In a significant development for South Africa’s mineral industry, mineral sales in the first quarter of 2026 have experienced a notable increase, rising by 38.5% year-on-year to R242.4 billion. This growth was largely driven by a remarkable 30.2% increase in March, which saw sales reach R82.4 billion. February had already set a high bar with a 57.9% year-on-year surge, while January recorded a 31.6% gain, bringing sales to R81.6 billion. Overall, the seasonally adjusted mineral sales at current prices showed a 6.6% growth in the first quarter compared to the last quarter of 2025.
March 2026 saw platinum group metals (PGMs) at the forefront, with their sales surging by an impressive 113.5% year-on-year. Gold sales also saw significant growth, climbing by 51.7%, while chromium ore sales increased by 38.6%. However, not all sectors experienced positive growth; iron ore sales fell by 18.7%, marking it as the largest negative contributor during this period.
Reflecting on the previous year, mineral sales in 2025 rose by 7.3%, reaching R861 billion. Despite a record-setting December, where sales soared by 47.81% year-on-year to R94.1 billion, the annual total for 2025 remained slightly below the 2022 figure of R883.7 billion. December 2025 was particularly noteworthy for gold sales, which accounted for a significant 33.4% of total mineral sales, amounting to R31.5 billion. This resurgence in gold sales was unexpected, considering PGMs had typically outperformed them in recent years. PGMs accounted for 24.5% of December sales, followed by coal at 16.2%.
Gold sales throughout 2025 exhibited considerable volatility, ranging from R4.0 billion in February to R31.5 billion in December. In contrast, 2026 has shown more stability, with gold sales reaching R19.7 billion in January and R20 billion in February. However, March recorded a decrease, with sales falling to R15.3 billion, possibly due to some mines holding back production in anticipation of higher prices in the following months.
Looking ahead, if the momentum from the first quarter of 2026 continues throughout the year, South Africa’s mineral sales could approach the R1 trillion mark. This target might be further boosted as new mining operations, such as the Platreef mine producing PGMs, nickel, copper, and gold, ramp up their production capabilities.