Zimplats, the country’s leading Platinum Group Metals producer, recorded a 15% surge in mined volumes in the third quarter of FY2026, a performance that underpinned solid year-to-date output and helped parent company Implats offset challenges at its other operations as it looks to capitalise on firm PGM prices, Mining Zimbabwe can report.
By Ryan Chigoche
In the quarter ended 31 March 2026, tonnes milled at Zimplats increased by 15% to 1,926,000, up from 1,674,000 recorded in the same period last year. The growth was driven by improved availability and performance of the mechanised mining fleet, alongside higher volumes from open-pit operations.
This strong quarterly performance fed directly into the nine-month results to 31 March 2026, with sustained operational momentum lifting year-to-date throughput. Over the period, milled volumes increased by 8% to 5,949,000 tonnes, compared to 5,485,000 tonnes in the prior comparable period.
Despite the increase in volumes, the 6E grade declined by 3% to 3.28g/t in both the quarter and the year-to-date period, reflecting higher contributions from lower-grade South Pit ore, as well as dilution linked to geological factors.
On the production side, 6E concentrate volumes for the quarter rose by 18% to 159,000 ounces, with the prior comparable period affected by final assay adjustments. However, production in matte declined by 45% to 76,000 6E ounces due to furnace maintenance during the period.
The impact of these processing constraints extended into the year-to-date performance. For the nine months to March 2026, 6E concentrate production increased by 6% to 487,000 ounces, but the build-up of concentrate inventories weighed on downstream output, resulting in a 6% decline in matte production to 393,000 6E ounces.
Maintenance was completed during the quarter, with matte tapping reinitiated in mid-March 2026. The accumulated 6E concentrate stock of approximately 63,000 ounces at Zimplats is expected to be depleted over the remainder of FY2026, supporting a recovery in refined output.
The stronger throughput and concentrate production from Zimplats provided critical support to Group performance during the period, particularly as processing disruptions temporarily constrained refined volumes, helping to offset weaker output from other operations.
“Our third quarter production results reflect strong operating momentum at several key mining assets in the Group. We remain firmly on track to deliver our previously provided Group volume, unit cost and capital expenditure guidance for FY2026.
“Demand for PGMs from our customer base has remained robust, despite elevated global geopolitical tensions, and we have benefited from sustained pricing support for PGMs in the quarter. We are closely monitoring the impact of events in the Middle East on our supply chains, with steps taken to buffer the availability of critical consumables and spares at our operations.
“We remain focused on delivering consistent and safe production in the final months of FY2026—ensuring our ability to capitalise on strong rand PGM pricing, maximise free cash flow generation, and deliver value,” said Implats Chief Executive Officer Nico Muller in a statement accompanying the results.
In the quarter ended 31 March 2026, Group 6E production remained stable at 762,000 ounces, reflecting steady output despite processing constraints during the period. Tonnes milled at managed operations increased by 10% to 6.49 million tonnes, supported by improved mining fleet availability and higher open-pit volumes at Zimplats, alongside strong operating momentum at Impala Rustenburg. This offset the planned reduction in volumes at Impala Canada and ongoing development at Marula.
The Group’s 6E milled grade of 3.75g/t benefitted from changes in ore mix, with higher-grade volumes from Impala Rustenburg counterbalancing the impact of increased lower-grade open-pit ore from Zimplats and softer grades at Impala Canada.
This quarterly performance carried through into the year-to-date results for the nine months ended 31 March 2026, where production trends remained broadly stable. Tonnes milled from managed operations increased by 5% to 20.53 million tonnes, although the average 6E mill grade declined marginally by 1% to 3.76g/t.
6E production from managed operations, including Zimplats, Impala Rustenburg, Marula, and Impala Canada, was steady at 2.00 million ounces. However, smelter maintenance at Zimplats resulted in the accumulation of approximately 63,000 ounces of concentrate inventory, which reduced reported matte volumes during the period.
Production from joint venture operations declined by 2% to 395,000 ounces, while third-party concentrate volumes rose by 16% to 167,000 ounces, leaving total Group 6E production broadly unchanged at 2.56 million ounces.
