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The country’s leading platinum group metals miner, Zimplats, saw mined volumes rise by 5% in the quarter ended December 2025 compared with the previous quarter, driven by improved underground operations, Mining Zimbabwe can report.
By Ryan Chigoche
The improvement was underpinned by stronger equipment availability at the underground mining operations, which also supported a 15% increase in year-on-year mined volumes.
Higher open-pit mining rates, combined with enhanced underground productivity, lifted overall mining performance during the quarter.
These gains follow a period of operational challenges underground.
In the prior quarter, the Australian Stock Exchange-listed miner reported that limited availability of trackless mobile machinery, including loaders and underground trucks, had constrained ore extraction and transport, slowing production.
Improved mining delivery flowed through to the processing plants, with milled volumes increasing 3% quarter-on-quarter and 12% year-on-year.
The improvement was further supported by fewer scheduled mill reline shutdowns during the period.
Metallurgical recoveries also benefited from greater operational stability, rising 4% from the previous quarter, though they remained 2% below the prior comparable period due to lower milled grades.
As a result, 6E concentrate production reached 169,086 ounces, up 7% from the prior quarter. Metal in final product also rose sharply, climbing 22% quarter-on-quarter and 35% year-on-year, supported by higher mill throughput and the treatment of accumulated concentrate inventories.
Ore grades were broadly stable on a quarter-on-quarter basis, with the 6E head grade holding steady. However, grades declined 3% year-on-year, reflecting a change in the ore mix following depletion of higher-grade ore from the Rukodzi Mine and the introduction of lower-grade material from open-pit operations.
On the cost front, total operating expenses rose 4% quarter-on-quarter and 22% year-on-year, driven by higher labour costs, increased open-pit activity, and maintenance expenditure. Transfers from closing stocks released US$5.7 million of inventory accumulated in the prior quarter.
Operating cash costs per 6E ounce improved 6% quarter-on-quarter to US$1,009, although they were 8% higher than the prior comparable period, showing that operational efficiencies partly offset rising input costs.
Capital Projects Drive Future Growth
Building on operational stability, Zimplats advanced its major growth and sustaining capital projects during the quarter. The Mupani Mine remains on track for full-scale production of 3.6 million tonnes per annum by FY2029, with US$360 million spent at period end against a total budget of US$386 million.
The smelter expansion and sulphur dioxide abatement project also progressed as planned, with cumulative expenditure of US$466 million against a US$544 million budget. The 45 MW Phase 2A solar power project remains on track for completion in H1 FY2027, which will increase total installed solar capacity to 80 MW. US$24 million has been spent so far against a total budget of US$54 million.
Phase 2 of the tailings storage facility expansion at the Selous Metallurgical Complex advanced during the period, complementing the substantially complete Phase 1. Together, the two phases will secure concentrator operations through FY2049, with US$7 million spent against a US$18 million budget.
On the exploration front, Zimplats also completed a surface core drilling programme at the Bimha and Mupani mining footprints in the reported quarter.
Twenty-four holes totalling 7,074 metres were drilled to upgrade reserve confidence levels and guide decline development, positioning the company to sustain production targets in the coming years.
Meanwhile, the miner’s production increase in the quarter comes as the global platinum group metals market outlook remains positive.
The World Platinum Investment Council (WPIC) expects PGM demand to strengthen in 2026, driven by automotive catalysts, hydrogen applications, and investment flows, while supply growth remains constrained.
