Zimbabwe’s refined platinum production rose to a quarterly record in the second quarter of 2026, helping offset weaker output from Russia and North America even as the global platinum market swung sharply into surplus amid a broad decline in demand, Mining Zimbabwe can report.
By Ryan Chigoche
According to the World Platinum Investment Council’s (WPIC) latest Platinum Market Review, Zimbabwean refined production increased 11% year-on-year to 152,000 ounces in the three months to June, its highest quarterly level on record.
The increase contributed to a 2% year-on-year rise in global refined mine supply to 1.47 million ounces, with higher production from South Africa and Zimbabwe more than offsetting declines in Russia and North America.
However, the stronger supply backdrop came against a significantly weaker demand environment.
The global platinum market recorded a 244,000-ounce surplus in the second quarter, compared with a deficit of about 76,000 ounces in the same period of 2025.
Total supply was broadly stable year-on-year at 1.91 million ounces, while total demand fell 16% to 1.66 million ounces.
The decline was driven by weaker automotive and jewellery demand, investment outflows and a sharp reduction in platinum bar and coin investment.
Precious-metals investment sentiment weakened during the quarter as prices corrected from earlier highs, resulting in substantial exchange-traded fund liquidations and further reducing physical platinum investment.
The market also faced a persistent macroeconomic and geopolitical overhang, with disruption associated with the Middle East conflict affecting energy, refining and petrochemical markets, while elevated energy costs reinforced inflation concerns and contributed to a more restrictive interest-rate environment.
For Zimbabwe, however, the second-quarter figures marked a strong rebound after operational disruption earlier in the year.
The increase in refined production was principally driven by a one-off drawdown of 29,000 ounces of semi-finished platinum inventory at Zimplats.
The inventory had accumulated following smelter maintenance in the first quarter.
Following the restart of its furnace in March, Zimbabwe’s platinum smelter output increased 14% year-on-year, helping the country restore production after the disruption.
Unki also recorded higher refined output during the quarter, while Mimosa’s production was affected by intermittent power disruptions.
The contrasting performance across Zimbabwe’s three major platinum operations highlights the operational factors still shaping the country’s PGM output, particularly smelter availability and electricity reliability.
Despite the record quarterly production, WPIC expects Zimbabwe’s full-year platinum production to decline 1% to 508,000 ounces.
The forecast is principally linked to lower grades at Unki, while the supply volatility experienced during the first half of the year as a result of furnace maintenance at Zimplats is expected to ease during the second half.
The projected decline comes despite an improved price environment for platinum-group metals.
Although PGM prices fell quarter-on-quarter during Q2’26, they remained significantly higher than a year earlier.
WPIC said the stronger price environment has materially improved mining economics and alleviated some of the downside risks previously associated with margin pressure.
The improvement has also encouraged some producers to restart projects that had been deferred during the previous period of weaker PGM prices, although WPIC does not expect additional supply from those projects to be realised in 2026.
Zimbabwe’s production outlook therefore sits within a broader global supply picture that remains relatively constrained.
South Africa recorded a 4% year-on-year increase in refined mine production to 1.08 million ounces during the second quarter.
The increase was primarily driven by higher refined output from Valterra Platinum, while Northam and Implats also recorded increases.
At Valterra, the recovery of Amandelbult following flooding in 2025 supported higher own-mined production, more than offsetting lower purchases of concentrate.
Valterra’s refined volumes also remained above underlying mined output for the fifth consecutive quarter as the company continued drawing down semi-finished inventory across its processing pipeline.
At Implats, improved processing availability enabled a further drawdown of excess semi-finished inventory, while Northam benefited from higher production at Booysendal and Eland as well as increased third-party purchases.
Elsewhere, Russia’s refined production fell 6% year-on-year to 148,000 ounces, while North American production is projected to decline 19% to 47,000 ounces, largely because of lower Canadian by-product output.
Against this backdrop, WPIC has maintained its 2026 global platinum supply outlook at 5.55 million ounces, broadly unchanged from its previous forecast.
Modest gains from South Africa are expected to be offset by declines elsewhere, leaving overall global supply broadly unchanged.
South Africa’s exceptionally strong first-half performance, which saw production rise 19% year-on-year, is expected to moderate in the second half as Valterra reschedules processing maintenance from the first half into the second half to mitigate the impact of higher winter electricity tariffs.
Zimbabwe, meanwhile, is expected to see its first-half production volatility ease as Zimplats moves beyond the furnace maintenance that affected output earlier in the year.
The country’s platinum industry will nevertheless remain exposed to operational and geological constraints, particularly declining grades and power reliability.
At the same time, demand outside the traditional automotive and jewellery markets is providing some support.
WPIC noted continued structural investment in artificial intelligence, data centres and advanced electronics, which is supporting selected industrial applications for platinum.
For Zimbabwe, the latest figures present a mixed picture: the country achieved a record quarterly refined output and remains an important contributor to global platinum supply, but its full-year production is still expected to decline as lower grades at Unki weigh on output.
The second-quarter performance also demonstrates how quickly production can be affected by smelter maintenance and power disruptions, with Zimplats’ furnace maintenance and Mimosa’s electricity challenges both featuring in the latest supply data.
With global supply forecast to remain broadly flat in 2026 and demand facing pressure from weaker automotive, jewellery and investment consumption, Zimbabwe’s ability to sustain production will increasingly depend on operational reliability, ore grades and the performance of its existing platinum assets.
