is the largest machine of its kind in the world, and 4 Shaft will be a record-breaking raise bore undertaking," said Dunne at the event covered by Mining Weekly.

"We will accelerate all of our projects as far as we are able. The world needs PGMs and primary supply continues to fall.

"The benefit of our counter cyclical investment strategy is becoming very evident, and the board has declared a record interim dividend of R7 per share, indicating confidence in the market and the future of our company," Dunne pointed out, while displaying a picture of the expanded chrome recovery circuit at Eland, which was commissioned in December.

This will improve chrome yields from underground ore to at least 25% and considerably more Eland chrome output is expected.

Northam CFO Alet Coetzee reported that continuing investment in organic growth had led to R2.6-billion.

"The benefits of the full mine-to-market value chain for chrome is clear, as is that of the historically termed minor metals, iridium and ruthenium. These together contributed 18.2% or R4.2 billion rand to our revenue," Coetzee reported.

Sales revenue increased by 60% while cost of sales increased by 29.4% This led to a significant rise in our operating profit to R5.8-billion at an operating margin of 25.1%.

Movements and the individual elements making up cost of sales include mining operating costs increasing by 11%. This is attributable to an 8.9% increase in square meters mined, together with an average wage increase of approximately 6.5%.

Smelting and base metal removal plant costs increased by 19.8% owing to increases in both tons smelting as well as a 15.5% Eskom tariff hike.

Share based payments increased from a low base to over R1.2-billion as a result of share price appreciation, while contributions to the employee empowerment trust and profit share schemes benefited from growth in profits.

The total cost of purchase concentrates and recycling material increased by 130% to R3.5-billion due to metal price appreciation on higher volumes purchased.

Refining cost increased by 28.1% to R267.1million on the back of higher refined six-element volumes.

Mining Weekly Editor Martin Creamer discusses the investment decision expected on the Burnstone gold project; the Sandsloot project potentially being a significant strategic catalyst for Valterra Platinum; and gold and platinum prices consolidating in high ranges.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

South Africa is at a pivotal juncture. It can choose to remain a supplier of raw commodities that enrich other countries or become a global leader in mineral-based industries, says globally rated metals and mining analyst and portfolio manager, Shamim Mansoor, who spoke to Mining Weekly in a Zoom interview.

By focusing on mineral-based beneficiation, South Africa can transform its economy and solve this country's financial problems, Mansoor, who has her own consultancy business specialising in metals and mining, asserts. (Also watch attached Creamer Media video).

"Beneficiation is not just an economic strategy – it's a national imperative to turn the wealth in the ground into wealth for our population," she says.

The value addition envisaged includes turning platinum into hydrogen fuel cells, manganese into battery materials, iron-ore into steel, coal into chemicals, and chrome into stainless steel. But such value addition can only be realised with the support of reliable logistics, affordable and reliable energy, and efficient licensing.

"These are critical to us monetising our mineral endowment and unlocking value for the people of South Africa, who continue to struggle.

"We need both government and business to step up and collaborate on the optimal solution," says Mansoor while noting that mining has always been the bedrock of the South African economy, contributing to the country's GDP, and driving industrialisation, socioeconomic growth and job creation.

Data published by Minerals Council South Africa for the nine months to 30 September 2025 highlights, she points out, that:

Mining contributed 5.8% of total nominal GDP, estimated at R439-billion.Mineral ores and related exports contributed approximately 52% of the value of overall South African exports.Mining contributed more than R100-billion to the national fiscus in the form of corporate taxes, royalties, VAT payments, and through personal income tax payments by mining sector employees.The mining sector provided direct employment to an average of 469 765 people. This represented about 4.5% of total formal sector employment.

But while mining is economically crucial, its competitiveness is constrained by rapidly increasing power tariffs, underperforming rail and ports services and bottlenecks in the licensing system.

Mansoor recalls that at this month's Investing in African Mining Indaba, Eskom CEO Dan Marokane stated that Eskom now has over 98% coverage in terms of supply and demand but the exorbitant electricity cost (over 900% increase since 2008) has led to more than a dozen smelters shutting down in recent years leading to significant job losses.

"In January, the National Energy Regulator of South Africa approved a 35% reduction in electricity tariffs for 12 months for Samancor and Glencore Merafe smelters. But mining by nature is electricity intensive and I believe this reduction in tariffs needs to be approved for all smelting and refining processes across the industry as ferrochrome is not the only affected process. But it begs the question how these cuts will be funded and is this sustainable.

"Michelle Phillips, Transnet CEO, highlighted at the Mining Indaba that Transnet continues to face issues with asset reliability and funding. It has applied for government funding and has engaged in public-private partnerships but in her words, Transnet still has a long way to go.

"In my view, whether we look at Eskom or Transnet, the issue boils down to funding. Can government step in or does there need to be public-private partnerships? I believe these two options are not mutually exclusive. We need both government and business to step up and collaborate on the optimal solution."

MINERAL EXPLORATION

Another significant challenge, Mansoor...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

"No doubt, you're all keen for an update on the Sandsloot underground project, not only because it's genuinely exciting, but because it has the potential to truly move the needle, and here's why this project has the potential to be a significant strategic catalyst for Valterra Platinum."

That was how Valterra Platinum CEO Craig Miller introduced his update on the planned new underground platinum group metals (PGM) mine in South Africa's Limpopo province. (Also watch attached Creamer Media video.)

