- Unki Platinum Mine reported a 15% decline in production in Q1 2025
- The decline was largely expected due to several operational challenges
- Global platinum market is expected to remain in deficit for the third consecutive year, with a projected shortfall of 848,000 ounces in 2025, following a 995,000-ounce deficit in 2024
Harare-Unki Platinum Mine, Zimbabwe’s third-largest platinum group metals (PGM) producer and a flagship operation of Anglo American Platinum (Amplats), reported a 15% production decline in Q1 2025, with output dropping to 53,600 ounces from 62,800 ounces in Q1 2024.
The downturn was largely anticipated and resulted from several operational challenges, including lower-grade ore in the current mining area, decreased metal recoveries, and the effects of a planned five-day maintenance shutdown at the plant.
The shutdown, intended for preventive maintenance, led to a decrease in the volumes milled during the quarter.
Unlike the previous year, where similar maintenance was scheduled in the second quarter, this year's early intervention impacted Q1 figures directly.
Located in Zimbabwe’s mineral-rich Shurugwi District, Unki remains a foundation of the nation’s platinum industry, trailing only Zimplats and Mimosa in PGM production.
In 2023, Unki’s output rose 5% to 243,800 ounces, driven by a 2022 concentrator debottlenecking project that expanded milling capacity, reinforcing Zimbabwe’s position as the world’s second-largest platinum producer after South Africa.
However, Unki faces significant economic pressures.
Escalating electricity costs, accounting for over 20% of mining revenues, and weak global PGM prices have eroded profitability.
In 2023, cash operating costs increased 9% to $183 million, driven by inflation in electricity, explosives, and chemicals.
Globally, the platinum market is expected to remain in deficit for the third consecutive year, with a projected shortfall of 848,000 ounces in 2025, following a 995,000-ounce deficit in 2024, according to the World Platinum Investment Council.
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