Valterra Platinum has rewarded shareholders with a generous interim dividend as the miner reaps the benefits of the strong platinum price and higher sales and production, delivering a fourfold increase in earnings.CEO Craig Miller said on Wednesday the “exceptional results” are a direct consequence of metal-in-concentrate (M&C) production increasing by 4% to 1.5-million PGM ounces, and sales volumes rising by 18% to 1.7-million PGM ounces.“As a result of our disciplined operational execution and higher PGM prices, we delivered a four-fold increase in ebitda (earnings before interest, tax, depreciation and amortisation) to R33.4bn, representing the third highest interim profits in our history,” he said.Revenue for the six months ended June was up 93% at R81.8bn, while headline earnings per share soared to R82.02 from R4.73 a year ago.The board declared an interim dividend of R57 per share, equivalent to a payout of 70% of headline earnings, which is well above the group’s policy of 40% of headline earnings.Valterra was spun off from Anglo American a year ago.We continue to be well positioned to sustain our track record of industry-leading shareholder returns through the cycle— Craig Miller, Valterra Platinum CEO“Operating as an independent company over the past year has enabled us to sharpen our focus, accelerate decision-making and strengthen execution across the business. This is evident in our exceptional first-half 2026 performance, which reflects strong operational momentum, advancement in executing on our strategy and creating value for all our stakeholders,” Miller said.The realised dollar basket price increased by 85% to $2,801 (R46,844) per PGM ounce as the platinum price staged a strong recovery, marking its strongest six-month average level since the first half of 2021. The average realised platinum price was 106% higher, with rhodium and ruthenium up 94% and 167%, respectively, which made major contributions to the increase in Valterra’s realised basket price.Miller said Valterra continues to advance its world-class growth projects.“We have made good progress with the Sandsloot Underground project at Mogalakwena, where we remain on track to complete the feasibility study and reach an investment decision during the first half of 2027,” he said.The group has maintained its full-year M&C and refined production guidance of 3.0 to 3.4-million PGM ounces, with a stronger-than-normal weighting to second-half production underpinned by strong operational execution and a well-positioned portfolio of assets, it said.Cash operating unit cost guidance of R19,000–R20,000 per PGM ounce remains unchanged, while the group continues to monitor the effects of the continued Middle East conflict.The group has maintained its capital expenditure guidance at R17bn to R18bn.“The business is well positioned to continue this positive delivery momentum through the second half of the year. Through our operational excellence programmes, we remain focused on ensuring that over the medium term our assets continue to operate sustainably in the lower half of the industry cost curve,” Miller said.“Coupled with our disciplined approach to capital allocation, we continue to be well positioned to sustain our track record of industry-leading shareholder returns through the cycle.”Business Day