Should I buy Anglo American Platinum stock in 2025?

What is Anglo American Platinum?

How much is the Anglo American Platinum stock?

The price of Anglo American Platinum stock is down today. The current share price stands at 719.83 ZAR, reflecting a 0.61% decrease over the past 24 hours, while showing a strong 2.9% gain for the week. Market capitalization is approximately 194.26 billion ZAR, with an average daily trading volume of around 800,000 shares over the past three months.

Given recent market action and the company's industry leadership, investors should keep in mind that platinum prices can add both potential and volatility to this stock.

Our full analysis on the Anglo American Platinum stock

Having rigorously reviewed Anglo American Platinum’s (now Valterra Platinum) latest financials, together with its three-year stock performance, our proprietary blend of quantitative models and fundamental analysis has been deployed to assess the company from every angle: earnings, technical patterns, market dynamics, and competitive positioning. Synthesising these insights reveals a compelling outlook, especially for investors seeking opportunities at the intersection of resources and next-generation technology. So, why might Anglo American Platinum stock once again become a strategic entry point into the precious metals and hydrogen economy sector in 2025?

Recent Performance and Market Context

Anglo American Platinum (AMS.JO) has shown consistent strength in an evolving market—delivering a robust total return of +26.5% over the past 12 months, outpacing many peers in the precious metals sector. Over six months, the share price advanced by nearly 18%, now trading at 71,983 ZAc (719.83 ZAR) as of 30 May 2025. Notably, the recent intraday fluctuation of -0.61% reflects healthy market consolidation following a strong impulse higher in May.

This momentum is supported by structural industry shifts and several positive corporate events:

• Corporate Demerger: The completion of its spin-off from Anglo American in May 2025 now sees the company independently trading as Valterra Platinum. This move is widely interpreted as value-unlocking, enhancing strategic flexibility.
• Leadership Renewal: Craig Miller’s appointment as CEO in late 2023 brought with it decisive operational focus, already reflected in cost optimisation and asset rationalisation.
• Operational Streamlining: Recent actions, including the closure of non-core refining assets, position the business for improved efficiency and future margin expansion.

Sectoral and macroeconomic tailwinds further reinforce AMS’s attractiveness:

• PGM Demand Recovery: The platinum group metals (PGM) basket is poised for cyclical recovery, particularly as global supply constraints and disciplined producer behaviour support prices.
• Hydrogen Economy Rollout: South Africa is at the frontier of green hydrogen technologies, with PGMs playing a vital role—a theme that aligns seamlessly with Valterra’s strategy.

Against this backdrop, AMS is emerging as a key beneficiary of both its core industry’s resurgence and transformative sustainability trends.

Technical Analysis

From a technical perspective, Anglo American Platinum’s chart profile reveals a strongly constructive setup. The medium-term trend is clearly upward, with bullish structure supported by several key signals:

• Momentum Indicators: Recent readings of the relative strength index (RSI) and moving average convergence divergence (MACD) suggest positive momentum, without yet reaching overbought territory—an encouraging sign for further upside.
• Moving Averages: The share price currently trades well above both the 50-day and 200-day moving averages, confirming trend alignment.
• Supports and Resistances: The critical support band at 60,000–62,000 ZAc has held firm during recent market volatility, while sellers have emerged at 76,000–80,000 ZAc—a potential breakout point. The recently observed consolidation after May’s surge may constitute a classic cup-and-handle structure, often preceding additional upward moves.
• Volume Patterns: Sustained above-average volume during upward moves accentuates underlying buying demand and the legitimacy of recent gains.

These technical factors, in combination, suggest AMS may be in the early stages of a new bullish phase, with risk-reward metrics skewed favourably for tactical buyers.

Fundamental Analysis

Delving beneath the surface, Anglo American Platinum’s fundamentals are equally compelling and offer real support to the technical bull case:

• Revenue and Output: Despite a challenging pricing environment, 2024 saw a resilient operating performance—1.78 million ounces of refined PGM output in H1 alone (+5% year-on-year), with production projected to stabilise in the 3.5–4 million ounce annual range. Such stability enhances earnings predictability in a volatile sector.
• Operational Delivery: EBITDA for H1 2024 came in at 12.3 billion ZAR, only modestly lower than the prior year despite a 24% decline in PGM basket prices and one-off restructuring costs, underscoring operational robustness.
• Costs and Margin Control: The all-in sustaining cost (AISC) remains competitive at $957/oz (3E basis), with ongoing initiatives set to further lower the cost base.
• Balance Sheet Strength: AMS maintains a net cash position—14.5 billion ZAR as of the latest reporting—providing a crucial buffer against commodity market shocks and empowering the company for disciplined capital allocation, strategic expansion, and continued dividend payouts.
• Dividend Profile: A trailing yield of 1.66% (0.78% forward) remains notable among resource peers, evidencing AMS’s commitment to shareholder return.
• Valuation: The current Price/Earnings (P/E) ratio of 27.46 may be seen as justified given AMS’s unique PGM leverage, scale, and prospective growth in hydrogen-linked demand. Compared to historical multiples and other senior miners, the rating incorporates both legacy strength and anticipated technological expansion.
• Structural Advantages: With a resource base anchored in world-class assets (Mogalakwena, Amandelbult, Unki) and integrated refining operations, AMS has significant competitive moats. Its innovation pipeline in hydrogen fuel cell technology and industrial platinum applications further diversifies growth avenues.

