On May 28, 2025, Craig Miller, the newly appointed CEO of Valterra Platinum, made headlines as he blew a ceremonial horn to mark the listing of Anglo American’s platinum unit under its new name at the Johannesburg Stock Exchange (JSE) headquarters in Sandton, South Africa. This momentous occasion not only symbolized a fresh start for the company but also heralded a significant turning point for the platinum market.
A Transformative Platinum Week
During this year’s Platinum Week conference in London, Miller shared insights that resonated with industry stakeholders. He noted that while the event typically leads to a rise in platinum prices followed by a subsequent dip, this year was different. “Platinum prices have continued to rise and are now trading at around $1,300/oz,” he stated, highlighting a shift in market dynamics.
Miller attributed this sustained price increase to a growing recognition among investors of the favorable fundamentals in the platinum market. This perspective stood in stark contrast to the more cautious outlook presented by conference chairman Bernard Swanepoel, who questioned the newfound strength in platinum prices amid ongoing concerns about the electric vehicle (EV) market and jewelry demand.
Understanding Market Dynamics
Miller explained that the current market is experiencing a deficit, with demand outpacing supply. “Demand is much more robust than people were analyzing,” he asserted, emphasizing that lower supply coupled with rising demand would inevitably lead to price reactions.
China, in particular, has seen a notable improvement in demand. Original equipment manufacturers have reduced their inventories to normalized levels, which, combined with subdued EV demand, is driving prices for platinum, palladium, and rhodium higher.
The Electric Vehicle Landscape
When discussing the impact of electric vehicles, Miller provided a nuanced view. He pointed out that, despite the hype surrounding EVs, the market still overwhelmingly favors internal combustion engine (ICE) vehicles. In established markets like the US, Europe, and Japan, EV sales accounted for only about 10% of total vehicle sales in 2024, a figure that barely surpassed 2023 levels.
China stands out as an exception, with EVs making up approximately 25% of new vehicle sales. However, Miller cautioned against assuming that this trend would replicate globally. “China is unique,” he explained, citing its lack of a long history of ICE vehicle ownership and its rapid investment in EV infrastructure.
Concerns about “range anxiety” in China have also led to a rise in plug-in hybrids, which still require platinum group metals (PGMs). This trend, according to Miller, reflects a longer-term outlook on how the energy transition and EV adoption will unfold.
A Bright Future for Platinum Jewelry
Miller expressed optimism about the rising demand for platinum jewelry in China, especially as the gold price has surged to three times that of platinum. This price disparity presents an opportunity for platinum to reclaim market share lost to white gold, which was developed as a cheaper alternative. “If platinum wins back just 10% of the white gold market, demand could rise by a further 1.5 million ounces annually,” he noted.
The Dawn of Valterra Platinum
Valterra Platinum, formerly known as Anglo American Platinum, has undergone a significant transformation following its unbundling from Anglo American. This change has opened new avenues for growth and innovation. When Swanepoel inquired about how it felt for Miller not to report to Duncan Wanblad, CEO of Anglo American, Miller skillfully sidestepped the question, focusing instead on the excitement surrounding the demerger and the promising prospects for Valterra.
Conclusion
Craig Miller’s leadership marks a pivotal moment for Valterra Platinum and the platinum market as a whole. With a clear understanding of market dynamics and a forward-looking approach, Miller is poised to navigate the challenges and opportunities that lie ahead. As the industry evolves, Valterra Platinum stands ready to capitalize on emerging trends, ensuring a bright future for both the company and the platinum sector.
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