ZIMBABWE’S platinum output slumped 26% year on year to a 10-year low of 84 000 ounces in the first quarter after furnace maintenance at Zimplats disrupted production and delayed the processing of semi-finished inventory, according to the World Platinum Investment Council (WPIC).
The slowdown highlights the vulnerability of Zimbabwe’s platinum sector to operational disruptions at major producers.
In its latest quarterly report, the WPIC said furnace operations only resumed mid-March.
“Zimbabwean output declined sharply, falling 26% year on year to 84 koz (84 000 ounces), a ten-year low, primarily due to reduced production at Zimplats,” the WPIC said.
“Furnace maintenance led to constrained output, with operations only restarting in mid-March. As a result, the processing of 29 koz (29 000 ounces) of semi-finished inventory was deferred to the next quarter.”
The report projected supply to remain broadly stable for the full year at 508 000 ounces, supported by steady output across operations.
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“In Zimbabwe, platinum mine supply is expected to remain broadly stable year-on-year at 508 koz (508 000 ounces), reflecting steady output across operations,” the WPIC said.
“The 29 koz build-up of semi-finished inventory, resulting from smelter maintenance at Zimplats in the first quarter of 2026, is expected to be drawn down in the second quarter of 2026.”
Zimbabwe is one of the world’s largest platinum producers. Platinum remains one of the country’s key mineral exports alongside gold, lithium and diamonds.
The latest production decline comes at a time when the global platinum market is navigating volatile commodity prices, geopolitical tensions and shifting demand patterns.
Globally, refined mine supply rebounded strongly in the first quarter, rising 20% year on year to 1,32 million ounces from a low base in the comparable period last year.
South African production rose 41% year-on-year to just over one million ounces, driven by improved output from Valterra Platinum and Implats following operational disruptions and flooding in the prior year.
Russian platinum output fell 24% year-on-year to 136 000 ounces, while North American production is projected to remain stable.
WPIC said the outlook for the platinum market remained uncertain amid rising geopolitical tensions and volatility in energy markets.
“As far as its fundamentals are concerned, we forecast that the platinum market will record a lower deficit of 297 000 ounces in 2026, as demand softens,” the report said.
“While this is the smallest deficit in four years and represents a marked contraction from the 1,191 million ounces deficit recorded in 2025, the market will remain in a structural shortfall, now for a fourth consecutive year.”
WPIC expects total platinum supply to increase 2% this year to 7,377 million ounces, while total demand is projected to decline 9% to 7,674 million ounces.
Automotive demand is forecast to soften by 2%, while jewellery demand is expected to contract by 12%.
However, industrial demand is projected to rise 9%, supported by strong growth in the glass sector.
WPIC also said investment demand would likely fall sharply by 54% this year due to exchange stock and exchange-traded fund outflows, although retail demand in China for large platinum bars is expected to remain strong.