Impala Platinum reports strong operational performance amid rising metal prices

Impala Platinum demonstrated high operational results during the year ending June 30, driven by increased production volume, sales, and a significant rise in metal prices.

The 6E group's production slightly increased to 3.50 million ounces of 6E for the reporting year compared to 3.48 million ounces of 6E the previous year. Production at managed sites grew by 1%, reaching 2.75 million ounces of 6E. The production report published on Friday (full financial results expected on September 3, 2026) noted that there were four fatalities at the sites during this period.

Mining

Production at Impala Rustenburg increased by 4%, totaling 1.74 million ounces of 6E. This followed a 3% increase in production from southern and central mines, with volumes including reserves reaching 1.31 million ounces of 6E, marking a five-year high. Output from northern mines improved by 6%, reaching 435,000 ounces of 6E, supported by steady production growth at Styldrift.

At Zimplats, production in concentrate form remained stable at 606,300 ounces of 6E, with a concentrate stockpile of 24,000 ounces of 6E accumulated during furnace maintenance. Concentrate volume increased by 5% to 660,400 ounces of 6E due to improvements in both mined and processed volumes.

At the Marula site, the strategy to enhance mining flexibility was activated, leading to increased development rates at the ore body level and higher recoveries. However, 6E concentrate production decreased by 8% to 186,000 ounces of 6E. At Impala Canada, 6E concentrate volume fell by 10% to 212,800 ounces, attributed to planned production rate reductions at the site.

Group and managed volumes were adjusted following the consolidation of Impala Rustenburg. Joint venture production decreased by 3% to 525,700 ounces of 6E: Two Rivers recorded a 1% decrease in 6E concentrate production to 286,600 ounces, where yield improvements largely offset changes in processing capacity and grade.

At Mimosa, 6E concentrate volume shrank by 6% to 239,100 ounces. Processing stability suffered due to periodic power outages and increased oxidized ore volumes as mining operations advanced into complex geology towards the ore body margins.

Third-party concentrate intake rose by 6% to 221,900 ounces of 6E, reflecting more than expected deliveries under existing contractual agreements.

Processing and Sales

Refined 6E production, which includes output from Impala Rustenburg North Shafts and Impala Canada, improved by 5%, reaching 3.56 million ounces of 6E. South African processing assets showed strong results. The base metallurgical plant achieved record milling rates, while the precious metals refinery increased volumes by 6% to 2.92 million ounces of 6E.

Excess inventories of work-in-progress were reduced as expected—from 420,000 ounces at the end of 2025 to 300,000 ounces. Sales volumes grew by 4% to 3.51 million ounces of 6E, including output from Impala Canada and Impala Rustenburg North Shafts. The group benefited from a significant and broad appreciation of the US dollar for precious and base metals during this period.

Revenue from sales increased by over 50%, reaching R38,100 per ounce of 6E. Group unit costs are expected to rise by 8%, amounting to approximately R24,250. Unit costs benefited from improved processing volumes and output, as well as Rand strengthening. This partially offset inflationary pressure caused by energy prices at mechanized sites, prioritization of development work at Marula, which increased costs and lowered stated production volumes, and additional discretionary expenses for maintenance and infrastructure at Impala Rustenburg and Zimplats.

Planned group capital expenditure is expected to increase to R7.2 billion. This amount was below the estimated range of R8 billion – R9 billion, mainly due to delays in equipment fleet expenditures at Zimplats and the commencement of projects related to Marula deepening and the chrome project at Impala Rustenburg northern shafts.

iol.co.zaJuly 29, 16:00

Glencore reports strong production figures in the first half of the year amid price fluctuations

Glencore has released a report detailing strong operational results for the first six months, ending on June 30, 2026. The company's core assets demonstrated performance that met expectations. Glencore's mining asset productivity during this period aligned with forecasts, even as prices for copper, zinc, and nickel remained largely stable, while coking coal prices increased.

Financial and Operational Performance

Following the report's release, the company's share price on the JSE rose by 4.38% on Wednesday afternoon to R117.61, which is 57.3% higher than R74.69 the previous year. CEO Gary Negle stated in the production report that the company was pleased to report high production levels in the first half, as key assets largely justified expectations.

Key Metals Production

Compared to the previous quarter, own production volumes were higher for zinc, nickel, gold, coking coal, and thermal coal. The company maintained its original forecasts for the full year 2026 regarding copper, zinc, and nickel production. Average forecast values for thermal and coking coal were increased by 1 million tonnes and decreased by 1 million tonnes, respectively.

Own copper production in the first half amounted to 397,000 tonnes, a 15% increase compared to the first half of 2025. This growth was driven by greater participation from various portfolio assets, mainly due to increased extraction rates and improved ore quality at African Copper (55,000 tonnes) and Antamina (27,700 tonnes), although some of this growth was offset by the planned closure of the Mount Isa mine in July 2025.

Cobalt produced internally decreased by 46% to 10,200 tonnes compared to the first half of 2025. This decline is primarily attributed to the cobalt export quota regime established by the DRC government, which necessitated careful consideration of quota allocation, and the focus shifted to copper production.

Cobalt contained in mixed ore was increasingly retained in solution rather than being processed and dried into commercial cobalt hydroxides. This material will be processed and sold later as export regulations change.

Zinc and Nickel Production Dynamics

Own zinc production fell by 21% to 365,600 tonnes. Reasons for this drop include the end of operations at the Lady Loretta mine at the end of 2025 (51,000 tonnes) and a decrease in zinc grade at Antamina (39,200 tonnes), corresponding to a phase with higher copper content and lower zinc content. Furthermore, the decline reflects the decommissioning of the Kidd mine in Canada on June 1, 2026.

Own nickel production totaled 35,800 tonnes, remaining at the level of the first half of 2025. Chromite ore production was 1,647,000 tonnes, which is 4% less.

Coal Production and Forecasts

Coking coal production decreased by 14% to 13.5 million tonnes due to lower output from Elk Valley Resources in Canada, mainly linked to lower throughput and recoveries. The situation is expected to normalize in the second half of the year, partially compensated by higher volumes from Australia.

Thermal coal production reached 47.4 million tonnes, which is 2% less than in the first half of 2025 (a decrease of 0.9 million tonnes). This occurred mainly due to the impact of voluntary production cuts implemented at Cerrejón starting in the second quarter of 2025 in response to market conditions.

Negle noted that maintaining original forecasts for copper and zinc, despite the sale of the Kidd mine on June 1, 2026, with a corresponding loss of approximately 20,000 tonnes of zinc and 11,000 tonnes of copper in the remainder of the year, implies an upward revision of forecasts for these two commodities to a 'like-for-like' basis.

He also added that the group's marketing segment is expected to report strong adjusted earnings before interest and taxes of £3.3 billion for the half-year.