South African platinum miner Valterra Platinum says it is owed roughly $100 million in export proceeds by Zimbabwe’s government, highlighting persistent foreign exchange challenges for companies operating in the country.The backlog stems from Zimbabwe’s retention policy, which requires exporters to convert 30% of foreign currency earnings into local currency.
Company Receives Partial Payments
Speaking during a results call, Valterra’s Chief Financial Officer, Sayurie Naidoo, said the funds remain largely inaccessible. “It’s about $100 million that hasn’t been able to be accessed by us,” she said, adding that the company is now receiving partial payments and expects further remittances in the coming months. Reported by Business Insider Africa.
Strong Earnings Despite Constraints
Despite the receivables backlog, Valterra reported strong 2025 financial performance. Headline earnings doubled to 16.7 billion rand (around $1.05 billion), supported by higher platinum prices and cost reductions. The company’s Unki mine, producing roughly 7% of group output, delivered 219,700 ounces of platinum group metal concentrates last year.
Platinum Rally Drives Profits
Spot platinum prices surged to a record $2,757.69 per ounce in January 2026, aided by tight supply and EU policy changes. Operational savings of 5 billion rand ($313 million) further boosted results, allowing a final dividend of 43 rand per share ($2.70), totaling 12 billion rand ($751 million) in payouts. Yet, Zimbabwe’s foreign exchange regime remains a major operational risk.
