HARARE – Mining giant Impala Platinum (Implats) has opened formal talks with the Reserve Bank of Zimbabwe (RBZ) and is seeking engagement with both the Zimbabwean and South African governments over Harare’s foreign currency retention policy, escalating what began as a commercial concern into a high-level bilateral discussion.
Implats Chief Executive Officer Nico Muller confirmed the development while speaking on the sidelines of the company’s half-year earnings presentation in Johannesburg.
The dispute centres on the export earnings retention policy, introduced in 2024, which requires exporters to surrender about one-third of their foreign currency revenues to the Reserve Bank of Zimbabwe (RBZ). Authorities say the policy is meant to rebuild foreign currency reserves used to support imports and stabilise the country’s exchange rate.
However, exporters, particularly in the mining sector, argue that the rule has created cash-flow pressures because many companies must purchase equipment, spare parts and specialised services in hard currency.
Muller said Implats has already held an “extensive meeting” with the RBZ and is scheduled to engage both the Zimbabwean and South African governments in search of clarity and workable solutions.
While the company accepts the principle behind the retention policy, problems arise when the central bank cannot immediately deliver converted local currency needed for wages, suppliers and operational costs within Zimbabwe.
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The issue is particularly sensitive for Implats because Zimbabwe plays a central role in the group’s production strategy. The company holds more than 80 percent of Zimplats, one of the country’s largest platinum producers, and relies on Zimbabwe for over one-third of its annual output.
Financially, Zimbabwe is also a major revenue driver for the group. The country contributed roughly 35 percent of Implats’ 31 billion rand half-year revenue, while nearly 70 percent of the company’s capital spending was directed toward Zimbabwean operations.
Zimbabwe hosts the world’s third-largest platinum group metal deposits after Russia and South Africa, making the country a strategic hub for global platinum supply.
Muller noted that policy unpredictability has begun to influence investor perceptions of risk. Referring to regulatory changes that occur periodically, Muller said:
“Our perception of risk has materially shifted upwards over the last two years.”
Despite the concerns, the company emphasised that it remains committed to Zimbabwe after more than two decades of operations.
Meanwhile, the Reserve Bank of Zimbabwe maintains that the policy is essential to support the country’s new Zimbabwe Gold (ZiG) currency and rebuild foreign reserves. Officials say reserves have increased from about US$276 million in April 2024 to roughly US$1.2 billion by December 2025.
For Zimbabwe, the debate has become a broader test of investor confidence as authorities attempt to balance currency stability with the operational realities faced by export-driven industries that anchor the country’s economy.
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