Platinum has reclaimed the spotlight after years in the shadows of lithium and copper. Prices have surged 80% since April 2025, climbing above US$1,650 per ounce — their highest level in more than a decade, Mining Zimbabwe reports.
By Ryan Chigoche
The rally is more than market excitement. Global industries are increasingly relying on hydrogen technologies, fuel cells, and cleaner automotive catalysts, driving renewed demand and underscoring platinum’s role as a key metal in the green energy transition.
Analysts estimate a 700,000-ounce global deficit in 2025 — the largest since 2014 — reflecting structural underinvestment and tight supply that could persist through 2029.
South Africa remains the world’s platinum heavyweight, producing nearly 70% of global supply. Yet chronic power shortages and ageing infrastructure are constraining output just as demand accelerates. That has turned attention to Zimbabwe, where rising prices and policy reforms are creating opportunities for growth.
Stretching across the centre of the country, Zimbabwe’s Great Dyke hosts the second-largest PGM resource globally.
Local miners are acting on the recovery: Zimplats has resumed execution of a US$1.8 billion expansion, boosting smelting and refining capacity. Additionally, the company has invested in a fleet upgrade to increase production.
Mimosa continues steady, high-grade production; Karo Platinum, under Tharisa PLC, is advancing a low-cost open-pit operation; and Darwendale (Kuvimba Mining House) has been restructured into a leaner, more efficient model. These developments highlight Zimbabwe’s emergence as a quiet disruptor in the regional platinum market.
Policy reforms reinforce this momentum. The government now levies a 5% charge on unbeneficiated PGM exports and collects part of royalties in refined metal — measures designed to encourage local beneficiation and improve fiscal resilience.
Yet even as prices soar, operational challenges persist. Since January 2025, platinum miners have faced delays in receiving local currency payments for 30% of export proceeds surrendered to the Reserve Bank under foreign currency retention rules.
According to the Chamber of Mines, PGM miners are owed millions of dollars, creating liquidity pressure across the sector. With PGM exports valued at roughly US$690 million in the first half of 2025, the delayed portion highlights the scale of strain on local operations — from supplier payments to project financing.
Despite these hurdles, Zimbabwe’s platinum sector remains optimistic. Rising global prices, expanding operations, and supportive policy reforms position the country to benefit from platinum’s recovery. The 80% price surge since April is more than a temporary spike — it signals a potentially enduring upswing and underscores Zimbabwe’s growing significance in the platinum story.
