ZIMBABWE’S platinum production is projected to decline by 4% in 2025 to 491 000 ounces, retreating from the record levels achieved last year, according to the latest World Platinum Investment Council (WPIC) report.
The expected pullback comes despite a robust start to the year. In the first half of 2025, output surged 9% year-on-year to an all-time high of 137 000 ounces, buoyed by the expanded Zimplats smelter, which processed semi-finished inventory built up during commissioning.
In its H1 2025 report, WPIC said the anticipated contraction largely reflects the absence of stock drawdowns that lifted volumes in 2024, as well as persistent regional electricity shortages that continue to disrupt mining operations.
“South African mine output is projected to fall by 6% year-on-year in 2025, to 3,869koz. Barring the strike-disrupted year of 2014 and the ACP shutdown in 2020, this represents the lowest annual production in roughly a quarter of a century,” the report reads.
“Platinum supply from Zimbabwe is expected to contract by 4% year-on-year to 491koz, retreating from the record level achieved in 2024.
“The decline is primarily attributable to the non-reoccurrence of a drawdown of semi-finished stock that boosted last year’s volumes, combined with regional electricity shortages,” it further states.
The council said Zimbabwe’s recent highs highlight both its rising importance in the global platinum market and its exposure to energy constraints and production volatility.
With South Africa and Russia facing supply challenges, Zimbabwe’s strong 2024 performance underscored its potential role as a stabiliser in global supply, even as it braces for a 2025 slowdown.
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Platinum supply globally remains under strain. Russia’s output fell 14% year-on-year to 155 000 ounces, hit by weaker ore production and the withdrawal of Western mining equipment suppliers.
In North America, production slipped 4% as Sibanye-Stillwater’s downsized United States operations offset a recovery at Vale’s Canadian mines.
Overall, refined mine production worldwide is expected to hold at 5,43 million ounces in 2025, supported by easing processing constraints later in the year.
“Despite a softer-than-expected first half, we have maintained the full-year outlook for global refined mine production at 5 426koz, unchanged from the last Platinum Quarterly,” WPC said.
“The processing constraints that impacted H1 are expected to ease, supporting a recovery in the second half.
“In H1’25, volumes fell 8% year-on-year. While further declines are expected in H2’25, their pace is projected to moderate to 4% year-on-year,” WPIC added.
