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Platinum group metals (PGM) mining and marketing company Implats delivered higher refined and saleable production and sales volumes into improved PGM pricing in the three months to September 30.
Refined and saleable metal volumes improved by 3% to 830 000 oz and final metal sales rose by 7% to 847 000 oz.
"The sustained recovery in PGM pricing provides a welcome tailwind and Implats is well positioned to maximise and share value, while maintaining a firm focus on safe, consistent and efficient operational delivery," Implats CEO Nico Muller stated in the Johannesburg Stock Exchange-listed PGM company's production update for the first quarter of its financial year 2026 (FY26).
"Our efforts to mitigate fatal injuries secured a fatal-free quarter, testament to our commitment to achieving our zero harm ambitions. Implats remains firmly on track to deliver against its previously communicated operational, cost and capital expenditure guidance in FY2026," Muller reported
Implats recently concluded annual contractual negotiations with its core customer base, reaffirming an outlook of rising demand across the company's suite of precious and base metals.
"PGM markets in 2025 have been characterised by constrained liquidity, much-improved investor sentiment and firmer pricing.
"After a prolonged period of market complacency, ongoing geopolitical and macroeconomic uncertainty has driven increased demand for supply surety and critical metals security," Muller added in a release to Mining Weekly.
Tonnes milled at managed operations rose marginally to 7.11 million tonnes during the three months to September 30.
Volumes at the Zimplats mine in Zimbabwe and the Marula mine in South Africa were stable and higher throughput at Impala Rustenburg's North Shafts offset the planned reduction in volumes at Impala Canada and operational disruptions at Impala Rustenburg's South and Central Shafts. Milled grade declined by 3% to 3.74 g/t.
The impact of lower grade and recoveries was exacerbated by the temporary increase in concentrate inventory at Zimplats during furnace maintenance. production from managed operations declined by 5% to 693 000 oz.
Concentrate production from the group's joint ventures - Mimosa in Zimbabwe and Two Rivers in South Africa - declined by 5% to 138 000 oz.
Third-party concentrate deliveries to Impala Refining Service increased by 3% to 52 000 oz.
Consequently, group production volumes declined by 5% to 882 000 oz.
Refined production, which includes saleable ounces from Impala Canada and Impala Rustenburg's North Shafts, improved by 3% to 830 000 oz.
Scheduled annual processing maintenance and stock counts were completed in the period and excess inventory increased by 60 000 oz from the end of FY2025 to circa 480 000 oz at period end.
Sales volumes increased by 7% to 847 000 oz, including saleable production from Impala Canada and Impala Rustenburg's North Shafts.
IMPALA RUSTENBURG
Production momentum at Impala Rustenburg was negatively affected by operational disruptions owing to the early implementation of winder upgrades, Department of Minerals and Petroleum Resources stoppages during July, unstable power supply, and labour repositioning between short- and long-life shafts that impacted the South Shaft and Central Shaft.
Tonnes milled increased by 2% to 3.99-million tonnes, while grade declined by 4% to 4.05 g/t owing to higher contributions from mechanised sections and dilution caused by geological features.
At the North Shafts, operational delivery improved at Styldrift, where concentrate volumes increased by 6% to 137 000 oz with a further accumulation of circa 10 000 ounces untreated run-of-mine ore stock ahead of the concentrator plants. 6E stock-adjusted production at the South and Central Shafts de...

Implats delivers higher sales into much improved platinum group metals pricing

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