South Africa's major platinum group metals producers posted a stronger first half in the 12 months to June 30, largely recovering from weather-disrupted operations in 2025. Impala Platinum's Rustenburg operation produced 1.74 million ounces of refined metal, up 4% year-on-year, while group-wide gross refined and saleable platinum output rose 5% to 1.68 million ounces. Northam Platinum posted a record 939,000 ounces across its four main metals, up 4.4%, helped by the ramp-up at its Eland project.

Sibanye-Stillwater has yet to report full results for the period but said its South African PGM supply rose 2% year-on-year in the first quarter, with 2026 guidance held at 1.65 million to 1.75 million ounces. Precious metals group Heraeus cautioned that the improvement reflects a return to pre-disruption production levels rather than the start of a new growth cycle, with year-on-year comparisons expected to be less favourable in the second half.