Implats PGM Production 2025 Down Despite Sales Growth and Minor Metal Support

Implats PGM

Implats PGM production 2025 fell 5% year-on-year to 2.60 million ounces in the nine months ending 31 March, according to the group's latest update. The drop reflects planned maintenance at the company’s South African smelters, which impacted output volumes across its platinum group metal operations.

Output Drops Across Group and Joint Ventures

Impala Platinum (Implats) reported a 5% decline in 6E PGM production—platinum, palladium, rhodium, ruthenium, iridium, and gold—over the reporting period. Joint venture production also fell by 2% to 403,000 ounces. The company attributed the overall production decline to essential smelter maintenance in South Africa, which was scheduled to sustain long-term asset reliability.

Despite the output constraints, Implats managed to slightly increase 6E PGM sales volumes by 1% to 2.55 million ounces. CEO Nico Muller noted that the group experienced additional spot demand beyond its contractual obligations, highlighting a degree of resilience in market appetite.

Minor PGMs See Pricing Support, but Margins Stay Tight

Implats emphasized that pricing support for minor PGMs—such as iridium and ruthenium—was a key market feature this quarter. While overall PGM prices have modestly rebounded from earlier lows, the group continues to face compressed margins due to elevated costs and a fragile macroeconomic environment.

The company is closely monitoring pricing trends and cost structures as it navigates supply pressures, inflationary impacts, and global economic volatility. Physical tightness in specific PGM sub-segments is helping to stabilize demand, though not yet enough to drive a significant margin recovery.

The Metalnomist Commentary

The decline in Implats PGM production 2025 underscores the operational challenges tied to infrastructure maintenance and market volatility. However, firm spot demand and minor PGM tightness offer glimmers of support in an otherwise pressured pricing landscape.