Together, these elements construct a narrative of sustainable value creation—precisely the profile that attracts medium to long-term investors.

Volume and Liquidity

A liquid, actively-traded stock is a strong magnet for investor capital, and AMS delivers on this metric:

• High Trading Volume: The share’s average daily turnover—approximately 800,000 shares—underscores its standing as one of the JSE’s most liquid resource counters.
• Stable Float: The sizeable free float ensures that valuation is set dynamically and efficiently, minimising risk of price distortion or illiquidity.
• Market Confidence: Consistent volume surges have accompanied upward price movements, speaking to broad institutional participation and reliable market confidence in the ongoing re-rating of the stock.

These aspects mean AMS is readily accessible to both local and global investors seeking a liquid, investible play on platinum and the energy transition.

Catalysts and Positive Outlook

The forward-looking case for Anglo American Platinum is underpinned by several near- and medium-term catalysts, all of which could drive upside surprise:

• Independence-Driven Re-Rate: The recent demerger positions AMS (Valterra Platinum) for more focused strategy, superior resource allocation, and potentially transformative partnerships.
• Hydrogen Economy Growth: Forecasts indicate hydrogen fuel cell catalyst demand will expand at an annualised 17.1% through 2030. As a global PGM leader, AMS stands to benefit directly from this thematic tailwind.
• Industrial Demand: Platinum’s role in industrial and clean mobility segments continues to widen with decarbonisation, regulatory tightening, and the resurgence of automotive demand in emerging markets.
• Emerging Market Expansion: Recent geographic diversification into Zimbabwe enhances resource security and positions the company advantageously against peers.
• Operational Excellence Initiatives: Ongoing optimisation, from asset closures to automation, is set to unlock further margins.
• ESG Alignment: AMS is sharpening sustainability frameworks, a vital consideration for both active and passive capital flows in today’s market.
• Strong Leadership: With the transition to a dedicated CEO and focused board governance, AMS is well placed to capture strategic opportunities as a newly autonomous entity.

With sector demand and structural growth drivers converging, the next several years present a rare window where operational, financial, and thematic tailwinds reinforce one another.

Investment Strategies

Current market conditions point to an advantageous time to enter AMS’s growth story, with different strategies available for various investor types:

Short-Term Opportunities

• Entering during the current consolidation (above strong 60,000–62,000 ZAc support) positions buyers ahead of a potential technical breakout beyond 76,000–80,000 ZAc resistance.
• Trading momentum looks positive, supported by volume and technical indicators, increasing the potential reward for tactical, risk-managed trades in the coming weeks.

Medium-Term Positioning

• The bedding-down of the demerger, and anticipated operational enhancements, set up a multi-month window for price appreciation as AMS’s standalone strengths become more apparent to the market.
• Ongoing cost optimisation and the ramp-up of hydrogen-related initiatives are expected to generate positive news flow through late 2025 and into 2026.

Long-Term Strategic Allocation

• For investors seeking thematic exposure to decarbonisation technologies, South African resource leadership, and emerging market innovation, AMS represents a highly credible play.
• Anchored by a secure resource base, robust cash position, and ESG integration, the stock stands to compound value over time as the hydrogen economy matures.

In each time frame, AMS’s entry point appears compelling, whether the goal is capturing immediate technical upside or building strategic positions for the energy transition era.

Is it the Right Time to Buy Anglo American Platinum?

In summary, Anglo American Platinum’s recently affirmed independence, strong market positioning as a PGM leader, and forward-aligned strategy targeting hydrogen and green growth megatrends collectively build a foundation that justifies renewed and serious investor attention. The stock’s attractive upside, as indicated by robust technicals, healthy trading volumes, and forward-looking catalysts, suggests AMS may be entering a fresh bullish phase. The firm’s solid balance sheet, reliable dividend flow, and ongoing cost discipline provide further comfort for new investors.

While commodity pricing volatility remains a feature of the segment, the balance appears decisively tilted toward opportunity rather than risk at current valuations—especially with a medium-term target implying a potential 30% upside from current levels. For investors keeping a close watch on South Africa’s resource sector and the global energy transition, Anglo American Platinum seems to represent an excellent opportunity to position ahead of a new era of growth and industrial relevance.

In a resource-driven world increasingly shaped by technology and sustainability, Anglo American Platinum (Valterra Platinum) stands as a stock where conviction and opportunity converge.

