Impala Platinum: Refined 6E production stable at 1.78 million 6E ounces
Tonnes milled at Impala Platinum managed operations increased by 2% to 14.04 million tonnes (H1 FY2025: 13.74 million) as higher throughput at Zimplats and Impala Rustenburg offset lower planned production rates at Impala Canada and stable volumes at Marula.
6E milled grade declined by 1% to 3.77 grams per tonne (g/t) (H1 FY2025: 3.80) negatively impacted by higher development rates at Marula and the inclusion of throughput of opencast ore at Zimplats.
6E production at managed operations increased by 1% to 1.41 million ounces (H1 FY2025: 1.40 million) benefitting from higher matte production at Zimplats, which offset lower stock-adjusted production at Impala Rustenburg and concentrate volumes at Impala Canada and
Marula.
6E production from joint ventures (JVs) declined by 3% to 272 000 ounces (H1 FY2025: 282 000). At Two Rivers, grade and yield improvements largely offset the impact of reduced mill throughput, while volumes at Mimosa were impeded by lower recovered yield. 6E concentrate receipts from third parties increased by 12% to 115 000 ounces (H1 FY2025: 103 000) reflecting the underlying performance at customer operations.
In total, Group 6E production increased by 1% to 1.80 million ounces (H1 FY2025: 1.78 million).
Refined 6E production, which includes saleable ounces from Impala Rustenburg’s North Shafts and Impala Canada, was stable at 1.78 million 6E ounces (H1 FY2025: 1.79 million). Processing operations performed well, with the Rustenburg smelters operating ahead of plan and record milling rates delivered at the Base Metal Refinery.
The scheduled rebuild of Furnace 4 was initiated as planned in December 2025. Implats ended the period with excess inventory of circa 400 000 6E ounces (H1 FY2025: 375 000; FY2025: 420 000).
Mining inflation was exacerbated by additional engineering and infrastructure costs, salary adjustments at Zimplats and changes in volumes and yield at managed operations. As a result, Group unit costs per 6E ounce increased by 11% to R23 183 (H1 FY2025: R20 885).
Group capital expenditure declined by 23% to R3.0 billion (H1 FY2025: R3.9 billion), due primarily to lower levels of capital at Zimplats as processing projects neared completion. In addition, the expansion at Impala Refineries was completed, spend on the Phase 2 project at Marula was stopped and expenditure at Impala Chrome was delayed due to outstanding environmental and water-use approvals. Stay-in-business spend of R2.6 billion, replacement capital of R302 million and expansion capital of R145 million decreased by 3%, 20% and 84%, respectively.
