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Platinum group metals (PGM) mining company Implats is looking at solar for the Marula PGM mine and also the Rustenburg operation, the company reported during a media roundtable on Thursday, March 5.

This follows Implats' renewable electricity supply agreement with Discovery Green, which will supply up to 90% of Impala Refineries' electricity demand through a combination of solar and wind generation. First Discovery Green power is expected in the second half of the 2026 calendar year.

Regarding green power for Marula and Rustenburg, Implats COO Patrick Morutlwa said in response to Mining Weekly's question that the plan no longer involved the company itself building solar facilities.

"We've shifted the model a little bit. We're not now looking to build our own facilities. We look at wheeling agreements, as you have seen what we've done with Discovery Green for our refineries. So, for Rustenburg and Marula, we're looking for the same kind of arrangement," Morutlwa explained.

"Discover Green's still part of the pool of people we're talking to but for Rustenburg, we're speaking to Royal Bafokeng – they are keen to undertake that type of a project with us guaranteeing an offtake agreement with them. So, we are speaking to several players in industry."

Mining Weekly: And how much megawattage are you looking at?

Morutlwa: For Rustenburg about 50 MW and Marula about 30 MW and, as you know, for the refineries, it's for Discovery Green to supply about 90% of the baseload.

As reported by Mining Weekly last month, Discovery Green signed a five-year power purchase agreement with Implats on January 27, with the electricity being sourced from multiple wind and solar facilities that are being advanced to construction by independent power producers (IPPs) in various South African provinces, with the first wheeled electricity for Implats expected by the end of 2026.

Discovery Green is entering into exclusive procurement contracts with the IPPs (mostly wind generators) with the intention of supplying the electricity to multiple customers pursuing both decarbonisation objectives and price-path certainty.

The Scope 2 greenhouse-gas emissions at Implats' refinery in Springs are expected to be reduced by more than 852 000 t over the period, with 130 000 MWh of electricity delivered yearly at a tariff that is decoupled from Eskom's rising tariffs.

ZIMBABWE

In Zimbabwe, Zimplats' first 35 MW of its intended 185 MW solar power complex reached design capacity during the half-year, and construction has commenced on the $54-million, 45 MW second phase of the Zimplats solar project, which remains on track for technical completion in August 2026. Once commissioned, the plant will supply an additional 110 GWh of renewable energy annually and reduce emissions by 69 396 t CO2e per year.

Renewable electricity use remained steady at 31% against a target of 35%, as prolonged droughts in Zimbabwe and Zambia continued to constrain hydropower supply from Zambian national power utility Zesco.

Despite a moderate rise in electricity consumption associated with commissioning the Zimplats smelter, both scope 1 and 2 carbon emissions of 1.66 t CO2 per six-element (6E) ounce and energy use of 8.08 GJ per 6E ounce were largely unchanged compared with the prior period, owing to increased 6E output.

'Extremely robust' platinum investment demand expected

Investment demand for platinum is expected to be "extremely robust" in 2026.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

"We've not only got the attractiveness in terms of platinum's underlying supply demand fundamentals, but we also have a very uncertain macro-political environment, and that's creating strong demand for all of the precious metals as a store of value,"

World Platinum Investment Council research director Edward Sterck emphasised to Mining Weekly on Zoom interview, following the release on Wednesday, March 4, of the latest Platinum Quarterly and full year 2025, with a revised forecast for 2026. (Also watch attached Creamer Media video).

Bar and coin demand is set to reach a six-year high in 2026 at a time when above-ground platinum stocks have depleted to just over four months' worth of global demand.

Persisting tight market conditions are pointing to considerable value volatility and price action.

"I think that platinum as an investment is a very good place to be positioned right now," Sterck highlighted.

Mining Weekly: What are the key factors attributing to the platinum market deficit of more than one million ounces in 2025 and the fourth consecutive deficit for the end of 2026. Why has the forecast gone from balance to deficit since your November market update?

Sterck: The key change between our November update and today is really investment. So, fundamentally, for 2025 we've moved from a deficit of a little over 650 000 oz to a deficit of over a million ounces. That's primarily due to higher exchange traded fund (ETF) demand and due to the exchange stocks in the US remaining at elevated levels and not seeing the outflows that we were anticipating previously. Looking through into 2026, many of the themes that occurred last year are continuing. Again, it's stronger or more robust ETF investment demand.

We're not, at the moment, projecting higher ETF demand, but we're just anticipating that we'll see less in the way of profit taking than we'd forecast before and we're also expecting those exchange stock holdings to remain stickier in the US on a continuation of trade tensions. So, effectively, the quarter of million ounce deficit we're expecting for 2026 versus what the balance market we were anticipating previously, that's mainly just reflecting on that sort of stronger and more robust investment demand environment.

What is the outlook for mine supply in 2026 and what is fuelling the growth in recycling supply?

