Terra Metals Reports Strong New PGM Intercepts at Dante Project

[SMM Flash] South Africa’s electricity system continued to show improved generation reliability through the winter period, according to a September 7 update from the Minerals Council South Africa. Eskom’s average Energy Availability Factor reached 75.6% in July before easing to 71.2% in August, with the decline largely attributed to increased planned maintenance rather than deteriorating generation performance. Electricity demand nevertheless remained weak, with August peak demand of 28,498 MW well below the 34,029 MW recorded in August 2021. For South Africa’s electricity-intensive PGM mines, concentrators and smelters, improved power availability reduces the immediate risk of operating disruptions. However, the Minerals Council said electricity costs for the mining sector increased by approximately 1,185% between 2003 and 2025, underlining continued structural cost pressure despite better supply reliability. Improved generation therefore supports operational stability but does not remove electricity-price pressure on PGM margins.

[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.