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Annual contractual negotiations with core customers has reaffirmed increased 2027 demand for the sustainable and responsible supply of all the precious and base metal products of Implats, CEO Nico Muller made clear on Thursday, October 29, when the company published its first-quarter production report.

While pricing volatility increased during the period, Muller pointed to Implats' robust platinum group metals (PGM) basket price remaining fully supportive of the continued delivery of the Johannesburg Stock Exchange-listed company's strategic aspirations.

In the three months to September 30, PGM pricing continued to be heavily influenced by global macroeconomic news flow, with minor metals outperforming both platinum and palladium.

First-quarter production volumes decreased by 3% to 854 000 oz. Managed ventures recorded a 4%-lower 665 000 oz, joint ventures (JVs) a 4%-lower 133 000 oz, and third parties an 8%-higher 56 000 oz.

Gross refined and saleable production volumes declined 8% to 763 000 oz, while sales volumes were 6% lower at 796 000 oz.

The company was deeply saddened to report the loss of five colleagues during the period, with four of the fatal incidents occurring at Impala Rustenburg and one at Marula. Rail-bound equipment, sulphur dioxide exposure, winches and rigging and fall-of-ground-related risks were fatality-linked.

Technology-enabled controls form an important component of the response while additional work is underway to strengthen automated risk monitoring, exception reporting and critical control verification through electronic risk management and safety systems.

"Safe production is a non-negotiable and underpins both sustainable operations and value delivery," Muller stated in a release to Mining Weekly.

The company is expected to benefit from improved operational resilience and remains on track to deliver previously communicated operational, cost and capital expenditure guidance in financial year 2027.

During the quarter, six element (6E) tonnes milled at managed operations retracted by 5% to 6.77-million tonnes and 6E production volumes declined by 3% to 854 000 oz.

Production at Zimplats in Zimbabwe benefitted from improved equipment availability, while volumes at Impala Canada were broadly stable.

At Impala Rustenburg, milled grade rose marginally to 3.75 g/t on higher grade and declined by 4% overall at managed operations to 665 000 oz.

Concentrate production from the Mimosa and Two Rivers JVs declined by 4% to 133 000 oz, while third-party 6E concentrate deliveries to Impala Refining Services increased by 8% to 56 000 oz.

Refined 6E production, which includes saleable ounces from Impala Canada and Impala Rustenburg's North Shafts, retraced by 8% to 763 000 oz while 6E refined production from South African processing assets declined by 8% to 605 000 oz.

Annual processing maintenance and stock counts were completed on schedule in July, however smelting rates in August were negatively impacted by the fatality at Mineral Processing.

In total 135 000 6E oz of smelter throughput was deferred in the period, with the impact on refined production expected between September and November.

Owing to both scheduled maintenance and reduced smelter output, excess 6E inventory increased by 95 000 oz from the end of financial year 2026 to 395 000 oz at the end of the period.

Sales volumes decreased by 6% to 796 000 oz.

At Impala Refining Services, mine-to-market 6E receipts from Zimplats and Marula improved by 1% to 196 000 oz on improved deliveries from Zimplats.

Impala Refining Services' receipts from JV operations decreased by 7% to 143 000 oz, while third-party 6E receipts improved by 8% to 56 000 oz.

Refined 6E production improved by 6% to 392 000 oz on the allocation of proce...

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.

Governments should not choose which critical minerals projects get funding, and instead should invest in shared infrastructure to allow the best projects to move forward, financiers said at a mining conference in Sydney this week.

Financiers consider the quality of mine projects, management teams, the cost to develop, extract and deliver ore when prices are high, but also when they are low, which is a highly specialised skill set, they said.

If mines don't meet strict criteria, when commodity cycles change, they will struggle to stay solvent, adding more expense to the-billions in government funding that is flowing into critical minerals, they said at the IMARC mining conference in Sydney.

Western governments are spending-billions on support for mining projects in a rush to diversify supplies of critical minerals which are now dominated by China. Such minerals are niche metals like rare earths essential to products ranging from cars and aircraft to electronics and weapons systems.

"No one wants government picking winners," said Edward Rigg, executive chairperson of project financier Argonaut.

"It is fair to say that the skill set of picking winners is not a skill which is held in government," he added.

Instead, what markets need is a mechanism that offers price support, or a tax break, or multi-user infrastructure as the fairest form of support, he said.

"I know there are people from various governments here, which won't like that, but that's a reality. That's a realism of the capital markets," he said.

Rigg was speaking at the IMARC mining conference which was attended by large trade delegations from the EU, US and other nations.

Australia has earmarked at least A$13-billion ($9.2-billion) to support critical minerals development across at least five programmes including its own reserve. The European Union has proposed spending €10-billion ($11.2-billion) in coming years, a portion of which will flow into Australia, the bloc's ambassador to Australia, Lawrence Meredith, said on Tuesday.

Mark Kristoff, CEO of commodity trade house Traxys which also finances critical minerals projects, said governments' role was shoring up water and power infrastructure, roads and transport, as well as offering debt as a long-term project finance option.