Broadly speaking, we're expecting mining supplies to remain effectively flat. We've got much higher prices. The basket prices is substantially elevated from where we started 2025 but these are deep-level underground mines for the most part, and so inherently inflexible. Whilst, I'm sure the miners may wish in an ideal environment to be able to flex output to capitalise upon that improved profitability, you just can't do it that quickly. It's just a function of geology and geotechnics, and so output will remain broadly flat, and is likely to remain that way for a number of years to come. In terms of recycling supply, that's more price elastic.

Effectively, if you think about the catalytic converters you find on an average vehicle, it's usually two to three with any within any exhaust system. Yet the PGM metals are not evenly distributed amongst those catalytic converters. One of them is typically more highly loaded than the others, and so those other ones, in times of low prices, are not necessarily economic to recycle and recover the metals from. With higher prices, however, they are economic, and so we're expecting more of those that supply to come through the system.

What are the key areas of demand forecast for 2026?

Well, it's a small change on our previ...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Last year, South Africa witnessed hydrogen fuel cell electric vehicle (FCEV) mobility in Johannesburg when B20 and G20 top-brass were chauffeured around in Toyota FCEVs courtesy of Valterra, which provides the platinum group metals (PGM) used by FCEVs to convert hydrogen into electricity.

Last month, South Africa's President Cyril Ramaphosa held public discussions at the Abu Dhabi Sustainability Week with UAE President Sheikh Mohamed bin Zayed Al Nahyan, where he emphasised the massive energy opportunity that green hydrogen represents for an Africa with superior sun, prime wind corridors, fast-moving water and a great PGM endowment.

Last week, Northam Platinum stated unequivocally that current world hydrogen developments are being under-estimated given the "incredible" hydrogen developments that Northam witnessed first-hand on a recent visit to China.

This week, hydrogen compression specialist PDC Machines made a point of reminding South Africa that it was PDC compressors that enabled the world's largest hydrogen-powered ultra-heavy mining haul truck to do its rounds at Valterra Platinum's Mogalakwena PGM mine in Limpopo province in full view of Mining Weekly and the world.

This reminder popped up during Engineering News & Mining Weekly's Zoom interview with Mike Ciotti, the head of product at PDC Machines, and also Dr Sakib Khan, the GM for Africa of PDC Machines. (Also watch attached Creamer Media video.)

It was during this interview that Africa's envisaged hydrogen mobility build-out potential began to be sketched in further detail, with PDC positioning its high-pressure diaphragm compression as a backbone of the hydrogen mobility step-up.

Ciotti noted that while hydrogen is currently enjoying a policy and investment surge, PDC's involvement dates back several decades. The company, founded in 1978, initially focused on high-pressure applications for toxic gases and nitrogen.

By the 1990s, as industrial gas companies began demonstrating fuel cell mobility concepts, compression requirements shifted sharply upward.

Applications moved from typical 150 bar to 200 bar systems to 350 bar, and ultimately 700 bar fuelling pressures, driven by the need to increase hydrogen storage density in vehicles.

Engineering News & Mining Weekly: Why do you believe that diaphragm compression is so well positioned for hydrogen applications?

Ciotti: The diaphragm compressor is just naturally mated to hydrogen, because it's able to contain the hydrogen with its static seals, and it's able to attain high pressures. Some of the pressures that we see today are 700 bar fuelling stations that require up to 1 000 bar hydrogen storage, and hydrogen, being the smallest molecule, is very susceptible to leaks, so the diaphragm compressor is able to contain that well within its static seals and achieve very high pressures.

FROM PILOT STATIONS TO SCALABLE HUBS

According to Ciotti, hydrogen refuelling station deployment typically follows a staged approach.

Early projects are small-scale demonstrations serving one or two vehicles consuming between four and ten kilograms of hydrogen a day. For this segment, PDC developed integrated systems combining electrolysis, diaphragm compression, storage and dispensing under its SimpleFuel platform.

As fleets expand, compression capacity and hydrogen supply strategy evolve. In many early deployments, hydrogen is trucked in via tube trailers at pressures ranging from 180 bar to 500 bar, depending on geography. Larger compressors are then used to boost pressure to storage and dispensing levels.

Scaling further introduces wide variability in hydrogen demand. Passenger vehicles typically require four to six kilogrammes per fill, buses between 20 kg and 30 kg, while heavy-duty trucks or mining v...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

The 'encouraging' recent developments of the hydrogen economy in China have been witnessed first-hand by South Africa's platinum group metals (PGM) miner and marketer Northam Platinum.

This was highlighted by the Johannesburg Stock Exchange-listed company during last week's presentation of record production and record sales volumes for the six months to December 31.

Hydrogen is now firmly embedded in the plans of the central government of China for the next 15 years, Northam CEO Paul Dunne reported at the event, where a 60% revenue upsurge to R23.3-billion was reported.

"I believe the world has moved from over-estimating hydrogen to now under-estimating current development," said Dunne, who spoke of the need for more extensive China travel to further witness the emergence of the hydrogen economy, which creates valuable demand for PGMs in the form of platinum and iridium in the electrolysers that generate green hydrogen, and of platinum and ruthenium for the fuel cells that convert the green hydrogen into clean electricity that can be used to drive fuel cell electric vehicles (FCEVs) or stationary power platforms.

