JOHANNESBURG (miningweekly.com) – A big part of Impala Platinum is focused on the future and on developing future strengths and competitive positioning, Implats CEO Nico Muller outlined on Thursday, September 3, when this Johannesburg Stock Exchange-listed platinum group metals (PGMs) company reported the generation of R22-billion worth of free cash flow in its financial year 2026 (FY26).

“It’s very exciting for us to be in an industry supported by a constructive price environment. This is a point that we as a company have worked many years to get to.

“We have got a pipeline of opportunities, the balance sheet is very strong, we've got no debt, and we've got R37-billion worth of hedging liquidity,” added Muller during the FY26 results presentation covered by Mining Weekly. (Also watch attached Creamer Media video.)

The R50-billion capital project programme that Implats announced in 2020 peaked around 2024 and for last two years, it has been winding down.

“So, we're now entering a new phase where we plan that, for the next five years, we'll spend about R60-billion,” Implats COO Patrick Morutlwa announced.

This would, Morutlwa said, firstly enable sustainable production and secondly create strategic optionality by further increasing process capacity at the base metal refinery by 20%.

In the next five years, the company will be advancing life-of-mine (LoM) extensions, with some already approved, such as Rustenburg’s Shaft 20 and Shaft 14.

“We'll also be increasing our ore reserve development,” Morutlwa said. During FY26, group mineral reserves increased by 9% to 53.8-million six element (6E) ounces, reflecting the impact of approved LoM extension projects and ongoing resource conversion activities across the portfolio.

“We've got tailwinds,” Morutlwa added.  

Implats executive: corporate affairs Emma Townshend reported that one of the things that had changed positively over the last year and a half was the absolute focus on critical minerals - the security and surety of supply. “Then from a big demand, energy, and impetus perspective, obviously you've got AI.

“Many of you have had the benefit and the privilege of going to Shanghai Platinum Week and getting exposure to the huge diversity of industrial applications and the kind of energy and impetus behind the development of those markets. I think that's proved a really useful counter to the demand story, which has been very much about, kind of, you know, waning production over the last couple of years.

“Linked to that China story, but I think more broadly, just in terms of South African supply and the structure of the market, we are absolutely seeing growing relevance in terms of minor PGMs, and I think that is a trend that you've seen in PGM markets over time.

“But there's no doubt that the next ten to 15 years are going to be far more focused on the full basket, and particularly iridium and ruthenium, and we are a very significant producer of both. We’re close to 30% of primary refined iridium production, and around 28% of refined ruthenium production,” Townshend pointed out.

Implats CFO Meroonisha Kerber highlighted FY26 as an exceptional year in which Implats was able to capitalise fully on improved pricing, resulting in a 58% increase in revenue to R135.1-billion.

“We ended the period with liquidity headroom of R37-billion, which is our cash plus our undrawn facilities.

“The benefit of having a strong balance sheet is that we have the funding flexibility to really take advantage of the portfolio of assets that we have, and to fund projects that we believe are going to enhance the sustainability, the cost competitiveness, and drive long-term value.

“We have kept the balance sheet strong and resilient. We have provided shareholders with very attractive returns, and lastly, we are continuing to invest in our portfolio of assets to drive long-term value for all of our stakeholders,” Kerber added.