Valterra Platinum is ready to commence trial mining at an underground pit at its Mogalakwena mine, reputed to be the world's largest open-pit platinum group metals (PGM) mine, by late 2026.

The general manager for the project revealed the timeline during a media tour of the mine, according to a Reuters report.

Located in the Limpopo province, north of Johannesburg, Mogalakwena comprises five open pits, with the Sandsloot pit earmarked for underground development due to its higher ore grades.

South Africa's platinum miners have increasingly had to go deeper underground to maintain production levels amidst declining ore grades, a shift that escalates both costs and risks.

Mogalakwena is a significant asset for Valterra, accounting for nearly half of the company's PGM output.

In July, Valterra initiated a feasibility study for the underground project, aiming for completion and an investment decision in the first half of 2027.

Mogalakwena underground mining studies general manager Stephan Nothnagel was quoted by the news agency as saying: “We are also envisioning a trial mining... in the back end of 2026.”

Nothnagel suggested that initial ore extraction and a potential ramp-up to a 3.6–4.5 million tonnes per annum (mtpa) operation could occur beyond 2030.

Valterra hopes the underground mine will contribute to a 10–50% increase in Mogalakwena concentrate production.

Executives Martin Poggiolini and Agit Singh also highlighted efforts to scale up demand in existing markets and create new demand segments.

In a separate development in June, Anglo American completed the demerger of around 51% of its interest in Valterra Platinum, following shareholder approval.

Anglo American will retain a 19.9% stake in Valterra Platinum, which it plans to manage responsibly over time to achieve a full separation.