Regarding Dunne's observation of the need for more extensive China travel to further witness the implementation of the hydrogen economy in the Asian country, Mining Weekly put this question to the Northam CEO during the media roundtable that followed the presentation of results.

Mining Weekly: What will more travel reveal when it comes to the development of the hydrogen economy in China?

Dunne: You'll see something very interesting. We actually picked this up first in Japan from our customer, Mitsubishi, against the background of the many historic trade relationships between Japan and China. There are lots of these relationships so when we visited Japan, we were introduced to a Chinese company operating in north China and the company raised the topic of hydrogen. We then asked if we could pay a visit and received a very positive response. As a result, we had a hydrogen-dedicated follow-up visit and what we found was really quite incredible. It's a coking coal producing area, and the Chinese government has in recent times issued a directive that if you mine coal, you must make chemical building blocks out of the coal, similar to what Sasol does in South Africa.

The process releases lots and lots of grey hydrogen for free and the north China company is using up only 1% or 2% of the grey hydrogen that it captures to run literally hundreds and hundreds of trucks on fuel cells. Very interesting, by the way, is that the fuel cells are Toyota fuel cells, and the north China company has literally created a fuel cell micro-economy in and around the grey hydrogen. We then went back to Beijing to meet the head of China's big hydrogen drive, an amazingly well-educated lady with a proper, solid PhD, who assured our new business analyst Hurbey Geldenhuys in no uncertain terms that while it was only grey hydrogen being seen now, green hydrogen is very much part of the near-term plan. Interestingly enough, Northam's seeing strong demand for iridium and that iridium demand can only really come from electrolysers that are used to split water to make green hydrogen, and that iridium demand is coming from China.

Mining Weekly: Interesting, too, is that South Africa's President Cyril Ramaphosa last month held public discussions at the Abu Dhabi Sustainability Week with UAE President Sheikh Mohamed bin Zayed Al Nahyan, where he emphasised the massive energy opportunity that green hydrogen presents for an African continent that has superior sunlight, prime wind, fast-moving river water and a great PGM endowment. Can't PGM mining companies like Northam, which already have renewable-energy capacity, make use ...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

The broadening market consensus is that supply and demand fundamentals will continue to support robust pricing for platinum, and this, together with Northam Platinum's growth profile, places the Johannesburg Stock Exchange-listed platinum group metals (PGM) group in a strategically strong position, Northam CEO Paul Dunne highlighted during his presentation of record dividend interim financial results on Friday, February 27.

Following the display of platinum gauze used to produce cardiac stents has an indication of the widespread use of this very special metal, Dunne reported that all three of Northam's mines had performed well in the six months to December 31.

"Once again we've published record production and record sales volumes and significant appreciation in price for all of our metals led to a 60% increase in revenue to R23.3-billion rand," Dunne reported.

Royalty charges grew by 257% on the back of higher revenue and improved profitability.

Northam has continued to progress its project pipeline, in particular the development of the Eland mine, 3 Shaft project at the Zondereinde mine, further upgrades to metallurgical facilities, the expansion of the Booysendal South tailings facility, and a meaningful carbon footprint reduction.

If all goes to plan, 3 Shaft will be operational in April, and displayed was the picture of a raise bore rig which has begun to ream 4 Shaft, the next component in realising full value from Zondereinde's western extension.

"Incidentally, this is the largest machine of its kind in the world, and 4 Shaft will be a record-breaking raise bore undertaking," said Dunne at the event covered by Mining Weekly.

"We will accelerate all of our projects as far as we are able. The world needs PGMs and primary supply continues to fall.

"The benefit of our counter cyclical investment strategy is becoming very evident, and the board has declared a record interim dividend of R7 per share, indicating confidence in the market and the future of our company," Dunne pointed out, while displaying a picture of the expanded chrome recovery circuit at Eland, which was commissioned in December.

This will improve chrome yields from underground ore to at least 25% and considerably more Eland chrome output is expected.

Northam CFO Alet Coetzee reported that continuing investment in organic growth had led to R2.6-billion.

"The benefits of the full mine-to-market value chain for chrome is clear, as is that of the historically termed minor metals, iridium and ruthenium. These together contributed 18.2% or R4.2 billion rand to our revenue," Coetzee reported.

Sales revenue increased by 60% while cost of sales increased by 29.4% This led to a significant rise in our operating profit to R5.8-billion at an operating margin of 25.1%.

Movements and the individual elements making up cost of sales include mining operating costs increasing by 11%. This is attributable to an 8.9% increase in square meters mined, together with an average wage increase of approximately 6.5%.

Smelting and base metal removal plant costs increased by 19.8% owing to increases in both tons smelting as well as a 15.5% Eskom tariff hike.

Share based payments increased from a low base to over R1.2-billion as a result of share price appreciation, while contributions to the employee empowerment trust and profit share schemes benefited from growth in profits.

The total cost of purchase concentrates and recycling material increased by 130% to R3.5-billion due to metal price appreciation on higher volumes purchased.

Refining cost increased by 28.1% to R267.1million on the back of higher refined six-element volumes.