Nico Muller
CEO: Impala Platinum
‘I think the company is entering a new phase – a very stable and strong one for the next five to 10 years’
2025 was as quiet a year as we’ve seen for Impala Platinum and its CEO Nico Muller. Prices for platinum group metals steadily improved through the period – and then exploded in December – but Muller took a backseat as he got on with the task of dealing with testing production and market conditions. Heavy rains disrupted operations in the first half. A decision was also taken to shutter Lac des Iles, Implats’s Ontario mine, seven years after its purchase.
On the bright side, Implats commissioned 380,000 ounces in processing capacity at Zimplats as part of a $1.8bn reinvestment in the Zimbabwe assets. Zimplats is also giving mind to the reopening of the Hartley mine which Implats inherited through the 2001 acquisition of former BHP assets. But Zimbabwe is cause for some heartburn at Implats, especially currency volatility, which makes running assets tougher. Despite this, Implats is “firmly on track” to deliver into forecast output for the 2026 financial year of 3.4 to 3.6 million oz in group refined and saleable production, says Muller – despite a muted first quarter.
Muller was also upbeat about prospects for this calendar year, saying that after a prolonged period of “market complacency”, geopolitical and macroeconomic uncertainty would drive metal demand. The group will be hoping to extract productivity gains from its Styldrift mine acquired through the high-profile takeover of Royal Bafokeng Platinum. There might also be a chance of reinstating organic growth and life extension projects that Muller was forced to shelve during the downturn in PGM prices.
LIFE OF NICO
Muller came to prominence in the South African mining sector when he ran Gold Fields’ then much-troubled South Deep mine and actually made profits from it. He then shifted to become CEO at Impala in 2017 and South Deep promptly plunged back into the red. He’s a mining engineer and his appointment was greeted cautiously by some observers, but Muller has generally performed well. He has pulled off successful international acquisitions and guided the group through tough times. He now has the wind at his back with an improved platinum price.
