- Zimplats achieved a strong 13.2% increase in 6E production in matte to 317k oz, driven by full normalisation with tonnes milled up 5.5% to 4.022 mn tonnes despite 2.6% grade decline to 3.30 g/t
- Performance was supported by a favourable global PGM price rally contributing to Implats’ higher sales revenue of ~R33,250 per 6E ounce
- Robust future pipeline features Base Metal Refinery refurbishment (US$29m, completion early 2027), Phase 2A 45MW solar project, and Mupani mine upgrade targeting 3.6 Mtpa and 309,000 6E oz by H1 FY2029
Harare- Zimplats, Impala Platinum’s key Zimbabwean operation, achieved a strong 13.2% increase in 6E production in matte including concentrate sold to Impala Refining Services to 317,000 ounces in the six months ended 31 December 2025, up from 280,000 ounces in the comparative period a year earlier.
This significant rebound was primarily driven by the full normalisation of operations following the successful commissioning and ramp-up of the expanded smelter complex, which had constrained output in the prior half-year.
Tonnes milled increased solidly by 5.5% to 4,022,000 tonnes from 3,811,000 tonnes, reflecting improved mining and processing momentum. Although the 6E head grade softened by 2.6% to 3.30 grams per tonne from 3.38 grams per tonne, the higher volumes more than offset the modest grade decline.
These gains made Zimplats a key positive contributor to Implats’ joint venture portfolio and helped support the Group’s overall stable refined 6E production of 1.78 million ounces.
The recovery has been further sustained by a favourable global PGM price environment. Platinum and palladium prices rallied strongly in late 2025 and into early 2026, driven by persistent supply constraints, recovering industrial demand, and positive market sentiment.
In, 2026 platinum is projected to average around US$2,450 per ounce and palladium maintaining levels above US$1,900 per ounce in January 2026. These price gains, partially offset by rand appreciation, contributed to Implats’ improved Group sales revenue of circa R33,250 per 6E ounce sold, up significantly from R23,831 in the prior period.
Implats has implemented disciplined cost management strategies across the Group, including labour restructuring, a substantial reduction in consolidated capital expenditure to R7 billion focused on essential safety, compliance and efficiency projects, and operational optimizations aimed at easing input inflation and prioritizing low-cost assets.
These efforts have helped contain unit cost increases, which rose 11% to circa R23,200 per 6E ounce on a stock-adjusted basis. At Zimplats, post-expansion efficiencies have aligned well with these Group-wide initiatives.
Looking forward, Zimplats benefits from a robust project pipeline as part of its multi-year US$1.8 billion expansion program through 2031. Key initiatives include the refurbishment of the Base Metal Refinery at a cost of US$29 million, targeted for completion in early 2027, the Phase 2A 45MW solar project following the successful Phase 1A 35MW plant to enhance energy sustainability, and the Mupani mine upgrade, which aims to achieve full production of 3.6 million tonnes per annum and 309,000 6E ounces by the first half of FY2029, supported by recent expansions in the underground equipment fleet.
Zimplats’ strong performance, underpinned by completed capital projects, favourable metal prices and disciplined cost management, positions the operation well to contribute to Implats’ FY2026 guidance targets for refined production, unit costs and capital expenditure despite ongoing macro and regional challenges.
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