Impala: platinum, palladium and rhodium markets in supply deficits in 2026
Trade, policy and geopolitical uncertainty intensified through the first half of the financial year, amplifying broader macroeconomic volatility. Despite these pressures, persistent de dollarisation trends, increased demand for hard assets and the structural scarcity of PGM supply continued to provide notable market support.
While increased investor activity provided upward momentum to pricing, underlying demand and supply dynamics and the global quest for security of supply of critical minerals indicate sound fundamental support. Each of the platinum, palladium and rhodium markets is expected to record successive supply deficits in 2026 and, together with global geopolitical uncertainty, indicates that the key drivers underpinning recent pricing strength are unlikely to dissipate fully in the medium term.
Encouraging operational momentum and stability across the processing assets provides a solid foundation for delivery for the remainder of FY2026. Key operational priorities include maintaining the improved safety performance, embedding the enhanced maintenance protocols across the processing operations, consolidating efficiencies and strengthening productivity across the expanded Impala Rustenburg complex and realising the benefits of improved mining flexibility and operational stability at Marula.
Implats’ strategy remains anchored in safe, efficient and profitable production, optimal capital allocation and unlocking the considerable value inherent in its portfolio. The strong free cash flow generation, combined with a robust balance sheet and the strategic focus to deliver a more sustainable portfolio and long-term value creation, enhances the Group’s capacity to effectively manage challenges and opportunities. Implats will continue to navigate an evolving external landscape with agility and focus, ensuring sustained delivery for all stakeholders.
GUIDANCE
The Group’s guidance on production, unit costs and capital expenditure remains unchanged from that previously provided. Group 6E refined and saleable production is expected to be between 3.4 and 3.6 million ounces. Group unit costs are expected to be between R23 500 and R24 500 per 6E ounce on a stock-adjusted basis. Group capital expenditure is forecast to be between R8 billion and R9 billion. This guidance assumes exchange rates of R16.85/US$ and C$1.38/US$, respectively.
