- Zimplats increased 6E matte production by 6% to 646,000 ounces.
- Enhanced milling capacity drove production growth.
- Zimplats remains central to Implats' growth strategy.
Impala Platinum Holdings Limited (Implats), one of the world's leading producers of platinum group metals (PGMs), has released its production update and trading statement for the year ended June 30, 2024. While the group grappled with a number of operational challenges, its Zimbabwean subsidiary Zimplats emerged as a standout performer during the period.
Zimplats, which is 87% (June 2023) owned by Implats, increased its 6E (platinum, palladium, rhodium, ruthenium, iridium and gold) matte production by 5.7% to 646,000 ounces. This solid performance was driven by a 5.5% increase in milling volumes to 7.912 million tonnes, offsetting a marginal 0.3% decline in 6E grades.
The production gains at Zimplats contrast with the mixed results across Implats' other operations. The group's South African mining and processing facilities were impacted by safety incidents, including a tragic accident at 11 Shaft that claimed 13 lives, as well as power supply constraints. Meanwhile, Impala Canada and the Two Rivers joint venture also reported declines in 6E production.
Zimplats' ability to maintain operational momentum and deliver volume growth is commendable, especially given the challenging environment faced by the group as a whole. This is a testament to the team's disciplined execution and the inherent quality of the asset.
Zimplats' contribution to Implats' overall 6E production increased to 17.7% in the 2024 financial year, up from 16.8% in the prior period. The Zimbabwean operation has long been a reliable performer for the group, with its mechanized underground mining model and access to high-grade ore bodies helping to offset the operational complexities experienced at Implats' other assets.
Looking ahead, Zimplats remains central to Implats' growth strategy, with the company continuing to invest in expansion projects at the operation. As Implats navigates the headwinds facing the broader PGM industry, Zimplats' consistent performance will be crucial in supporting the group's overall operational and financial resilience.
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