South Africa witnessed a significant uptick in mineral sales during the first quarter of 2026, with a 38.5% year-on-year increase, totaling R242.4 billion. This surge was primarily driven by a remarkable 113.5% rise in platinum group metals (PGMs) sales in March 2026. The month also saw a 30.2% year-on-year increase, bringing March’s sales to R82.4 billion. Prior to this, February 2026 experienced a 57.9% jump compared to the previous year, reaching R78.4 billion, while January recorded a 31.6% rise to R81.6 billion.
In March 2026, PGMs led the growth among mineral sales, while gold sales also saw a substantial increase of 51.7%. Additionally, chromium ore sales rose by 38.6%. However, not all sectors experienced growth; iron ore sales declined by 18.7%, making it the largest negative contributor for the month. Despite these fluctuations, the seasonally adjusted mineral sales at current prices saw a 6.6% increase in the first quarter of 2026 compared to the last quarter of 2025.
Looking back at 2025, mineral sales rose 7.3% to R861 billion, although this was slightly below the 2022 total of R883.7 billion. December 2025 stood out with a record R94.1 billion in sales, largely driven by a surge in gold prices. Gold, historically lagging behind PGMs, led the sales in December, accounting for 33.4% of total mineral sales at 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. Other significant contributors included iron, chrome, and manganese ores.
Gold sales throughout 2025 showed high volatility, ranging from R4.0 billion in February to R31.5 billion in December. In contrast, the first few months of 2026 saw more stable gold sales, with R19.7 billion in January and R20 billion in February, before dropping to R15.3 billion in March. This decrease might be attributed to some gold mines withholding sales in anticipation of higher prices in the coming months.
Looking ahead, if the current pace of mineral sales continues, South Africa could see its total mineral sales 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, continues to ramp up its production throughout the year.