Valterra Platinum expects to report earnings of as much as R22bn for the six months ended June compared with R1.2bn in the comparative period a year earlier, marking a stunning reversal in fortunes since the mining house was spun off from Anglo American a year ago.The platinum group metals (PGM) group on Friday published an upbeat trading update, confident it will report a 1,400% surge in interim profit when it publishes its results next week.“Earnings increased during the period, supported by a combination of an 18% increase in PGM sales volumes and significantly stronger PGM prices. The PGM dollar basket price increased by 85% to $2,801 per PGM ounce, which translated into a 66% increase in the PGM rand basket price to R45,993 per PGM ounce,” the group said in a regulatory filing.(Dorothy Kgosi) “The uplift in volumes was driven by higher M&C [metal-in-concentrate] output following the flooding-related disruptions at Amandelbult in the first half of 2025. In addition, the proactive rescheduling of planned maintenance activities and annual stock counts to the third quarter of 2026 facilitated a more even distribution of refined production throughout the year, further supporting sales volumes.”The group’s share price endured a torrid start to the year as spot prices for palladium and rhodium and the rapid escalation of Middle East geopolitical tensions led to broader market volatility.Valterra’s share price has plunged 31% over the past three months and 23% year to date, valuing the company at R286bn and snapping a streak that saw its market value reach the R400bn mark last year after leaving the Anglo stable.Valterra, in a separate production update covering the second quarter to June, said own-mined PGM production increased 13% to 525,700oz, primarily driven by the improved performance at Amandelbult, partially offset by lower production at Mototolo, Mogalakwena and Unki.PGM output at Amandelbult increased 116% to 151,300oz. The Amandelbult complex is a major underground and open-pit PGM mining operation located in platinum-rich Limpopo, between Thabazimbi and Northam.The complex last year experienced severe flooding owing to abnormal rainfall, with the group continuing to improve its flood defences across all its operations.“From a production perspective, the second quarter of 2026 reflected a resilient year-on-year recovery with own-mined metal-in-concentrate production up 13%, driven largely by improved performance at Amandelbult following the flooding disruptions experienced in 2025,” group CEO Craig Miller said.“We are well positioned for a strong second half, supported by improving operational performance and increased production flexibility. We remain committed to delivering within our 2026 guidance.”The downer in the group’s trading and production update was the fatalities reported in its operations. The company last month reported two fatalities: Thato Makuwa at Mogalakwena and Mongezi Mbusi at Amandelbult.Miller expressed the group’s regret at this loss of life.“On behalf of the entire Valterra Platinum team, we convey our deepest condolences to their families, friends and colleagues. While we cannot undo these tragic events, they have strengthened our resolve to create a safer workplace and prevent future loss of life,” Miller said.“We have taken decisive action across the business, bringing our leaders together to align safety priorities, undertaking operation-wide day-long safety stoppages and strengthening frontline leadership engagement and risk management.“We remain unwavering in our commitment to preventing harm and ensuring that everyone returns home safely every day. We remain focused on embedding a culture of zero harm while continuing to advance operational excellence as we unlock further efficiencies across the portfolio.”