Zimbabwe Platinum Mines (Zimplats) says it has made “significant” progress in sorting out delayed payments owed by the government. The issue stems from Zimbabwe’s export surrender policy, where miners get 70% of their export earnings in US dollars and 30% in ZiG. Delays in paying the ZiG portion had left Zimplats, which is 87% owned […]
Zimbabwe Platinum Mines (Zimplats) says it has made “significant” progress in sorting out delayed payments owed by the government.
The issue stems from Zimbabwe’s export surrender policy, where miners get 70% of their export earnings in US dollars and 30% in ZiG.
Delays in paying the ZiG portion had left Zimplats, which is 87% owned by South Africa’s Impala Platinum Holdings (Implats), owed the equivalent of US$78.1 million at the end of December.
The cash flow crunch tied up working capital and pushed up receivables, a problem felt across the sector, with outstanding surrender balances for platinum producers reportedly topping US$228 million by mid-2026.
But speaking on an earnings call on Thursday, Implats CFO Meroonisha Kerber said things have “actually improved significantly” since the group’s interim results.
She said a tripartite deal was struck in March with various government institutions.
Under the agreement, Zimplats now gets 50% of its surrender proceeds in cash, while the other 50% is used to settle what it owes the government through offsets.
“Since that agreement has been put in place, they have honoured the terms of that,” Kerber said.
Zimplats has since used around US$99 million to offset taxes, royalties and customs duties, while accessing about US$150 million in local currency.
“That really has made a significant difference because our local creditors are now all up to date,” she said.
The improved cash position comes as operations have also picked up. Better fleet availability and more open-cast ore lifted throughput in the year to August, with the company producing 660,000 ounces of concentrate.
Construction of its 45 MW solar project is also on track for early 2027 – the second phase of a planned 185 MW solar complex, with 35 MW already commissioned.
More: newZWire
