Online Reporter
Michael Tome
Business Reporter
ZIMBABWE’S platinum output increased by nine percent year on year to 137 000 ounces in the second quarter of 2025, driven by increased capacity from Zimplats’ smelter expansion.
Increased smelter capacity at the country’s largest platinum miner allowed the company to draw down on semi-finished inventory accumulated during the commissioning phase.
The output was a ground-breaking achievement, representing a quarterly all-time high performance in the country’s platinum production, which solidifies Zimbabwe’s position as a major platinum producer.
Zimplats’ investment in expanding its smelter anchored the strong production during the review period, as the increased capacity allowed the company to process more ore, which consequently drove platinum output.
Zimbabwe’s platinum sector has seen significant capital investments, focused on developing new mines, expanding smelter capacity, and constructing additional concentrators.
“Output from Zimbabwe rose nine percent year-on-year to 137 koz, a quarterly all-time high. The increase was driven by the smelter expansion at Zimplats, which enabled a drawdown of semi-finished inventory accumulated during commissioning,” said World Platinum Investment Council (WPIC)in its 2025 second quarter report.
WPIC, however, noted that Zimbabwe’s platinum supply is projected to decline by four per cent to 491 000 ounces in 2025, marking a retreat from the record-breaking levels achieved in 2024.
This contraction is likely to stem from the depletion of semi-finished inventory that shored up last year’s output, combined with electricity shortages currently disrupting mining operations.
“Platinum supply from Zimbabwe is expected to contract by year-on-year to 491 koz, retreating from the record level achieved in 2024, attributable to the non-reoccurrence of a drawdown of semi-finished stock that boosted last year’s volumes, combined with regional electricity shortages,” added WPIC.
This comes as the global refined mine supply fell six percent year-on-year to 1 453 kilo ounces, weighed down by lower output from South Africa and Russia.
Russian supply fell 14 percent year-on-year to 155 000 ounces, reflecting lower ore output and a build-up of semi-finished inventory at Nornickel, the country’s main producer.
The decline in Russian production has further exacerbated the global supply shortage, highlighting the importance of addressing operational challenges in major producing countries.
South Africa’s platinum output has been negatively impacted by various operational issues, including maintenance shutdowns and logistical constraints.
These challenges have hindered the country’s ability to maintain production levels, contributing to the overall decline in global supply.
However, platinum miners in Zimbabwe face challenges such as slumping global prices, which may force producers to implement cost-cutting measures to remain competitive.
Despite these challenges, the country’s platinum sector is poised for continued growth and stability.
