South Africa’s mineral sales experienced a significant boost in the first quarter of 2026, climbing by 38.5% year-on-year to reach R242.4 billion. This growth was propelled by a notable 30.2% increase in March alone, amounting to R82.4 billion. The upward trend in mineral sales followed a record surge of 57.9% in February 2026, totaling R78.4 billion, and a 31.6% gain in January, which amounted to R81.6 billion. Seasonally adjusted figures also show a 6.6% increase in the first quarter of 2026 compared to the last quarter of 2025, underscoring the sector’s robust performance.
Among the various minerals, platinum group metals (PGMs) emerged as the largest positive contributors in March 2026, with an impressive 113.5% year-on-year increase. Gold sales also saw a significant rise of 51.7%, while chromium ore sales increased by 38.6%. However, not all mineral sectors thrived, as iron ore sales fell by 18.7%, marking it as the largest negative contributor during this period.
Reviewing the previous year, mineral sales in 2025 rose by 7.3% to R861 billion, despite a record-breaking surge in December 2025 when sales hit R94.1 billion, marking a 47.81% year-on-year increase. Interestingly, December’s figures were heavily influenced by gold, which made up 33.4% of total mineral sales at R31.5 billion, ahead of PGMs at 24.5%, and coal at 16.2%. Bulk export ores such as iron, chrome, and manganese also contributed significantly to the sales, with figures reaching R6.9 billion, R6.1 billion, and R4.5 billion, respectively.
Gold sales in particular have demonstrated notable volatility. In 2025, they fluctuated from a low of R4.0 billion in February to a high of R31.5 billion in December. In contrast, 2026 has seen a more stable pattern, with sales of R19.7 billion in January, R20 billion in February, and R15.3 billion in March. The dip in March sales might be attributed to gold mines holding back production, anticipating higher prices in the ensuing months.
Looking ahead, if the mineral sales observed in the first quarter of 2026 continue throughout the year, the total could approach the R1 trillion mark. This optimistic outlook is further bolstered by the anticipated increase in production from the new Platreef mine specializing in PGMs, nickel, copper, and gold. As these developments unfold, the South African mineral sector appears poised for a potentially record-setting year.
