Platinum group metals producer Zimplats recorded a steep decline in gold production during the quarter ending March 2026 after scheduled smelter maintenance disrupted final metal processing operations.
According to the company’s latest production update, gold output dropped by 57 percent to 3,863 ounces, down from 9,049 ounces produced in the previous quarter. On a year-on-year basis, production was also significantly lower compared to 7,368 ounces recorded in the same period last year.
The downturn extended beyond gold, with all six platinum group metals (6E) registering notable declines as the smelter shutdown halted matte processing for several weeks. Total 6E refined metal production fell 56 percent quarter-on-quarter to 76,340 ounces, reflecting reduced deliveries of finished metal despite stable mining activity.
Platinum production declined to 35,525 ounces, while palladium output dropped to 29,694 ounces, both reflecting a 56 percent contraction from the preceding quarter. Rhodium production slipped to 3,215 ounces, with ruthenium and iridium also registering similar reductions. Among by-products, silver experienced the sharpest fall, plunging 65 percent.
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Base metal volumes were equally affected, with nickel output decreasing by 61 percent to 684 tonnes, copper production falling 58 percent to 559 tonnes, and cobalt dropping 76 percent to just four tonnes.
Zimplats attributed the production slump primarily to maintenance work undertaken at its smelter in February 2026, which temporarily suspended matte tapping operations until March. As a result, approximately 63,000 ounces of 6E metal remain stored as concentrate and are expected to be processed into final metal before the end of the company’s 2026 financial year.
Despite weaker refined output, mining performance remained relatively steady. Ore mined during the quarter reached 2.094 million tonnes, marginally lower than the previous quarter due to fewer operating days but substantially higher than levels recorded a year earlier.
Increased open-pit mining volumes and improved underground fleet performance supported the annual growth.
Processing throughput also softened, with ore milled declining six percent to 1.926 million tonnes following mill maintenance shutdowns across concentrators. However, throughput remained stronger compared to the same period last year, while concentrator recoveries held steady at 78.5 percent.
Metal contained in concentrate decreased slightly by six percent compared to the prior quarter but remained 18 percent higher year-on-year, highlighting that operational mining capacity was largely intact.
The smelter outage ultimately created a mismatch between concentrate production and final metal output, leaving Zimplats with elevated inventory levels awaiting processing once smelting operations fully normalise.
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