"I think it does get tricky when you start to pick national champions and put underlying price support for products," he said.

"At the end of the day, a project has to make economic sense through the cycle, and it needs the right characteristics in terms of grade, metallurgy, and production."

One European trade official said on condition of anonymity that his government was not picking winners but instead was guided on which projects to invest in by the country's industrial companies. The companies would be the ones to assess if a mine could deliver the ore quality that would meet their technical requirements.

It's a little unfair to judge public servants for choosing projects to support when governments must make difficult decisions against the backdrop of election cycles that fall under a much shorter time frame than the 15 years it typically takes to develop a mine, said Paulo Castellari, CEO for critical minerals at London-based private equity firm Appian Capital Advisory.

That is why co-investment of public money with specialist mining private equity firms makes sense, he added.

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With nuclear reactor builds currently outpacing new uranium mine supply and the rapid growth of AI and data centres is reinforcing the need for large-scale baseload power, uranium's investment case does not rest on sentiment, finds Canadian uranium explorer Purecore in an investor report.

Drawing on insights from International Energy Agency (IEA), International Atomic Energy Agency (IAEA), US Energy Information Administration (EIA), Sprott Asset Management and Cameco Corporation, Purecore highlights a timing imbalance between the rapid development of AI infrastructure and the longer development timelines associated with new uranium mines.

World Nuclear Association says a primary uranium supply deficit of 335-million pounds by 2040 is possible, even if mine production more than triples form current levels.

One of the forces driving that demand is AI, with AI-related power demand in the US alone expected to approach 200 GW by 2033.

Purecore says technology companies Microsoft, Amazon, Google and Meta have each taken direct action to secure or support nuclear power as part of their long-term energy strategies.

IEA predicts that data centre electricity consumption could reach 950 TWh/y by 2030, with IAEA expecting new global nuclear power generation projects being installed through 2060.

Purecore cites Sprott's industry scenarios indicating cumulative uranium supply deficits of between 700-million pounds to 1.7-billion pounds of triuranium octoxide, or uranium yellowcake, through 2040.

EIA predicts 183-million pounds of unfilled uranium requirements for US utilities between 2026 and 2035.

According to IAEA, about 413 nuclear reactors were operating globally at the end of 2025, representing 377.1 GW of electrical generating capacity. Under the agency's high-growth scenario, global nuclear generating capacity could increase to 1 045 GW by 2050 and further to 1 284 GW by 2060, which would be more than three times the 2025 operating capacity.

World Nuclear Association says global uranium production is currently concentrated in Kazakhstan, accounting for 40% of global uranium mine production. Kazatomprom, Kazakhstan's national uranium company and the world's largest uranium producer, believes its attributable production represented 20% of global primary uranium production in 2025. Overall, more than 70% of global uranium production is concentrated in four countries - Kazakhstan, Canada, Namibia and Australia.

"The world's largest technology companies are increasingly looking toward nuclear energy as a source of reliable, around-the-clock power capable of supporting the scale and performance requirements of next-generation data centres.

"Understanding the relationship between nuclear expansion, uranium supply and long-term electricity demand is fundamental to understanding why Purecore is building its portfolio around uranium and other critical minerals," says Purecore president and CEO Peter Berdusco, adding that AI data centres can be built in three to five years, nuclear reactors in five to ten but greenfield uranium mines take ten to fifteen years, with conventional exploration success rates remaining below 1%, marking the slowest part of the nuclear power growth cycle.

Purecore owns the Yurchison uranium property in Saskatchewan and the Bankier property in British Columbia, but continues to pursue an acquisition- and exploration-focused strategy targeting uranium and copper opportunities in prospective mining jurisdictions.

Berdusco says uranium's investment case does not rest on sentiment but on fundamentals and that Purecore's strategy is build around this structural shift. "We believe the companies positioned for the next era of energy will be those that recognise where long-term demand is headi...

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.

Combined cash and term deposits support the continued advancement of the Bengwenyama platinum group metals (PGMs) project through the definitive feasibility study (DFS) phase and taking in preparations for early mine development, Southern Palladium reported on Wednesday, October 28, when it published its third-quarter production report.

The Johannesburg- and Sydney-listed Southern Palladium is developing Bengwenyama in a part of South Africa's prolific Bushveld Complex known for platinum, palladium, rhodium and chrome richness.

During the September quarter, DFS engineering focused on incorporating the improved metallurgical outcomes into the process plant design, infrastructure requirements, capital estimates and overall development plan.

Work also progressed on the geotechnical and infill drilling programme and the technical studies required to support underground mine planning, Southern Palladium stated in a Johannesburg stock exchange news service announcement accessed by Mining Weekly.

In the December quarter, the company expects to:

continue the permitting process for early works,progress contractor engagement,undertake further flowsheet optimisation and larger-scale confirmatory Jameson cell testing; andkeep on engaging with prospective smelting and refining counterparties.

