Impala Platinum CEO Nico Muller said he expects elevated platinum group metal (PGM) prices to outlive the current US administration as the scramble to secure critical minerals continues to intensify.
Geopolitical uncertainty and a broad reversal of electric vehicle mandates, thanks largely to US President Donald Trump’s erratic foreign policy and mission to revive domestic carmakers, played a significant role in PGM markets in 2025, pushing prices up nearly 130%, their best year on record.
However, Muller told journalists on a media call a deeper shift was occurring which would likely outlast Trump’s presidency, with countries ramping up their quest for security of supply of critical minerals.
“The key drivers underpinning recent pricing strength are unlikely to dissipate fully in the medium term,” said Implats in its results of the six months to end-December.
“Persistent de-dollarisation trends, increased demand for hard assets and the structural scarcity of PGM supply continued to provide notable market support.
“While increased investor activity provided upward momentum to pricing, underlying demand and supply dynamics and the global quest for security of supply of critical minerals indicate sound fundamental support.”
Platinum, palladium and rhodium are all expected to record successive supply deficits in 2026, according to the company.
Implats reported revenue at R60.8bn, up 44% from the previous first half. Cost of sales were 18% higher at R47.3bn.
Headline earnings per share were up more than five-fold at R9.3bn.
As soaring PGM prices saw free cash flow nearly double to R12.1bn, the group rewarded shareholders with a R3.7bn dividend payout, or R4.10 a share.
This equates to double its stated dividend policy, at 60% of adjusted free cash flow — 80% when accounting for R1.4bn in tax payments made shortly after the period end.
The windfall for shareholders continues a trend of soaring dividend payouts in the PGM sector. Northam Platinum shareholders enjoyed a record 700c interim dividend last month, more than triple the company’s final dividend in the previous financial year.
Valterra Platinum announced a R5.3bn special dividend in its year-end results last month.
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