Unki Mine will next week officially become part of a fully independent entity, as Anglo American Plc prepares to relinquish control of its platinum business, marking a significant shift in southern Africa’s platinum group metals (PGM) landscape, Mining Zimbabwe can report.
By Rudairo Mapuranga
The London-based mining heavyweight will distribute its controlling stake in the Johannesburg-listed Valterra Platinum—formerly Anglo American Platinum (Amplats)—to shareholders, completing a corporate restructuring first announced in May. This move comes as part of Anglo’s broader strategy to streamline operations by exiting PGMs, coal, nickel, and diamonds, to focus more intently on copper and iron ore.
Unki Mine, Anglo’s flagship Zimbabwean PGM asset, is one of Valterra’s crown jewels. Nestled in the Great Dyke, the mine has become a symbol of operational efficiency in Zimbabwe’s mining sector. With its mechanised operations and a growing reputation for delivering steady returns, Unki remains a critical contributor to Valterra’s long-term strategy and global supply footprint.
Valterra Platinum, now the world’s fourth-largest PGM producer, will take on the challenge of navigating a future clouded by PGM price volatility and structural shifts in demand. The company inherits an industry under pressure: palladium and rhodium prices have slumped 43% and 56%, respectively, since early 2023, drastically reducing revenues from the highs seen in the early 2020s.
Despite those headwinds, Valterra insists it is built to weather the storm. CEO Craig Miller has met with over 90% of Anglo’s shareholders and says the majority intend to hold or even increase their stakes. This level of confidence, he argues, underscores belief in the resilience of Valterra’s assets and management.
Anglo American will retain a 19.9% stake in Valterra for now, partly to reduce potential “flowback” from foreign investors who may see the demerger as an increased risk. Valterra has also secured a secondary listing on the London Stock Exchange to broaden its investor appeal.
The newly independent miner controls about 30% of the world’s known PGM reserves, with major operations in South Africa and Zimbabwe. Among its standout assets are the Mogalakwena Mine—a low-cost, high-margin operation with more than 80 years of mine life—and the Unki Mine, which continues to provide stability and solid returns despite global market uncertainties.
However, the broader outlook for PGMs is still being shaped by the energy transition. Catalytic converters, which accounted for about two-thirds of PGM demand in 2024, are increasingly threatened by the rise of electric vehicles. Palladium, in particular, is exposed—about 80% of global demand comes from internal combustion engines, and the metal comprises around 40% of Valterra’s output.
To mitigate this, Amplats—and now Valterra—have been investing heavily, over $500 million in recent years, to develop new uses for PGMs. These include hydrogen-powered transport, cloud-based technologies, and food preservation systems. The company has even backed innovations in electric vehicle battery design that incorporate palladium to reduce weight and improve efficiency.
Despite the uncertain terrain, there is cautious optimism. Major investors like South Africa’s Public Investment Corporation, BlackRock, and Invesco have all recently increased their stakes in Valterra, suggesting a growing belief that PGM prices are approaching a floor. Platinum prices, notably, have already rebounded over 20% in 2024, as the market continues to tighten.
“PGM prices are unsustainably low,” one institutional investor recently noted. That sentiment is echoed by UBS analysts, who highlighted Valterra’s more mechanised and higher-margin operations as key strengths in navigating this period of adjustment.
For Unki Mine and its stakeholders in Zimbabwe, the demerger could mark a new chapter—one of a more tailored strategy and direct investment by a management team laser-focused on PGMs. Valterra’s leadership, including Executive Head of Marketing Hilton Ingram, remains bullish on hybrid vehicle demand propping up PGM use for longer than previously forecast.
“We believe catalysed vehicles will retain market share for longer,” said Ingram earlier this year. CEO Craig Miller added, “The deficits we see in the market and our positive long-term outlook give us confidence that PGM prices will rebound.”
As Valterra officially steps into the spotlight, Unki Mine will play a pivotal role in grounding the company’s Zimbabwean operations in solid, long-term value. For the local mining sector, it is yet another indication that Zimbabwe remains a relevant and strategic player in the global PGM value chain.
