PGM Arc: Modikwa and Two Rivers
ARM, Valterra, Implats — Two Joint Ventures, One Builder, the Same Reef
Originally published on LinkedIn. This work is AI-assisted - read about how I work.
Modikwa and Two Rivers: ARM, Valterra, Implats — Two Joint Ventures, One Builder, the Same Reef
Two joint ventures. Two of the largest PGM houses in the world. One counterparty — ARM — across both tables.
The eastern limb of the Bushveld Igneous Complex runs through Limpopo’s Steelpoort–Burgersfort corridor — Sekhukhune-land, ground where the Bapedi paramountcy held sway for generations before the wars of the 1870s and 1880s. Many of the men who worked Kimberley and the Rand came from this corridor.
ARM itself was assembled from parts larger houses had decided to move on. In March 2002, Anglo American acquired a 34.9% stake in Avmin — Anglovaal Mining, the old Menell family house. In May 2003, Anglo sold that stake to Harmony Gold and ARMgold. The transaction gave ARM the base metals and platinum assets it needed. Avmin renamed itself African Rainbow Minerals in 2004.
Modikwa came first. In July 2001, Anglo Platinum announced a 50:50 joint venture with ARM Mining Consortium on the farms at Maandagshoek. The capital cost: R1.35 billion, split evenly. The target: ~162,000 oz of platinum annually. ARM committed R100 million of its own capital. Two Section 21 companies — Mampudima and Matimatjatji — hold an effective 8.5% shareholding in Modikwa through their 17% stake in ARM Mining Consortium. Not at holding-company distance. Inside the capital structure of the operating mine. That architecture preceded the Mining Charter. In the early years, Modikwa bled. ARM held.
Two Rivers followed — a different house, the same counterparty. ARM holds 54% and manages the operation on the farm Dwarsrivier, 35 km south-west of Burgersfort. Implats holds 46%, with a life-of-mine offtake agreement into Impala Refining Services. ARM did not arrive as an empowerment partner. It arrived as the operator. Two Rivers came in ahead of schedule and 10% under budget. Modikwa had been the education.
Modikwa’s workforce numbers 3,997 people. 76.5% from Limpopo. 1,524 from within the mine area itself.
In F2025, Two Rivers produced 288,502 6E oz and sold 153,507 tonnes of chrome concentrate. Modikwa produced 281,638 6E oz. Together: 570,140 oz. The Merensky expansion at Two Rivers — approved at R5.7 billion in March 2021, revised to R6.8 billion by the time it was placed on care and maintenance in July 2024 — stalled as the cycle contracted. By early 2026 the cycle had turned. ARM reported basic earnings of R2.35 billion in its 1H F2026 results, up 69%. The ground does not change. The price changes everything else.
Modikwa’s JV partner is now Valterra Platinum — demerged and renamed in June 2025. The JV continues.
The architect of the ARM side of both tables is Patrice Motsepe. He built this from assets larger houses were moving on. Mining. Financial services. Beyond. He is still building.
This story is also on LinkedIn, published on 14 April 2026.