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[SMM Flash] Zimplats has made significant progress in recovering delayed payments under Zimbabwe’s export-surrender regime after reaching an offset arrangement with government institutions, according to comments by Implats CFO Meroonisha Kerber during the group’s FY2026 results call. Under the surrender policy, exporters receive 70% of export proceeds in US dollars and 30% in local currency (ZiG). Delays in settling the local-currency component had left Zimplats owed the equivalent of US$78.1 million at end-December 2025. Under a tripartite arrangement reached around March, Zimplats now receives 50% of its surrender proceeds in cash while the remaining 50% can offset government obligations. The company has since used about US$99 million against taxes, royalties and customs duties and gained access to roughly US$150 million in local currency, bringing local creditors up to date. The arrangement reduces working-capital pressure at a major Zimbabwean PGM producer, although it does not represent a change to the underlying 70:30 export-surrender policy.