South Africa’s Valterra Platinum says it is owed $100 million in 2025 export proceeds by Zimbabwe’s government, which has started making some payments to clear the arrears.
Zimbabwe requires all exporters to retain only 70% of their proceeds in foreign currency, with the balance being converted to local currency.
Valterra and its platinum industry peers have faced delayed payments from the government under the retention rule, according to Zimbabwe’s mining chamber. The government has cited cash flow constraints for the delays.
Zimbabwe’s Ministry of Finance and Reserve Bank did not immediately respond to a request for comment.
“It’s about $100 million that hasn’t been able to be accessed by us,” CFO Sayurie Naidoo told analysts during a results call. “We have been engaging with (Zimbabwe’s) Reserve Bank as well as the Ministry of Finance, and we are receiving some funds in 2026 so far, and we do expect to receive that over the next couple of months,” Naidoo added.
Valterra’s Unki mine in Zimbabwe produced 219,700 ounces of PGM concentrates in 2025, about 7% of the group’s total contentrate output last year. Spot platinum prices more than doubled in 2025 and hit a record $2,757.69 an ounce on January 26, driven by tight supply and rising investment demand for precious metals.
The price of platinum, which is used to make catalytic converters that curb vehicle emissions, is also being driven up by the European Union’s U-turn on a 2035 combustion-engine ban.