These workstreams are intended to progress the project towards DFS completion and early development, subject to regulatory approvals, financing and other project execution requirements.

Quarterly highlights included the updated prefeasibility study, which forecast a 2.8-year payback from first Bengwenyama production, 30-year mining right approval, three times higher chromite recovery, early box-cut and decline development, and a closing cash balance of A$20.06-million excluding cash of A$1.13-million held by Southern Palladium's 70% subsidiary, Miracle Upon Miracle Investments. This is the cash that is doing its part to support continued Bengwenyama DFS advancement and early mine development preparations.

Improved DFS metallurgical recoveries have resulted in chrome becoming the third largest revenue earner after rhodium and platinum and ahead of palladium.

The updated prefeasibility study (PFS) forecast a post-tax internal rate of return rise to 39.1% from 26.4% and an 18% funding rise to $329-million.

The updated PFS forecasts a stage-one chrome concentrate production of 450 000 t/y and a stage-two steady-state output of one-million tonnes a year. Forecast life-of-mine production consequently increases to 17.2-million tonnes.

Stage one envisages 100 000 tonnes per month (t/m) from the South Decline, expanding to 200 000 t/m through the North Decline and a second 100 000 t/m processing module. Stage two is expected to be funded largely from cash flow generated by stage one.

The revised plant design combines dense media separation, a coarser primary grind and staged PGM and chromite recovery using established conventional processing methods.

Dense media separation (DMS) is intended to reject low-value footwall waste ahead of milling, reducing the tonnes requiring grinding by between 26% and 31%. With a further 24% of the input being recovered as a saleable coarse chrome product, less than 50% of the run of mine is presented to the flotation plant. The higher upfront chrome recovery, means that there is less chrome entering the flotation circuit, further assisting in improved PGM recoveries.

The updated PFS assumes Jameson flotation cells in the PGM circuits, with larger-scale confirmatory work still planned.

The optimised flowsheet uses DMS to reject waste rock before primary milling, upgrading the material sent to the concentrator. July test work suggested that up to 31% of run-of-mine material could be rejected ahea...

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.

South Africa's headline consumer price inflation rose to 4.5% in September, from 4.4% in August, staying above the South African Reserve Bank's 3% plus-minus 1% target range.

September's consumer price index data showed inflationary pressure on costs that impact mining, such as transport, fuel, electricity and water.

The 10.8% year-on-year (y-o-y) rise in transport prices followed the 27.9% y-o-y and 4.6% month-on-month fuel price surge.

Passenger transport services rose 12.3% and the transport of goods rose 6.8%. Fuel is used in operations for mobile equipment, generators and operational vehicles, while purchased transport services connect production to domestic and export markets.

Higher fuel and freight prices increase on-site as well as mine-to-market expenses especially in the case of bulk commodities that make use of road haulage.

The impact on profit margins depends partly on commodity prices. When export prices are strong, mining companies can absorb some of the higher transport costs without a major reduction in profitability. When commodity prices are weak, however, companies have less revenue available to cover these costs, so profit margins narrow more sharply.

This pressure is difficult to pass on to customers because most mining products are sold at prices determined in international markets.

Minerals Council South Africa's economics department stated in its release to Mining Weekly on Tuesday, October 27, that it expected cost-push pressures, mainly dominated by higher fuel prices, to elevate the headline consumer price index to a level beyond the upper band of the South African Reserve Bank's inflation-targeting framework.

Goods inflation rose to 4.1% from 3.3%. The easing of services inflation to 4.9% from 5.1% was indicative of near-term cost pressure being increasingly concentrated on goods and operational inputs for now.

While the South African Reserve Bank and National Treasury expected inflation to moderate over the medium term, the current policy and prime lending rates were nevertheless keeping financing conditions restrictive, the Minerals Council report stated.

Housing and utilities prices increased by 5.2% y-o-y, contributing a further 1.3% to transport's 1.5%. Water supply and related services rose 7.4%, while electricity, gas, and other fuels rose 7.9%. Electricity and water are essential for ventilation, pumping, hoisting, cooling, processing, dust suppression and mine-water treatment, with tariff increases raising the minimum cost of maintaining production.

"Deep-level, energy-intensive and water-intensive activities are most exposed. Additionally, utility-cost increases can compress margins and affect output, employment, and remaining economic life, with the effect felt especially by junior and emerging miners and by mines in industries experiencing sustained production declines, for example, diamond mines.

"This pressure also affects capital allocation. Higher tariffs strengthen the case for renewable energy, water recycling, and efficiency technologies, but upfront capital costs can force constrained companies to choose.

"Further, rising essential costs reduce real purchasing power and can influence wage expectations and demand for support. Pressure is strongest when essential prices rise faster than wages, increasing calls for transport, housing and other assistance.

"Insurance and financial services prices increased by 5.4% y-o-y, contributing 0.6% to headline inflation. These services are especially relevant to mining because of the sector's capital intensity, long investment horizons and complex operational risks.

"These services protect people, assets, production and environmental liabilities and fund working capital and projects. Higher premiums and fina...