South Africa’s mineral sales experienced a significant rise in the first quarter of 2026, marking a 38.5% increase compared to the same period the previous year, amounting to R242.4 billion. This growth was fueled by a 30.2% year-on-year increase in March alone, which brought sales to R82.4 billion. February 2026 was particularly impressive with a 57.9% surge to R78.4 billion, while January also saw a robust 31.6% gain to R81.6 billion. According to data, seasonally adjusted mineral sales at current prices grew by 6.6% in Q1 2026 compared to the last quarter of 2025.
March 2026 was a standout month, especially for platinum group metals (PGMs), which saw a remarkable 113.5% increase in sales year-on-year. Gold sales also performed strongly, rising by 51.7%, while chromium ore sales increased by 38.6%. However, not all sectors thrived; iron ore was a notable exception, with sales dropping by 18.7% during the same period.
In 2025, overall mineral sales increased by 7.3% to reach R861 billion. Despite a record surge in December 2025, where sales jumped by 47.81% year-on-year to R94.1 billion, the annual total fell short of the R883.7 billion reported in 2022. December 2025 saw an unexpected turnaround for gold, which led the sales with R31.5 billion, accounting for 33.4% of total mineral sales. 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.
The gold market exhibited unusual volatility in 2025, with monthly sales fluctuating between R4.0 billion in February and R31.5 billion in December. This volatility appeared to stabilize somewhat in 2026, with gold sales reported at R19.7 billion in January, R20 billion in February, and R15.3 billion in March. The relatively low sales in March may have been due to some mines delaying sales in anticipation of higher gold prices in the following months.
Looking ahead, if the first quarter’s momentum is sustained throughout the year, South Africa’s mineral sales in 2026 could approach R1 trillion. This target might even be surpassed as the new Platreef mine, which produces PGMs, nickel, copper, and gold, continues to increase its production capabilities.