South Africa’s mineral sales experienced a significant upswing in the first quarter of 2026, driven primarily by a remarkable increase in the platinum group metals (PGMs) sector. Sales soared by 38.5% compared to the previous year, totaling R242.4 billion. This growth was notably buoyed by a 30.2% year-on-year rise in March, reaching R82.4 billion. February saw an even more impressive 57.9% increase to R78.4 billion, while January posted a 31.6% rise to R81.6 billion. Seasonally adjusted figures from Statistics South Africa highlighted a 6.6% quarter-on-quarter increase in mineral sales at current prices.
In March 2026, PGMs were the standout contributors with a staggering 113.5% increase compared to the previous year. Gold sales also performed robustly, climbing by 51.7%, while chromium ore sales rose by 38.6%. However, the month saw a decline in iron ore sales, which fell by 18.7%, marking it as the largest negative contributor. Despite this, the overall performance of mineral sales paints an optimistic picture for the sector.
Looking back at 2025, mineral sales climbed by 7.3% to R861 billion. December of that year witnessed a record high with a 47.81% year-on-year surge, achieving R94.1 billion in sales. Despite this monthly peak, the annual total fell short of the 2022 figure of R883.7 billion. December 2025 was particularly notable for the dominance of gold sales, which accounted for 33.4% of total mineral sales, amounting to R31.5 billion. 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.
Gold sales have exhibited significant volatility over the past year, ranging from a low of R4.0 billion in February 2025 to a high of R31.5 billion in December 2025. In 2026, this volatility has lessened, with sales figures of R19.7 billion in January, R20 billion in February, and R15.3 billion in March. The dip in March is speculated to be due to some gold mines holding back production in anticipation of higher prices in the following months.
Looking ahead, if the momentum of the first quarter continues throughout the year, South Africa’s mineral sales could approach R1 trillion by the end of 2026. This figure might even be surpassed as the new Platreef mine, which produces PGMs, nickel, copper, and gold, ramps up its operations. The future appears bright for the country’s mineral sector as it continues to build on its current performance.