How to buy Anglo American Platinum stock in South Africa?

Buying Anglo American Platinum (AMS.JO) shares online is both simple and secure when using a regulated broker in South Africa. You have two main ways to invest: direct "spot" buying, which gives you real company shares, and trading Contracts for Difference (CFDs), which allow you to speculate on the share price with leverage. Each method suits different investor profiles. Below, we explain both approaches, so you can choose what fits you best—plus, you'll find a detailed broker comparison further down this page.

Spot buying

A spot (cash) purchase means buying actual Anglo American Platinum shares on the Johannesburg Stock Exchange (JSE) through an accredited broker. You become a shareholder, eligible for dividends and voting rights. In South Africa, brokers typically charge a fixed commission per buy order—often between R60 and R150, depending on the platform—plus minor regulatory fees.

Example

Let’s say the current AMS share price is R719.83. With a R19,000 investment (approximately $1,000), you could buy about 26 shares (R719.83 × 26 = R18,715.58), accounting for a brokerage fee of around R100.
✔️ Gain scenario:
If the share price increases by 10% to R791.81, your investment would now be worth R20,506.96.
Result: That’s a gross gain of approximately R1,800—about +10% on your initial stake (excluding taxes).

Trading via CFD

CFDs (Contracts for Difference) allow you to trade on the price movements of Anglo American Platinum shares without owning the actual shares. This method offers leverage (often up to 5x on SA stocks), meaning you can control a larger position with a smaller upfront investment. Fees include a spread (the difference between buy/sell price) and overnight financing costs if the position is held for more than a day.

Example

You put up R19,000 as margin on a CFD trade with 5x leverage, giving you exposure to R95,000 in AMS shares.
✔️ Gain scenario:
If the AMS share price rises by 8%, your market exposure translates into a 40% gain: R19,000 × 40% = R7,600 (excluding spreads and financing costs).

Final advice

Before investing in Anglo American Platinum via spot buying or CFDs, carefully compare brokers’ fees, account features, and trading conditions. Each method carries its own risks and benefits—spot buying is better for long-term investors seeking ownership, while CFDs suit active traders aiming to profit from price moves with leverage. Your choice should match your investment goals. For an overview of the best brokers for South African investors, see our independent comparison table further down this page.

Our 7 tips for buying Anglo American Platinum stock

The latest news about Anglo American Platinum

Anglo American Platinum’s recent demerger sets the stage for a new era as Valterra Platinum in SA. The formal separation from parent Anglo American in May 2025 has enabled the company to trade independently on the JSE under its new name, Valterra Platinum. This structural transformation is especially significant for the South African market, where the firm holds its global headquarters, as it allows for focused local management and potentially swifter response to domestic and regional opportunities and challenges. Market sentiment has responded moderately optimistically to this move, with investors seeing potential in the company’s renewed independence and strategy, as reflected by a positive share performance of approximately 2.9% over the past week.

Valterra Platinum recorded robust medium-term performance, with the stock gaining 17.8% over six months. As of end May 2025, the company’s share price stood at 719.83 ZAR, capitalising it at roughly 194.26 billion ZAR and ranking it among Africa’s largest mining companies. Notably, Valterra Platinum posted a strong net cash position of 14.5 billion ZAR and has continued to issue interim dividends (9.75 ZAR per share in 2024), marking a demonstration of financial health. These steady fundamentals reinforce the company’s stability for South African investors seeking strong local dividend-yielding stocks amid ongoing global PGM volatility.

The company delivered in-line financial results despite sector headwinds from weaker PGM basket prices in H1 2024. Production of refined PGM increased by 5% for the first half of 2024, with total output at 1.78 million ounces, even as EBITDA slipped 8% in a lower price environment and in the face of cost restructuring initiatives. Importantly, management’s ability to maintain output and defend operating margins demonstrates resilience, and the South African operations—anchored by world-class assets at Mogalakwena, Amandelbult, and Unki—remain critical to local industrial supply chains and employment.

Positive growth catalysts include strong demand signals in hydrogen technologies and broader industrial applications. The market for hydrogen fuel cell catalysts, where Valterra Platinum is a technology and resource leader, is projected to grow by 17.1% per annum through 2030, supporting long-term platinum group metals demand from the South African industrial base. In addition, targeted development of technologies for the green hydrogen economy places the company at the forefront of local and regional energy transition initiatives, in line with government and private sector priorities.

Operational optimization and strategic restructuring point to continued adaptation and efficiency in the South African context. Recent decisions, like the closure of the Mortimer smelter, highlight management’s focus on operational streamlining and cost-control, actions relevant amid persistent volatility in the global PGM market. This operational discipline, coupled with South Africa’s ongoing need for mining sector adaptation in the face of global price cycles, underpins the company’s ability to remain a leading, stable, and innovative employer and exporter in the domestic market.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.