ZIMBABWE’S platinum output is projected to rise by 3% to 518 000 ounces in 2026, signalling a recovery after a subdued 2025, according to the World Platinum Investment Council (WPIC).
The southern African country holds the world’s third-largest proven platinum reserves, after South Africa and Russia, and is now the second-largest platinum producer globally, behind South Africa.
As a result, Zimbabwe’s production trends carry growing weight in shaping global supply and price dynamics.
Zimbabwe’s output declined by 2% in 2025, easing from a record high reached in 2024, according to the council’s fourth-quarter report for 2025.
WPIC attributed the fall to operational challenges at key mines.
“Higher output at Zimplats following its smelter expansion was offset by declines at Unki and Mimosa, as power disruptions and lower grades weighed on volumes,” the report said.
Despite the annual decline, the final quarter of 2025 pointed to renewed momentum.
“Zimbabwean production rose 8% year-on-year, led by higher output from Zimplats following the commissioning of the expanded smelter,” the WPIC noted.
The stronger fourth-quarter performance has reinforced expectations of a steadier year ahead, with output forecast to climb to 518 000 ounces in 2026.
Globally, platinum mine supply fell by 4% in 2025 to 5,5 million ounces, broadly in line with earlier projections. Supply dropped sharply in the first quarter, reaching a four-year low.
The WPIC said heavy rainfall disrupted several South African operations, while planned processing maintenance led to a build-up of semi-finished material.
As maintenance was completed and processing availability improved, “accumulated inventories, together with stocks carried over from previous years, were drawn down, supporting refined output through the rest of the year”.
South African mine supply declined by 4% year-on-year to 3,965 million ounces in 2025, partly reflecting a high base in 2024 when volumes were temporarily boosted by inventory drawdowns.
By contrast, Zimbabwe’s relatively modest contraction underscored the resilience of its platinum sector despite persistent domestic energy constraints.
In the fourth quarter, global refined mine supply increased by 3% year-on-year to 1,59 million ounces. Improved processing stability in South Africa enabled producers to release previously accumulated material, while Zimbabwe ranked among the strongest-performing regions during the period.
Looking ahead, the WPIC forecasts that global platinum mine supply will remain “broadly unchanged at 5 553oz in 2026, with gains from South Africa and Zimbabwe offset by declines in North America and Russia”.
It cautioned that, with year-on-year changes expected to be marginal, the outcome will depend on “the occurrence of any unplanned disruptions and the timing of any faster-than-anticipated drawdown of semi-finished inventory”.