The country’s biggest platinum group metals (PGMs) producer, Zimplats Holdings Limited, has reported a significant decline in its final metal production for the quarter ended 30 September 2025, primarily driven by lower head grades and extended repairs to a key furnace component, Mining Zimbabwe can report.
By Rudairo Mapuranga
According to the company’s latest operational update, the total 6E (Platinum, Palladium, Rhodium, Ruthenium, Iridium, and Gold) metal in the final product fell to 142,535 ounces. This represents a sharp 24% decrease from the 186,946 ounces produced in the previous quarter (ended June 2025) and a 5% decline compared to the 150,353 ounces achieved in the same period last year (September 2024 quarter). This production dip occurred even as the company celebrated a major safety achievement, reporting zero lost-time injuries for the same period, highlighting a quarter of mixed operational fortunes.
The report highlights a confluence of factors that contributed to the production shortfall. First, the overall 6E head grade saw a 2% year-on-year decrease, falling to 3.30 grams per tonne. This was attributed to a production mix that included more ore from the depletion of high-grade pillars at Rukodzi Mine and a higher proportion of lower-grade ore from the South Pit open-pit operation.
Second, while the volume of ore milled remained stable at 1.98 million tonnes, the concentrator recovery rate fell by 4% from the prior quarter to 75.6%. The company cited the lower head grade and “inconsistent ore supply” as the primary reasons for this inefficiency, which led to a 6% quarterly drop in 6E concentrate production to 158,716 ounces.
The most significant impact on final metal output, however, came from the smelting process. The company undertook extended repairs to the furnace slag tap hole, which disrupted the conversion of concentrate into final metal. This resulted in a build-up of approximately 12,600 6E ounces in concentrate inventory that was not processed during the quarter.
The impact of these challenges was felt across the entire spectrum of metals produced. Platinum production experienced a substantial decline, falling 23% from the June quarter to 66,044 ounces. Palladium output followed a similar trajectory, dropping 24% to 55,828 ounces. The most pronounced decreases were seen in gold, which fell 27% to 7,423 ounces, and rhodium, which was down 28% to 5,919 ounces. Ruthenium and iridium production also fell, declining by 22% to 4,968 ounces and 18% to 2,353 ounces, respectively.
The production of valuable by-product metals was similarly affected. Silver production saw a dramatic 46% decrease to 11,300 ounces. Nickel output fell to 1,326 tonnes, a 31% quarterly decrease, while copper production was 1,041 tonnes, down 29% from the June quarter. Cobalt production rounded out the declines, falling 22% to 18 tonnes for the quarter. When viewed against the performance of the same quarter last year, the picture is somewhat less severe but still shows a general downward trend, with 6E metal in final product down 5% year-on-year.
Despite the challenging quarter, Zimplats clarified that the accumulated concentrate inventory is not a loss but a timing issue. The company stated that this inventory “will be smelted during the remainder of the financial year,” indicating that production is expected to catch up in subsequent quarters once the furnace repairs are fully complete. This planned clearance of the inventory backlog should provide a significant boost to the production figures in the upcoming quarters.
