Valterra’s CEO Craig Miller cites structural supply shortfalls, revived jewelry and autocatalyst demand, and slower EV adoption as key reasons the platinum price surge can be sustained.
What Is It?
Valterra Platinum, the newly independent platinum producer spun out of Anglo American in late May 2025, is capitalising on a sharp rally in platinum prices. CEO Craig Miller delivered this outlook at the London Indaba and during coverage of its Johannesburg and London listings.
Key People & Companies
- Craig Miller – CEO, Valterra Platinum
- Bernard Swanepoel – London Indaba conference chair
- Valterra Platinum (formerly Anglo American Platinum)
- Anglo American – parent company prior to demerger
Quoted Statements
“It’s different this year … the market is in deficit. Demand is much more robust than people were analysing.”
— Craig Miller, Valterra CEO
“If platinum wins back just 10% of the white gold market demand could rise by a further 1.5 million ounces annually.”
— Craig Miller, on jewelry demand
Impact & Implications
This outlook signals a pivotal shift in the platinum market, with supply deficits and rebounding demand offering renewed momentum for miners and investors. Companies may strengthen focus on platinum assets, while jewelers and catalytic converter manufacturers could see material cost pressures.
Geographic Focus
Global, with significant impact in South Africa (mining base) and China (jewelry demand); listings also target investor markets in London and Johannesburg.
Supporting Data & Figures
- Platinum price ~ $1,300–1,416 per oz—an 11‑year high and up over 50% year‑to‑date
- China jewelry demand rose ~26% Q1 as gold jewelry sales fell 32%
- 2025 platinum market deficit forecast ~966 000 oz, following near‑record one in 2024
Timeline or Key Dates
- Late May 2025 – Valterra demerges from Anglo American and lists on JSE (May 28), secondary listing in London begins June 2
- May 2025 – Comments delivered at Platinum Week/Indaba in London
- May–June 2025 – Platinum price surges to 11‑year highs
Sources Cited
Sources Cited
- Valterra CEO confident platinum price rally is sustainable – Miningmx
- Valterra Platinum bullish about platinum outlook – Mining Weekly
- Platinum price surges to 11‑year high on supply concerns – Mining.com
- Anglo American’s $11bn platinum spin‑off makes London market debut – Financial Times
- Valterra Platinum Shares Start Trading in London – Wall Street Journal
- How gold fatigue has helped drive platinum prices – MarketWatch
What’s Next
Valterra aims to deliver strong shareholder returns—40 % of headline earnings—and may repurchase shares or pay dividends depending on market conditions. Continued global monitoring of supply, jewelry and autocatalyst demand, and EV penetration will be essential to validate the sustainability of the rally.
Expert Analysis
“Valterra’s emergence as an independent player simplifies capital allocation and should sharpen operational focus—supporting its bullish tone on platinum,” notes a senior metals analyst.
