Valterra Platinum to begin trial underground mining at Mogalakwena
Valterra Platinum (VALJ.J) plans to begin trial mining at an underground section of its flagship Mogalakwena mine in Limpopo province, South Africa, in late 2026. The Mogalakwena complex, located north of Johannesburg, is the world’s largest open-pit platinum group metals (PGM) operation and comprises five pits.
The new underground development focuses on the higher-grade ore body beneath the Sandsloot pit. For years, South African PGM producers have battled declining ore grades, forcing a shift to deeper and more costly underground operations to sustain output.
Production target
Mogalakwena remains Valterra’s top-producing asset, contributing nearly half of its total PGM production. According to General Manager Stephan Nothnagel, the underground project is advancing through feasibility studies expected to conclude in the first half of 2027. However, a trial phase will start earlier, with first ore potentially being trucked to surface by the end of 2026. If successful, Valterra envisions ramping up underground production to between 3.6 and 4.5 million tonnes per year after 2030, potentially boosting Mogalakwena’s concentrate output by 10% to 50%.
Despite recent headwinds for PGMs linked to falling prices and reduced demand due to the growth of battery electric vehicles Valterra is positioning itself for longer-term opportunities. The company’s strategy team highlighted growing applications in hydrogen production and fuel-cell vehicles, which could help offset the decline in traditional autocatalyst demand.
“We have strong confidence in the fundamentals of the PGM sector, both in the near term and especially in the long term,” said Agit Singh, Valterra’s head of processing operations.
