PLATINUM miner Implats is still on track to meet its full-year guidance of group refined and saleable PGM production of 3.4-3.6 million ounces, despite a marginal decrease in own mine production in the March quarter.
CEO Nico Muller said PGM demand from customers had stayed robust, despite geopolitical tensions, and the group benefited from sustained pricing support in the March quarter. Its target was consistent and safe production to capitalise on strong PGM pricing, maximise free cash flow generation and deliver value to shareholders.
Production of PGMs from Implats’ own operations, JVs and third parties eased 0.5% to 762,000oz in the March quarter compared with the same quarter in 2025, but total gross sales volumes, which include contributions from Impala Canada and Impala Rustenburg North Shafts (formerly Impala Bafokeng), were 9% higher at 847,000oz.
Tonnes milled at managed operations were 10% higher on the back of improved mining fleet availability, higher open-pit volumes at Zimplats and positive operating momentum at Impala Rustenburg. All this offset the planned reduction in volumes at Impala Canada and continued focus on development at Marula. But 6E production from these mines fell 3% to 588,000oz, largely because of a fall in production of matte at Zimplats due to furnace maintenance. That maintenance was completed during the quarter and matte tapping began again in mid-March.
Scheduled work on the rebuilt of Implats’ Furnace 4, which started in December, has progressed, with first matte produced in mid-April. At the end of the period, Implats held about 320,000oz in inventory, down from 375,000oz in the same period last year. The reduction was ahead of expectations, and reflected a strong performance at the base and precious metals refineries and despite the Furnace 4 rebuild, Muller said.
In the nine months to end-March, Implats said production has benefited from momentum at Impala Rustenburg and Zimplats, which has offset changes in operating parameters at Marula and Impala Canada.
