African Rainbow Minerals (ARM) said on Thursday its board has approved a phased R15.2-billion upgrade of its Bokoni platinum group metal operations as well as the resumption of nickel mining at Nkomati.
The diversified miner said in a statement the outlook for platinum group metals (PGMs), mostly used in autocatalysts which curb vehicle emissions, remains positive despite the expected impact of battery electric vehicles, which do not require emission control.
The Bokoni project expansion will add a new 120 000 metric ton per month PGM concentrator to the existing 60 000 ton per month plant, which will be refurbished, ARM said. The new concentrator is expected to be commissioned in 2030.
Optimistic projections
ARM said it expects the Bokoni project to reach steady state in 2032, with annual output between 350 000 and 400 000 ounces of PGMs from that year. The company produced 615 719 ounces of PGMs in its financial year to June 2025.
ARM suspended operations at Bokoni in June 2025, saying the smaller 60 000 ton per month mining and milling capacity was insufficient to offset fixed costs and sustain profitability.
The company, which also has iron ore, manganese and coal assets, said it was restarting open-pit mining operations and nickel concentrate production at Nkomati after agreeing a conditional off-take deal with Sweden’s Boliden.
The Nkomati mine was placed on care and maintenance in 2021 due to persistent financial losses driven by rising operational costs and weak nickel prices.
ARM, which took full control of Nkomati in July 2025 following the exit of former joint venture partner Nornickel, plans to spend $46-million (about R777-million) on the nickel mining restart, producing 56 065 tons of nickel concentrate annually.
- African Rainbow Minerals (ARM) approved a phased R15.2-billion upgrade of its Bokoni platinum group metal operations and plans to resume nickel mining at Nkomati.
- The Bokoni expansion includes adding a new 120,000 tons/month PGM concentrator to the existing 60,000 tons/month plant, targeting commissioning in 2030.
- ARM expects Bokoni to reach steady state by 2032, producing 350,000–400,000 ounces of PGMs annually; the company produced 615,719 ounces in the year to June 2025.
- Bokoni operations were suspended in June 2025 due to insufficient capacity to cover fixed costs, while Nkomati mining restarts after securing a conditional off-take deal with Boliden.
- ARM will invest approximately $46 million (R777 million) to restart Nkomati, aiming to produce 56,065 tons of nickel concentrate annually after taking full control in July 2025.
