Valterra Platinum suffers from weaker grades and throughput than expected, RBC Capital Markets Ben Davis and Nana Adwoa Sereboo write. The mining company's first-quarter production misses the analysts' expectations. This was largely the result of lower grades at Valterra's Mogalakwena mine, they say. The miner's full-year production guidance still looks achievable, with volumes likely to rise over the remainder of the year, they say. London-listed shares are down 3.1% at 6,430 pence. ([email protected])