Platinum Revenue Soars 2% to Overtake Palladium as Zimplats’ Top Earner
The country’s largest Platinum Group Metal (PGM) producer, Zimplats, has seen platinum overtake palladium as its leading revenue contributor, according to its preliminary final report for the financial year ending 30 June 2024.
By Rudairo Mapuranga
Platinum revenue rose by 2%, amounting to US$246.05 million during the fiscal year, up from US$240.98 million in the previous year.
This increase enabled platinum to become Zimplats’ top revenue earner, overtaking palladium, which saw a sharp decline in revenue to US$220.71 million, down from US$340.65 million during the financial year ended 30 June 2023.
The 35% year-on-year drop in palladium revenue reflects the changing dynamics within the global PGM market.
Rhodium also experienced a significant decline in revenue, generating US$90.99 million compared to US$169.28 million the previous year.
In contrast, gold revenue saw growth, rising to US$64.54 million from US$51.84 million in the prior year, demonstrating the metal’s increased contribution to Zimplats’ overall earnings.
Nickel, however, saw a decline in revenue, earning US$79.99 million, down from US$102.89 million.
Iridium and copper revenues showed modest increases, with iridium rising to US$29.72 million from US$25.05 million, and copper to US$29.39 million from US$25.63 million.
Smaller contributions came from ruthenium, which fell slightly to US$4.98 million from US$5.31 million, silver, which increased to US$477,000 from US$387,000, and cobalt, which dipped to US$253,000 from US$275,000.
In total, Zimplats’ revenue for the year amounted to US$767.11 million, a decline from US$962.29 million recorded in the previous financial year. This downturn was largely driven by the substantial decreases in palladium and rhodium revenues, despite the resilience shown by platinum and the gains in gold and other metals.
Zimplats’ shift in revenue leadership from palladium to platinum underscores the evolving market dynamics and the growing importance of platinum in its revenue stream. This trend may continue as global demand for platinum increases, particularly in the green energy sector, where it plays a vital role in hydrogen fuel cell technology.