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Zimplats delivered a robust operational performance for the quarter ending 31 December 2025, demonstrating significant progress in key production and financial metrics. The company’s results reflect its ongoing efforts to optimise operations and address both opportunities and challenges in the current mining industry landscape.
The company reported a 22% increase from the previous quarter in 6E metal production (6E metals refer to the combined output of platinum, palladium, rhodium, ruthenium, iridium, and gold), reaching 174,229 ounces. This improvement was mainly driven by higher volumes of ore mined and processed, as well as enhanced operational stability across its sites.
Compared to the same period last year, the amount of 6E metal in final product rose by 35%. This notable year-on-year growth outpaces many industry peers and highlights Zimplats’ effective processing strategy, which benefited from increased mill throughput and the utilisation of previously accumulated concentrate inventories.
Operational Metrics
Mined volumes grew by 5% quarter on quarter and were 15% higher than a year earlier. This expansion reflects industry-wide trends of incremental recovery and capacity improvements, supported in Zimplats’ case by better equipment availability at underground operations and increased open-pit mining.
Milled tonnes rose by 3% over the previous quarter and by 12% year on year, thanks to stronger mining performance and fewer scheduled mill shutdowns. These gains are consistent with positive shifts seen in the broader mining sector, where operational streamlining is a key focus.
The company noted that the 6E head grade (which measures the average concentration of precious metals in each tonne of ore) remained steady quarter on quarter at 3.29 grams per tonne. However, there was a 3% reduction compared to last year, attributed to changes in ore mix following the depletion of higher-grade material at Rukodzi Mine and the introduction of lower-grade open-pit sources. This trend mirrors challenges faced across the industry as mines mature and lower-grade ore bodies are accessed.
Processing performance also improved, with concentrator recoveries (the percentage of metals successfully extracted from the ore) rising by 4% compared to the previous quarter. As a result, 6E in concentrate production increased by 7% to 169,086 ounces, underscoring the positive impact of operational enhancements implemented during the period.
Financial Performance
Operating cash cost per 6E ounce decreased by 6% quarter on quarter to US$1,009 per ounce, reflecting the benefits of higher production volumes. However, costs were 8% higher than a year ago, mainly due to increased labour, open-pit mining, and equipment maintenance expenses. This year-on-year cost increase is in line with regional mining cost inflation trends, but Zimplats’ costs remain below the industry average, demonstrating relative cost efficiency despite broader inflationary pressures.
Safety and Project Updates
Zimplats reported two lost-time injuries during the quarter, which impacted overall safety performance. The company has completed investigations and is implementing corrective measures to prevent recurrence, reinforcing its commitment to worker safety and operational transparency.
Progress continued on the group’s major capital projects. The Mupani Mine development remains on track to achieve full production of 3.6 million tonnes per annum by FY2029, with cumulative expenditure reaching US$360 million. The smelter expansion and sulphur dioxide abatement projects are proceeding as scheduled, with a total spend of US$466 million to date. These investments are essential for supporting long-term growth and environmental compliance.
Zimplats’ quarterly performance demonstrates a balanced combination of operational gains, cost management, and responsible project delivery. By clearly highlighting both areas of improvement and ongoing challenges—such as higher input costs and safety incidents—the company supports transparency and maintains credibility with its stakeholders. Zimplats remains focused on operational excellence, cost control, and the successful delivery of key projects to ensure sustainable, long-term production growth.
