In the first quarter of 2026, South Africa’s mineral sales experienced a substantial increase, soaring by 38.5% year-on-year and reaching R242.4 billion. This impressive growth was propelled by a 30.2% rise in March, contributing R82.4 billion to the total. The upward trend began earlier in the quarter, with February witnessing a remarkable 57.9% year-on-year surge to R78.4 billion, and January reporting a 31.6% increase to R81.6 billion. According to data from Statistics South Africa, seasonally adjusted mineral sales at current prices saw a 6.6% rise in the first quarter of 2026 compared to the last quarter of 2025.
March 2026 stood out with platinum group metals (PGMs) leading the charge, posting a significant 113.5% year-on-year increase. Gold sales also performed strongly, rising by 51.7%, while chromium ore sales recorded a gain of 38.6%. However, not all minerals followed this upward trajectory; iron ore sales experienced an 18.7% decline, marking it as the largest negative contributor for the month.
Looking back at 2025, mineral sales grew by 7.3% to R861 billion. Despite December 2025 achieving a record high with a 47.81% year-on-year surge to R94.1 billion, the annual total still fell short of the R883.7 billion recorded in 2022. Interestingly, December 2025 saw gold sales taking the lead, responsible for 33.4% of total mineral sales at R31.5 billion, a notable shift given that PGMs had outperformed gold in recent years. PGMs followed with a 24.5% share at R23.1 billion, and coal rounded out the top three with a 16.2% share at R15.2 billion. Other significant contributors included iron, chrome, and manganese, with sales of R6.9 billion, R6.1 billion, and R4.5 billion, respectively.
Gold sales throughout 2025 were notably volatile, ranging from as low as R4.0 billion in February to R31.5 billion in December. In contrast, 2026 has seen more stable figures, with January and February reporting R19.7 billion and R20 billion, respectively, and March experiencing a slight dip to R15.3 billion. The lower sales figure in March might be attributed to some gold mines holding back production in anticipation of higher prices in the ensuing months of April and May.
Looking ahead, if the mineral sales trend from the first quarter of 2026 continues for the rest of the year, total sales could approach R1 trillion. This optimistic outlook is further supported by the expected increase in production from the new Platreef mine, which extracts PGMs, nickel, copper, and gold, potentially boosting overall mineral sales even further.