Zimplats output surge lifts Implats performance

Published: 2 hours ago

Zimplats, Zimbabwe's largest Platinum Group Metals (PGM) producer, posted a strong operational performance in the third quarter of FY2026, with a 15% surge in mined volumes helping parent company Implats cushion challenges at other operations.

For the quarter ended 31 March 2026, tonnes milled at Zimplats rose to 1.93 million, up from 1.67 million in the same period last year. The increase was driven by improved availability of the mechanised mining fleet and higher output from open-pit operations.

This momentum carried through into the nine months to March 2026, with total throughput rising 8% to 5.95 million tonnes, compared to 5.49 million tonnes in the prior comparable period.

Despite the higher volumes, ore quality softened slightly. The 6E grade declined by 3% to 3.28g/t in both the quarter and year-to-date period, largely due to increased contributions from lower-grade South Pit ore and some geological dilution.

On the production side, 6E concentrate volumes rose 18% in the quarter to 159,000 ounces, supported by stronger mining performance and prior-period assay adjustments.

However, matte production fell sharply by 45% to 76,000 ounces due to furnace maintenance, which constrained processing capacity.

For the nine months to March, concentrate production increased 6% to 487,000 ounces, but matte output declined 6% to 393,000 ounces as concentrate stockpiles built up during the maintenance period.

Zimplats accumulated approximately 63,000 ounces of 6E concentrate, which is expected to be processed in the remainder of FY2026 following the completion of maintenance work and the resumption of matte tapping in mid-March.

The strong performance at Zimplats played a key role in stabilising overall Group output, as processing disruptions elsewhere weighed on refined production.

Implats reported stable quarterly 6E production of 762,000 ounces, with tonnes milled at managed operations increasing 10% to 6.49 million tonnes. Growth at Zimplats and Impala Rustenburg offset lower volumes at Impala Canada and ongoing development at Marula.

For the nine months to March, total Group production remained steady at 2.56 million ounces, with managed operations contributing 2.00 million ounces.

Implats Chief Executive Officer Nico Muller said the Group remains on track to meet its FY2026 guidance, supported by solid operational momentum and favourable market conditions.

"Demand for PGMs from our customer base has remained robust, despite elevated global geopolitical tensions, and we have benefited from sustained pricing support," Muller said.

He added that the company is monitoring potential supply chain disruptions linked to tensions in the Middle East, while maintaining buffer stocks of critical inputs.

With maintenance now complete and stockpiled concentrate set to be processed, Zimplats is expected to support a recovery in refined output in the final quarter of FY2026.

The miner's strong throughput performance, combined with firm PGM prices, positions both Zimplats and Implats to maximise cash flow and sustain production momentum heading into the close of the financial year.
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