Implats FY2026 Earnings Rebound as Higher PGM Prices Lift Revenue

Platinum and palladium futures swung wildly this week (August 28–September 3), with palladium fluctuating more sharply. Early in the week, hawkish signals from Jackson Hole boosted rate hike expectations, and the still-unsettled US-Iran situation, combined with bulls taking profits, pushed futures sharply lower. Toward the end of the week, prices recovered somewhat as ADP data came in below expectations. Going forward, the focus will be on US inflation and the September FOMC meeting, with a high-volatility environment likely to persist in the near term.

[SMM Flash] Tharisa is considering a five-year senior secured bond with an initial issue size of US$300 million to support development of its Karo Platinum Project in Zimbabwe. The company announced on 2 September that DNB Carnegie and HSBC had been appointed joint bookrunners, with Absa acting as co-manager, for fixed-income investor meetings. Subject to market conditions, proceeds from a potential bond issue would primarily support capital expenditure at Karo alongside general corporate purposes. Karo is an open-pit PGM project under construction on Zimbabwe’s Great Dyke and forms a central part of Tharisa’s strategy to expand its PGM production beyond South Africa. Tharisa describes the project as substantially advanced, with exploration, mine planning and infrastructure development largely completed and concentrator construction progressing. A successful bond issue would represent an important financing milestone for the project, potentially reducing funding uncertainty surrounding the development of additional Zimbabwean PGM supply.