At the rockface at an Impala Platinum Mine in Rustenburg. Implats' production was stale in the third quarter to March 31, 2026.
Image: Supplied
Impala Platinum Holdings’ production reflected strong operating momentum at several key mining assets during the third quarter to March 31, while demand and pricing for the white metal remained firm.
For the nine months to March 31, 6E group production volumes were stable at 2.56 million ounces - managed volumes were largely unchanged at 2 million ounces, joint venture production decreased 2% to 395,000 ounces, and third-party receipts of 167,000 ounces increased by 16% from the prior comparable period, the mining group said in a production update Friday.
Gross 6E refined and saleable production rose 5% to 2.63 million ounces, and 6E sales volumes increased by 3% to 2.63 million ounces during the period.
CEO Nico Muller said the processing assets delivered well to reduce excess inventory, despite the scheduled rebuild of their Number 4 furnace during the period.
“We remain firmly on track to deliver our previously provided group volume, unit cost, and capital expenditure guidance for the 2026 year,” he said.
"Demand for PGMs from our customer base has remained robust, despite elevated global geopolitical tensions, and we have benefitted from sustained pricing support for PGMs in the quarter,” said Muller.
The group was closely monitoring the impact of events in the Middle East on supply chains, with steps already taken to buffer the availability of critical consumables and spares at our operations.
"We remain focused on delivering consistent and safe production in the final months of the financial year, ensuring our ability to capitalise on strong rand PGM pricing, maximise free cash flow generation, and deliver value," he said.
During the quarter, there were two fatalities at managed operations, resulting from a winch incident in February and a tramming incident in March, both of which occurred at Impala Rustenburg.
“The board and management team have extended their sincere sympathies and continue to offer support to the families of Monnawapula Joshua Sikhomba and Karabo Edward Pitse,” the group directors said.
During the quarter to March 31, gross group 6E production was stable at 762,000 ounces.
Tons milled at managed operations increased by 10% to 6,49 million tons, reflecting improved mining fleet availability and higher open-pit volumes at Zimplats, as well as positive operating momentum at Impala Rustenburg, which offset the planned reduction in volumes at Impala Canada and the continued focus on development at Marula.
6E milled grade of 3,75g/t benefitted from changes in ore mix, with higher milled volumes at Impala Rustenburg offsetting the impact of increased throughput of lower-grade open-pit ore at Zimplats and lower grades at Impala Canada.
Notwithstanding improvements in mined and milled volumes, 6E production at managed operations fell 3% to 588,000 ounces, as matte volumes at Zimplats were adversely impacted by the accumulation of 63,000 ounces of concentrate inventory during smelter maintenance.
6E production from the joint ventures (JVs) at Mimosa and Two Rivers improved 1% to 122,000 ounces. At Impala Refining Services, third-party 6E receipts were 27% higher than the prior comparable quarter at 52,000 ounces.
Refined 6E production, which includes saleable ounces from Impala Canada and Impala Rustenburg North Shafts (formerly Impala Bafokeng), improved by 19% to 851,000 ounces.
The rebuild of Furnace 4, which was initiated in December 2025, progressed with the first matte produced, as planned, in mid-April 2026.
6E sales volumes for the quarter increased by 9% to 847,000 ounces, including saleable production from Impala Canada and Impala Rustenburg North Shafts.
Reported production volumes benefitted from a strong start-up following the Christmas break, while several operational constraints were navigated in the prior comparable period.
"We remain focused on delivering consistent and safe production in the final months of 2026 – ensuring our ability to capitalise on strong rand PGM pricing, maximise free cash flow generation, and deliver value," the group directors said.
Impala’s share price fell 0.9% to R242.06, a price much in line with the R241.49 it traded at a year before.
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