Impala Platinum first quarter 6E production declines 5% amid rising prices

Impala Platinum Holdings’ share price fell 4.89% on Friday after the mining group reported that 6E production volumes had decreased by 5% through the group’s first quarter to September 30.

Group platinum metals production came to 882 000 ounces, with a 5% decline in managed volumes to 693 000 ounces, a 5% decline from joint ventures to 138 000 ounces, and a 3% increase in third-party receipts to 52 000 ounces, the mining group said Friday in a report.

The share traded at R186.12 on the JSE in the afternoon, a price that was below the R198.64 that it traded at a year ago.

Gross 6E refined and saleable production volumes increased by 3% to 830 000 ounces, and 6E sales volumes were 7% higher at 847 000 ounces.

"Implats delivered higher refined and saleable production and sales volumes into much improved PGM pricing. Our efforts to mitigate fatal injuries secured a fatal-free quarter. Implats remains firmly on track to deliver against its previously communicated operational, cost, and capital expenditure guidance in the 2026 year,” Implats' CEO Nico Muller said.

He said they recently successfully concluded annual contractual negotiations with their core customer base, reaffirming the outlook for rising demand across the group's suite of precious and base metals.

"PGM markets in 2025 have been characterised by constrained liquidity, much improved investor sentiment, and firmer pricing,” said Muller.

After a prolonged period of market complacency, ongoing geopolitical and macroeconomic uncertainty has driven increased demand for supply surety and critical metals security.

*Group production and managed volumes have been restated following the completion of the consolidation of Impala Rustenburg, and now include saleable volumes from the North Shafts (formerly known as Impala Bafokeng), where previously concentrate volumes were included.”

Tons milled at managed operations rose marginally to 7.11 million tons during the quarter. Volumes at Zimplats and Marula 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.

6E 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. 6E production from managed operations declined by 5% to 693 000 ounces. 6E concentrate production from the group's joint ventures — Mimosa and Two Rivers — declined by 5% to 138 000 ounces.

Third-party 6E concentrate deliveries to Impala Refining Service (IRS) increased by 3% to 52 000 ounces.

Production momentum at Impala Rustenburg was negatively affected by operational disruptions due to the early implementation of winder upgrades, Department of Minerals and Petroleum Resources stoppages in July 2025, unstable power supply, and labour repositioning between short- and long-life shafts, which primarily impacted the South and Central Shafts.

Tons milled increased by 2% to 3.99 million tons, while grade declined by 4% to 4.05 g/t due to higher contributions from mechanised sections and dilution caused by geological features.

At the North Shafts, operational delivery improved at Styldrift — 6E concentrate volumes increased by 6% to 137 000 6E ounces 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 declined by 9% to 329 000 ounces.

Impala Canada achieved key performance measures in line with its revised operating strategy. Tons milled declined by 8% to 703 000 tons, and grade improved by 2% to 2.93 g/t, resulting in a 4% reduction in 6E volumes in concentrate to 56 000 ounces.

Two Rivers delivered to plan. Production volumes in the prior comparable period included contributions from the Merensky project ahead of its mothballing. Milled volumes declined by 6% to 889 000 tons, while higher processing recoveries helped offset marginally lower milled grade of 3.11 g/t, yielding 6E concentrate production volumes of 75 000 ounces.

At Impala Refining Services (IRS), mine-to-market 6E receipts from Zimplats and Marula declined by 7% to 194 000 ounces, reflecting the accumulation of concentrate at Zimplats.

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