Alexander Mhembere’s departure closes a long chapter in Zimplats’ transformation into a mechanised underground miner with expanded smelting and renewable-energy capacity. His successor, Stanley Segula, inherits a larger industrial platform and the task of turning its investment into sustained returns.

• Mhembere joined as CEO in October 2007 and steps down on 1 November 2026.
• A US$1.8bn investment programme expanded mines, concentrators, smelting and solar capacity.
• Long-serving operations chief Stanley Segula takes over after more than 18 years at Zimplats.

Alexander Mhembere’s departure from the chief executive’s office at Zimplats closes a 19-year leadership period during which Zimbabwe’s largest platinum producer expanded its mining, processing and energy infrastructure on a scale that changed the character of the business. His successor, Dr Stanley Segula, takes over on 1 November with a larger, more integrated operation, but also with an investment programme whose returns must now be demonstrated through reliable production, cost discipline and stronger value capture inside Zimbabwe.

Mhembere joined Zimplats as chief executive on 1 October 2007, after previously leading Mimosa Mining Company. He retires as CEO and executive director of Zimplats Holdings effective 1 November 2026, but will remain chairman of Zimbabwe Platinum Mines, the operating subsidiary. That continuing role provides institutional continuity, while the appointment of an internal successor limits the disruption usually associated with a change at the top.

The most visible measure of Mhembere’s tenure is the scale of capital committed to the operation. Zimplats has described a US$1.8 billion strategic investment programme covering mine replacement and development, expanded concentrator capacity and the upgrade of its Selous smelter. The programme forms part of a longer corporate investment history, so its achievements are best understood as a build-out advanced during his leadership and delivered by successive management teams, employees and contractors.

That build-out changed the company’s production architecture. Expansion phases increased mining and concentrator capacity, developed underground operations at Ngezi and supported the transition away from open-pit mining. Zimplats surpassed the 6.2 million tonnes per annum nameplate capacity associated with its second expansion phase. Underground mine development and redevelopment, including Bimha and Mupani, became central to sustaining ore supply as older workings approached the end of their productive lives.

Mupani is a defining part of that transition. Developed to replace the Rukodzi and Ngwarati mines, it is being upgraded towards a design capacity of 3.6 million tonnes a year. The Ngezi Third Concentrator, commissioned in 2022 with capacity of 0.9 million tonnes annually, added processing capacity to the expanded mining system. These projects strengthened the production base, but their full value depends on reliable ore supply, recoveries and utilisation.

Beneficiation is another defining feature of the Mhembere period. The upgraded Selous smelter increased smelting capacity substantially, with the company describing the expansion as tripling capacity. The subsequent smelter expansion and sulphur dioxide abatement project linked greater local processing capacity with improved emissions management. Commissioning of the 38MW smelter expansion in FY2025 marked a major milestone. Greater local smelting allows more of the value chain to remain in Zimbabwe, although returns still depend on throughput, operating costs and metal prices.

Energy security also moved closer to the centre of the operating strategy. Zimplats commissioned a 35MW solar power plant at Selous in FY2025, the first phase of a planned 185MW renewable-energy programme. Dedicated generation can reduce exposure to supply interruptions and improve cost predictability for a power-intensive business. It does not remove dependence on the national grid, but it adds an important source of supply for concentrators, smelters and underground infrastructure.

The record includes difficult periods. The sharp decline in platinum-group-metal prices in 2023 and 2024 forced Zimplats to reconsider expansion spending, defer some growth projects and prioritise replacement and sustaining capital. The company also introduced voluntary job reductions as part of its cost response. That episode illustrates the exposure of a capital-intensive producer to commodity cycles and the need to sequence projects against realistic price and cash-flow assumptions.

Segula inherits the expanded platform with deep institutional knowledge. He joined Zimplats in April 2008, became chief operating officer of the operating subsidiary in March 2011 and its managing director in November 2015. Before joining, he held a mine and smelter management role at a multinational chrome producer in Zimbabwe. His qualifications include a University of Zimbabwe mining engineering honours degree, an MBA, a Mine Manager’s Certificate of Competency, professional engineering accreditation and a PhD in Strategic Management and Leadership.

The next phase requires a different scorecard. The task is no longer only to build capacity, but to convert it into consistent final-metal production and competitive unit costs. Zimplats’ September 2026 quarter illustrated the distinction: 6E metal in concentrate fell 5% quarter-on-quarter to 164,129 ounces, while final-product output declined 35% to 138,844 ounces during planned furnace maintenance. The resulting concentrate stockpile was expected to be processed after the furnace returned to operation. The episode shows how mining, concentrating and smelting must work together to deliver saleable metal.

Segula will be judged on the returns from the capital already committed. Mupani’s progression towards 3.6 million tonnes a year, the smelter and sulphur dioxide abatement investment, and the renewable-energy programme must deliver measurable gains in production continuity, processing efficiency, environmental performance and cost resilience. These projects must compete for capital and management attention while the global PGM market remains cyclical.

Mhembere leaves Zimplats with a transformed physical footprint: more mechanised underground mining, greater concentrator capacity, expanded local smelting and dedicated solar generation. Those are tangible corporate achievements, although the final judgement on the investment cycle will depend on returns over the assets’ operating lives. His continued chairmanship of the operating subsidiary should preserve institutional memory, but responsibility for converting that platform into consistent production and shareholder value now rests with Segula.

- Equity Axis News