South Africa’s mineral sales saw a remarkable increase in the first quarter of 2026, rising by 38.5% year-on-year to reach R242.4 billion. This growth was driven by a 30.2% year-on-year increase in March, which brought sales to R82.4 billion. February also recorded a substantial 57.9% surge year-on-year, totaling R78.4 billion, while January observed a 31.6% gain year-on-year with sales hitting R81.6 billion. These figures highlight the robust performance of the mineral sector during the initial months of 2026.
The standout performer in March 2026 was the platinum group metals (PGMs), which experienced a staggering 113.5% year-on-year surge. Additionally, gold sales climbed by 51.7%, and chromium ore sales saw a 38.6% increase. However, not all minerals fared equally well; iron ore sales notably declined by 18.7%, making it the largest negative contributor during this period. Despite this, the overall picture for mineral sales in March was overwhelmingly positive.
Reflecting on 2025, South Africa’s mineral sales rose by 7.3%, reaching R861 billion, although this was still below the R883.7 billion recorded in 2022. December 2025 marked a record month, with sales surging by 47.81% year-on-year to R94.1 billion. Gold sales, which had been lagging behind PGMs in recent years, made a strong comeback due to a surge in gold prices. In December 2025, gold sales accounted for 33.4% of total mineral sales, amounting to R31.5 billion, placing them in the leading position. PGMs and coal followed with shares of 24.5% and 16.2%, respectively.
The volatility in gold sales was a notable trend in 2025, with figures fluctuating from R4.0 billion in February to R31.5 billion in December. In 2026, however, gold sales have been relatively stable, with January and February recording R19.7 billion and R20 billion, respectively, and March seeing a slight dip to R15.3 billion. This lower figure for March might be attributed to some gold mines withholding their stocks in anticipation of higher prices in the coming months.
Looking ahead, if the mineral sales momentum from the first quarter of 2026 continues throughout the year, South Africa’s mineral sales could approach R1 trillion. This projection could even be surpassed as the new Platreef mine, which produces PGMs, nickel, copper, and gold, ramps up its production. The ongoing developments in the mineral sector indicate a promising outlook for the remainder of the year.