Valterra Platinum-owned Unki Mine in Shurugwi has reported a 9 per cent year-on-year decline in platinum group metals (PGM) production for the fourth quarter ended 31 December 2025, according to the company’s latest operational update, Mining Zimbabwe can report.
By Rudairo Mapuranga
The mine produced 54,700 PGM ounces in Q4 2025, down from approximately 60,300 ounces in the same quarter last year (Q4 2024). The decline was driven by the continued mining of lower-grade ore blocks and disruptions to concentrator throughput resulting from power and plant instabilities.
This result also marks a significant quarter-on-quarter drop from the 60,300 ounces produced in Q3 2025, representing a 9 per cent sequential decrease.
A detailed breakdown of the production highlights consistent declines across the key metals, in line with the lower overall output and head grade:
- Platinum (Pt): Estimated to have decreased significantly, likely in line with the overall 9 per cent drop.
- Palladium (Pd): Also estimated to have seen a substantial decline.
- Rhodium (Rh) and other PGMs: Production expected to have fallen proportionally.
The reported issues represent a combination of persistent geological factors and acute operational interruptions. The mining of lower-grade ore blocks is a planned, cyclical challenge the operation has navigated before. However, the mention of “concentrator throughput disruptions resulting from power and plant instabilities” points to additional external and internal pressures impacting recovery and output.
This quarter’s performance is a notable reversal from the relative stability reported in Q4 2024, when production saw only a marginal 2 per cent decline. The 9 per cent year-on-year drop is the most significant quarterly decrease reported since a 7 per cent fall in Q2 2024, which was also attributed to lower-grade mining.
The production dip at Unki occurs against a complex global PGM market backdrop. While the automotive sector’s long-term transition to electric vehicles continues to weigh on demand forecasts for palladium and platinum in autocatalysts, prices have shown volatility. Palladium has fallen sharply from its peaks, while platinum has sought a new equilibrium, finding some support in industrial and hydrogen economy applications. Rhodium prices remain under pressure following significant corrections from historic highs. This environment of subdued prices intensifies the focus on operational efficiency and cost control for producers worldwide, making throughput disruptions and lower grades particularly impactful on mine economics.
The update is among the first quarterly operational reports from Unki since its ownership transition from Anglo American Platinum to Valterra Platinum. It underscores the ongoing technical and infrastructural challenges facing mining operations in Zimbabwe, with power reliability remaining a key operational risk.
As a cornerstone asset for Valterra and a major contributor to Zimbabwe’s foreign exchange earnings, Unki’s ability to manage grade variability and stabilise plant operations will be critical to its performance in the coming year. The mine’s resilience is being tested amid a continued weak global PGM pricing environment, which continues to pressure margins across the industry.
