Tangshan to extend level-II smog alert till Jan 3

[SMM Silver Express] Customs data shows China's exports of 99.99% unwrought silver reached 405.98 tonnes in August 2026, up 15.8% month-on-month but down 0.6% year-on-year; cumulative exports for January-August reached 3,031.51 tonnes, down 2.6% year-on-year. August imports were 66.24 tonnes, up 74.3% month-on-month; cumulative imports for January-August reached 951.39 tonnes. Silver ore and concentrate imports reached 266,055.59 tonnes in August, up 24.47% month-on-month and 39% year-on-year; cumulative imports for January-August reached 1.6444 million tonnes, up 36.6% year-on-year.

Implats’ 2010–2025 operating record shows why higher output does not always mean stronger profits. Metal prices, operating disruptions, acquisitions and currency movements shaped performance. Palladium and rhodium prices fell sharply after FY2021. FY2026 results show a recovery, but lasting strength depends on safe operations, reliable processing, disciplined costs and converting metal into cash, rather than relying on favourable prices alone.

Implats is reassessing the strategic value of its Waterberg PGM project. The company’s management recently stated that the revised Waterberg plan, following scale reduction and capital cost optimisation, is more attractive than previous versions, and the project has re-entered the group’s future growth pipeline. This development also reflects an increasingly pressing reality for South Africa’s PGM industry: projects capable of delivering incremental output at lower risk and reasonable capital intensity are becoming scarce.