ZIMBABWE’S platinum production is expected to drop by 4% to 491 000 ounces in 2025, falling short of last year’s record high, according to the World Platinum Investment Council (WPIC).
The decline reflects the depletion of semi-finished inventory that bolstered last year’s output.
The southern African country holds the world’s third largest proven platinum reserves after South Africa and Russia.
Output from Zimbabwe has an impact on global output and pricing trends.
“Zimbabwean platinum production is forecast to decline by 4% year on year to 491 000oz, down from 2024’s all-time high,” WPIC said.
“The drop reflects the depletion of semi-finished inventory that supported last year’s output, as well as ongoing regional power disruptions.”
In the first quarter of 2025, output from Zimbabwe fell by 13% to 115 000oz.
Maintenance and lower grades at Unki, along with reduced availability of mechanised fleet and optimisation work at the furnace, impacted Zimplats, the country’s biggest producer.
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“At current price levels, profitability is marginal for many operations, increasing downside risks.
Further declines in PGM or by product prices, such as chrome, are likely to trigger additional restructuring and supply reductions,” the report said.
South African mine supply is forecast to decline by 6% year on year to 3 869 000oz in 2025.
In North America, platinum production is projected to fall 26% year on year to 189 000oz, marking the lowest level in three decades.
This reflects the restructuring of South Africa’s Sibanye Stillwater’s US operations and lower output from Canadian by-product nickel producers, who are facing increased margin pressure.
Russian mine supply is expected to remain broadly stable, rising 1% year on year to 686 000oz.
The report noted that the outlook for platinum in 2025 has become increasingly uncertain due to the United States’ fluctuating trade policy, other nations’ responses and the consequent impact all this may have on the global economy.
Total supply for the full year is expected to reach 6 999 000oz, a decline of 4% compared to 2024. Refined mine production is projected to contract by 6%, while secondary supply is estimated to grow by 3%. Total demand is forecast at 7 965 000oz, 4% lower year on year.
