Zimplats Holdings Limited has maintained its FY2027 production, cost and capital expenditure guidance despite a planned furnace maintenance shutdown that significantly reduced processed metal output during the first quarter.
The platinum group metals producer reported a 35 percent quarter-on-quarter decline in final 6E converter matte production to 138,844 ounces for the three months ended September 30, 2026. Compared to the same period last year, matte output was down 3 percent.
The decline followed a scheduled 60-day furnace ring maintenance shutdown that began on September 1 and was completed at the end of October, temporarily suspending smelting operations.
While downstream processing was disrupted, mining and concentrator performance remained strong. Six-element concentrate production increased by 3 percent year-on-year to 164,129 ounces, supported by a 2 percent rise in ore milled to 2.02 million tonnes. Head grade remained unchanged at 3.30 grams per tonne.
The shutdown resulted in the accumulation of approximately 20,000 ounces of unsmelted 6E concentrate during the quarter, taking total concentrate stocks to about 43,000 ounces at the end of September. Zimplats said the stockpiled material will be processed over the remainder of the financial year.
The company also reported a strong safety performance, recording zero lost-time injuries during the quarter.
Lower smelting activity helped reduce operating costs by 16 percent quarter-on-quarter to US$173.7 million, driven mainly by reduced electricity consumption and lower engineering maintenance expenditure while the furnace was offline. However, operating costs were 7 percent higher than the comparable period last year.
Cash costs of metal produced fell 36 percent from the previous quarter to US$155.3 million, reflecting the lower volume of final converter matte production.
Parent company Implats said major growth and sustainability projects remain on track.
The Mupani Mine replacement project is progressing towards its targeted production capacity of 3.6 million tonnes annually by FY2029, while the Phase 2A solar project is scheduled for commissioning in the second quarter of FY2027.
Upon completion, the project will increase Zimplats’ installed solar generation capacity to 80 megawatts.
The latest performance underscores the resilience of Zimplats’ mining operations, with management expressing confidence that the temporary maintenance-related disruption will not derail the group’s annual production objectives. 