The market capitalisation of South Africa's Valterra Platinum has soared to R450-billion from R300-billion at year-end with a gross final 2025 dividend of R11.5-billion being declared.

Earnings before interest, taxes, depreciation and amortisation in 2025 increased by 68%, to R33.4-billion, supported by a 22% increase in the rand basket price and R5-billion of additional cost reductions, the Johannesburg Stock Exchange-listed PGMs miner reported on Wednesday, February 25.

Net cash at financial year-end was R11.5-billion, a substantial recovery from the R4.9-billion net debt position at 30 June 2025, reflecting strong free cash flow generation, boosted by a strong second-half operational performance and increased PGM prices.

Liquidity headroom of R43-billion is reflective of the strong balance sheet.

Valterra is developing a high-grade underground PGM project beneath the Sandsloot pit at its Mogalakwena PGM flagship mine. This project aims to offset declining surface ore grades, with potential full production expected after 2030, pending a 2027 investment decision.

Returning to the Sandsloot project, Miller went on: "Our declines begin at the base of the Sandsloot openpit, providing close access to the reef.

"This substantially reduces project lead time and lowers capital intensity compared with other projects in the industry.

"Unlike other Bushveld Complex reefs, its height is between 40 m and 120 m, with a 45o dip on average, characteristics well suited for bulk, underground mechanised mining.

"At 4 g/t to 6 g/t, the reef is materially richer than other mechanised mines in the PGM industry.

"Growth uplift is driven by higher grades, rather than increasing volumes, enabling us to leverage the existing concentrator and tailings facilities.

"This approach will save us billions in upfront capex and costs", Miller emphasised at the Johannesburg Stock Exchange-listed PGM company's dividend-rich presentation, covered by Mining Weekly.

Valterra plans to commence trial mining this year, which will provide critical input to its comprehensive feasibility study now under way.

Valterra CFO Sayurie Naidoo reported that discretionary capital of R4.5-billion rand was directed to Sandsloot underground development and drilling, as well as surface infrastructure and development at De Brochen.

The conclusion of the prefeasibility study has reinforced our confidence in the 10% to 50% uplift in Mogalakwena PGM volumes and a 10% to 20% reduction in costs, numbers that it believes will truly move that needle.

"With the scale of the opportunity in mind, over the past year, we've made great progress in bringing this closer to reality.

The team has completed a further 30 km of exploration drilling, which has informed the total upgrade of 13-million ounces to measured and indicated mineral resources, which is available for future conversion to ore reserve.

The underground development has advanced a further 3.2 km, while the team also successfully completed the pass for the ventilation shaft 1.

Trial processing of the bulk ore stockpile is underway, which had accumulated to about 80 000 t by year-end.

"We've invested about R1.4-billion rand in capex to advance the project.

"I really hope that you're as excited about this as we a...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

The wholly owned Namibia subsidiary of London Aim-listed Andrada Mining, Uis Tin Mining, has added to its offtake agreement with integrated tin producer Thailand Smelting & Refining (Thaisarco).

"This agreement is a result of the long-standing partnership we have built with Thaisarco, the strong operating performance we continue to deliver at Uis, and the growing demand for tin," Andrada CEO Anthony Viljoen explained in a media release to Mining Weekly.

In return for exclusivity over all tin concentrate produced by Uis Tin Mining during the period of the agreement, Thaisarco will advance $3-million to Uis, which is expected to be received later this week to provide financial flexibility as Uis' operations continue to scale up.

Uis has three repayment options and except in events of default, repayment is at its discretion.

No interest accrues on the unsecured advance amount, and a small marketing discount is applied to future sales.

The extension in the current commodity market is described by Viljoen as providing greater flexibility for Uis to capitalise on market demand as well as a demonstration of confidence in the Andrada team to achieve scale across the asset.

The opencast Uis mine is located in Namibia's Erongo region.

Modern applications of tin include its use in solders for joining pipes and electric circuits, food packaging cans owing to its low toxicity, window glass production, components in some lithium-ion batteries, and dental care products containing tin compounds.

Earlier this month, Uis entered into a cooperation agreement with the European Investment Bank (EIB) to accelerate the feasibility study for its lithium expansion project.

Under the terms of the agreement, Andrada says, the project will benefit from technical and project development assistance through a facility funded by the EU.

The scope of work is designed to advance the project to bankable feasibility level and to support Andrada's pathway to becoming a long-term supplier of lithium into global green-energy supply chains.

The EIB partnership is seen as providing technical and institutional support for the lithium development strategy at Uis, which mines a polymetallic pegmatite-hosted deposit containing tin, tantalum and lithium mineralisation.

Lithium mineralisation predominantly occurs as petalite and during the initial phase, petalite concentrate will be produced for the technical lithium market.

In January, Andrada received up to $51-million in funding as part of an agreement with an affiliate company of investment firm ACAM to accelerate exploration and development of the Brandberg West project, also in Namibia.

The agreement comprises a conditional, staged earn-in agreement whereby ACAM's affiliate, BWCAM, can earn up to 49% ownership of Brandberg West, which is currently owned by Grace Timon Investments, a wholly-owned subsidiary of Andrada's Mauritius-based subsidiary Andrada Investments.

Brandberg West is an historical tungsten-, copper- and tin-producing mine, with the investment proceeds aimed at investigating tailings recovery potential and wider exploration studies over the licence area.