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[SMM Analysis] Valterra Platinum Q3 2026: Refining Falls 41% as Maintenance Moves Into the Quarter

Valterra's third-quarter mine and concentrate production held up better than its refined output. The group reported 804,300 ounces of platinum-group metals (PGMs) in concentrate, down 6% from a year earlier. Owned refined production fell 41% to 576,900 ounces and sales fell 27% to 683,300 ounces. Rescheduled processing maintenance and annual stock counts explain much of the wider quarterly gap.

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