Platinum, palladium, gold, rhodium, ruthenium, iridium, nickel and copper all post strong quarterly gains as smelter roars back to life
The country’s largest platinum group metals (PGM) producer, Zimplats Holdings Limited, has reported a comprehensive recovery across all metals in its final product for the quarter ended June 30, 2026, with every PGM and base metal category posting substantial increases from the prior quarter as the company processed accumulated concentrate inventory following furnace maintenance, Mining Zimbabwe can report.
By Rudairo Mapuranga
The most dramatic recovery came in platinum, which surged 176% quarter-on-quarter to 97,950 ounces. Palladium followed closely with an 183% increase to 84,035 ounces. Gold jumped 174% to 10,570 ounces, while rhodium rose 182% to 9,058 ounces. Ruthenium posted a 186% gain to 7,867 ounces, and iridium climbed 186% to 3,710 ounces.
On a year-on-year basis, the picture was equally impressive. Platinum rose 14% to 97,950 ounces, palladium increased 15% to 84,035 ounces, and gold edged 4% higher to 10,570 ounces. Rhodium delivered a 10% year-on-year gain to 9,058 ounces, while ruthenium surged 24% to 7,867 ounces and iridium jumped 29% to 3,710 ounces.
Total 6E metal in the final product reached 213,190 ounces, representing a 179% increase from the prior quarter and a 14% improvement year-on-year.
Silver also posted strong gains, rising 216% quarter-on-quarter to 20,467 ounces, although it remained 2% lower than in the same period last year.
Base Metals: Nickel and Copper Rebound Sharply
The recovery extended to base metals, with nickel production soaring 197% quarter-on-quarter to 2,030 tonnes and climbing 6% year-on-year. Copper jumped 175% from the prior quarter to 1,539 tonnes, representing a 5% year-on-year increase.
Cobalt, however, painted a different picture. While production surged 398% quarter-on-quarter to 234 tonnes, it remained 30% lower than in the prior-year period.
The Driver Behind the Surge
The exceptional quarterly performance was driven primarily by the processing of 63,000 6E ounces of concentrate inventory accumulated during the Q3 furnace maintenance. This explains the 179% quarterly surge across all metals.
However, the company has signalled that this momentum may be temporary.
“The furnace is scheduled for major maintenance in September and October 2026, resulting in further inventory buildup, which is planned to be released by the end of Q3 FY2027.”
Year-on-Year Comparison
| Metal | Q4 FY2026 | Q3 FY2026 | % Change (QoQ) | Q4 FY2025 | % Change (YoY) |
|---|---|---|---|---|---|
| Platinum (oz) | 97,950 | 35,525 | +176% | 86,028 | +14% |
| Palladium (oz) | 84,035 | 29,694 | +183% | 73,326 | +15% |
| Gold (oz) | 10,570 | 3,863 | +174% | 10,123 | +4% |
| Rhodium (oz) | 9,058 | 3,215 | +182% | 8,250 | +10% |
| Ruthenium (oz) | 7,867 | 2,748 | +186% | 6,352 | +24% |
| Iridium (oz) | 3,710 | 1,295 | +186% | 2,867 | +29% |
| 6E Total (oz) | 213,190 | 76,340 | +179% | 186,946 | +14% |
| Silver (oz) | 20,467 | 6,485 | +216% | 20,984 | -2% |
| Nickel (t) | 2,030 | 684 | +197% | 1,918 | +6% |
| Copper (t) | 1,539 | 559 | +175% | 1,471 | +5% |
| Cobalt (t) | 234 | 47 | +398% | 230 | -30% |
While the quarterly numbers represent a remarkable recovery, the sustainability of this production level remains uncertain. The upcoming September-October 2026 furnace maintenance will once again disrupt production, although management has indicated that accumulated inventory from that shutdown will be released by the end of Q3 FY2027.
For now, Zimplats has demonstrated the resilience of its operations and its ability to rapidly scale production once maintenance constraints are removed, positioning the company for continued strong performance in the year ahead.
