Zimbabwe’s platinum production declined by 9% year-on-year to 121,000 ounces (koz), primarily due to reduced output at Zimplats, the country’s leading platinum group metals (PGM) producer, according to a recent report from the World Platinum Investment Council (WPIC).
By Ryan Chigoche
The decline in Zimplats’ production was caused by delays in commissioning its expanded smelter, leading to a temporary buildup of 14 koz in semi-finished inventory during the second half of 2024. Intermittent power supply disruptions further impacted operations, contributing to the overall reduction in output.
Despite the drop in Zimplats’ production, Zimbabwe’s total platinum output increased by 1% year-on-year, reaching 512 koz, an all-time high. This growth was primarily driven by a boost in production from Unki Mine, which offset the decline at Zimplats.
Mimosa Mine also saw a 3% increase in production during the period, processing 2.8 million tonnes of ore annually and producing 120,000 ounces of platinum (or 240,000 ounces of 4E). These positive performances helped mitigate the overall decline in Zimbabwe’s platinum production.
Globally, platinum supply grew by 3% year-on-year in 2024, reaching 5,766 koz, driven by stronger-than-expected output from South Africa and Russia. South Africa’s production increased by 4%, reaching 4,132 koz, aided by inventory drawdowns and a reduction in load-shedding. Russia’s output remained steady at 677 koz after furnace repairs were completed ahead of schedule.
However, global platinum supply is expected to contract by 5% in 2025, with production projected to fall to 5,506 koz. This decline is due to reduced palladium-related output in North America and further declines in South African production. Additionally, lower expectations for work-in-progress inventory releases are likely to tighten supply.
