Lower throughput and grade combined with electricity interruptions and oxidised ore to cut annual concentrate output by almost 15,000 ounces

• Mimosa’s 6E concentrate production declined by 5.8% to 239,100 ounces during FY2026 from approximately 254,000 ounces in the previous year
• Tonnes milled decreased by 1.4% to 2.87 million tonnes as average 6E grade fell by 1.9% to 3.54 grams per tonne
• Intermittent power interruptions disrupted processing stability as mining encountered more oxidised ore and complex geology near the extremities of the orebody

Harare - Mimosa Mining Company recorded a 5.8% decline in 6E concentrate production to 239,100 ounces during the year ended 30 June 2026 after lower throughput, weaker grade and intermittent power interruptions reduced performance at the Zimbabwean platinum operation. The mine produced approximately 14,900 fewer ounces than the 254,000 ounces delivered in FY2025.

Tonnes milled declined by 1.4% to 2.87 million tonnes from 2.91 million tonnes, reducing the volume of material available to the concentrator. Average 6E grade fell by 1.9% to 3.54 grams per tonne from 3.61 grams per tonne, lowering the contained metal carried by each tonne entering the plant.

“Processing stability was impacted by intermittent power interruptions and increased volumes of oxidised ore,” Implats said. The group also attributed the weaker performance to complex geological conditions as mining activities moved toward the extremities of the orebody.

The production result captures pressure across the full operating chain. Lower milled volumes reduced plant feed. Weaker grade reduced the available metal within that feed. Electricity interruptions and changing ore characteristics then constrained the conversion of mined material into concentrate.

The 5.8% reduction in output exceeded the declines recorded in tonnes milled and grade individually. This establishes processing stability as an important component of the lost production alongside the weaker mining inputs.

Mimosa’s operating challenge now extends from the orebody into the concentrator. Mining near the extremities has introduced greater geological complexity and higher oxidised ore volumes. These conditions require tighter mine sequencing, grade control and ore blending to maintain consistent material for processing.

The mine must also manage the gradual decline in metal content. Lower grade means more tonnes are required to deliver the same quantity of contained PGMs. A sustained reduction places greater demands on mining capacity, equipment availability and concentrator throughput.

Mimosa processed about 41,000 fewer tonnes during FY2026. The lower grade then reduced the metal contribution from the smaller processing base. Restoring production will require progress in both areas because additional throughput delivers a smaller output benefit where feed grade continues to weaken.

Power supply adds a separate constraint to that recovery. Concentrate production depends on stable electricity across crushing, milling, flotation, pumping and material handling. Intermittent interruptions reduce processing time and weaken the continuity required to maintain planned throughput.

The production decline had a material effect on Implats’ joint venture portfolio. Combined output from joint venture operations decreased by 3.1% to 525,700 6E ounces from 542,000 ounces. Mimosa accounted for approximately 14,900 ounces of the portfolio’s 16,300 ounce decline.

Mimosa therefore became the principal driver of weaker joint venture production during a year in which Implats increased total group 6E output marginally to 3.50 million ounces. Group refined and saleable production rose by 5.5% to 3.56 million ounces.

The stronger wider group performance increases the operating importance of restoring Mimosa’s contribution. The mine supplies concentrate into an Implats processing system that increased refined output and reduced excess work in process inventory during FY2026.

PGM prices also improved materially during the period. Implats reported broad appreciation across precious and base metals, lifting group sales revenue per 6E ounce by more than 50%. The measure applies to the group and does not disclose Mimosa’s standalone realised price. It confirms that ounces lost through operational disruption carried greater market value during FY2026.

The production update did not disclose Mimosa’s recovery rate, unit cost, capital expenditure or standalone financial contribution. The available evidence places the immediate FY2027 performance test on the restoration of physical output.

Four indicators will measure that recovery. Mimosa must increase tonnes milled, stabilise feed grade, improve processing continuity and raise 6E concentrate production from the FY2026 level of 239,100 ounces.

The first requirement lies in mine execution. Management must navigate the more complex sections of the orebody and deliver a consistent mix of material to the plant. Grade control and sequencing will determine how effectively Mimosa protects contained metal as mining progresses through these areas.

The second requirement lies in infrastructure reliability. A stable electricity supply will determine whether the concentrator can maintain planned throughput and preserve operating continuity. Continued interruptions would constrain the benefit from any improvement achieved underground.

Mimosa enters FY2027 with a clearly defined recovery task. The mine must reverse a 14,900 ounce production decline through stronger mining volumes, better feed consistency and more reliable processing.

The operation’s next performance gain will come from aligning geological execution with uninterrupted plant availability. Restoring that link will determine whether Mimosa can rebuild concentrate production and recover its contribution to Implats’ Zimbabwean portfolio.

- Equity Axis News