Zimbabwe’s largest platinum producer, Zimplats, reported a decline in production for the year ended 30 June 2025, with 6E production in matte falling by 6% to 606,300 ounces, down from 645,900 ounces in FY2024, Mining Zimbabwe can report.
By Rudairo Mapuranga
According to Zimplats’ parent company Implats’ annual production update, the drop was driven primarily by poor fleet performance, which constrained mining operations during the year. This was compounded by the lock-up of concentrates as Zimplats commissioned its expanded smelter complex. While the short-term production loss is notable, the commissioning of the smelter represents a significant long-term investment in beneficiation and value addition in Zimbabwe.
Zimplats operates a large-scale underground mining complex, producing more than seven million tonnes of ore annually. The efficiency of its fleet, from load-haul-dump units to drill rigs and underground trucks, is critical in maintaining ore flow to concentrators. In FY2025, underperformance of this fleet reduced mining flexibility, constraining ore delivery and lowering refined output.
Fleet challenges are not new to Zimbabwe’s underground mines, where equipment replacement cycles are often extended due to capital constraints and long lead times for imports. For Zimplats, these issues appear to have compounded at a time when the operation was simultaneously rolling out one of its largest capital projects in decades.
The lock-up of concentrates during the smelter commissioning phase further weighed on reported output. Essentially, material that would normally have been converted into matte ounces was tied up in the processing pipeline as new capacity was brought online. This is a temporary effect, but it had a measurable impact on FY2025 numbers.
Once fully operational, the expanded smelter complex will position Zimplats as a stronger beneficiation player. Zimbabwe has long pursued policies encouraging in-country processing of PGMs, and Zimplats’ investment aligns with government objectives of maximising value retention from mineral exports. The smelter expansion is expected to reduce reliance on toll treatment in South Africa and improve operational efficiencies over time.
Zimplats’ performance has a direct bearing on Zimbabwe’s economy. As the country’s single largest PGM producer, Zimplats contributes over 50% of total national output. A 6% decline in production, therefore, translates into a material reduction in foreign exchange inflows. Using prevailing market prices, the shortfall equates to more than US$50 million in lost export revenues in FY2025.
However, the commissioning of the new smelter underlines Zimplats’ continued commitment to long-term investment in Zimbabwe, despite the short-term disruption. The project not only increases beneficiation capacity but also creates downstream jobs, expands the local contractor base, and enhances the company’s ability to withstand future logistical bottlenecks.
Looking ahead, Zimplats’ performance will depend on resolving fleet challenges and ensuring smooth ramp-up of the smelter. The mine’s multi-billion-dollar investment pipeline, including concentrator expansions and mine redevelopment projects, indicates that Implats remains confident in Zimbabwe as a PGM jurisdiction.
For policymakers, Zimplats’ FY2025 update is a reminder of the dual challenges facing Zimbabwe’s mining industry: operational bottlenecks that can dent short-term output, and the broader imperative of creating an enabling environment for long-term investment.
Despite a 6% decline, Zimplats remains the bedrock of Zimbabwe’s platinum industry and a crucial player in the country’s journey toward achieving its 2030 vision.
