[SMM Flash] Two Rivers, the South African PGM joint venture between African Rainbow Minerals and Impala Platinum, is advancing technical validation work for its Merensky project on the eastern limb of the Bushveld Complex. Early-works capital was approved during FY2026 to complete studies required to determine the project's way forward. The Merensky concentrator was commissioned during the six months to December 2024 but was subsequently placed on care and maintenance amid challenging PGM market conditions.
The project has a stated capital cost of approximately R7.3 billion and is designed to produce around 182,000 6E PGM oz/year at steady state, alongside approximately 1,600 tonnes/year of nickel and 1,300 tonnes/year of copper. A restart could therefore provide meaningful incremental PGM supply from an existing South African operation. However, the project remains under technical validation and no restart date or final decision to resume production has been announced.
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