Zimplats Holdings Limited says its US$54 million solar power project is progressing well and is expected to be completed in the first half of the 2027 financial year.
The Phase 2A project will increase the company’s solar power generation capacity to 80 megawatts. This follows the commissioning of the 35MW Phase 1A solar plant in August 2024. As of December 31, 2025, the company had already invested US$24 million into the second phase of its renewable energy programme.
The update was released together with the company’s interim financial results for the half-year ended December 31, 2025, which show a strong improvement in performance.
Revenue rose by 83% to US$641.8 million from US$350.2 million in the same period the previous year, largely driven by a 66% increase in average metal prices.
Profit before tax also rose sharply to US$203.4 million, up from US$8.9 million in the comparable period last year. Metal sales volumes increased by 10% to 308,598 6E ounces.
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The group closed the reporting period with cash and cash equivalents of US$145.7 million. Despite the improved financial performance, the board did not declare a dividend as the company continues to prioritise major capital investment projects.
Among the key projects underway is the development of the Mupani Mine, which is expected to reach a production capacity of 3.6 million tonnes per year by the first half of the 2029 financial year. So far, US$360 million has been spent on the project out of a total budget of US$386 million.
The company is also nearing completion of its smelter expansion and sulphur dioxide abatement plant, where US$466 million has already been spent from a budget of US$544 million. The new furnace is expected to more than double smelting capacity to about 380,000 tonnes of concentrate per year.
Meanwhile, the refurbishment of the mothballed Base Metal Refinery has been deferred beyond the current five-year plan, although US$36 million has already been invested in the project.
The interim financial statements were reviewed by auditing firm Axcentium, which issued an unmodified conclusion, stating that nothing had come to its attention to suggest that the financial information does not fairly present the group’s financial position as of December 31, 2025.
Chief executive Alex Mhembere said the recovery in platinum group metal prices has created a strong platform for growth, while emphasising that safety remains the company’s top priority.
The group recorded two lost-time injuries during the period but continues to pursue its goal of achieving zero harm.
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