In an impressive start to 2026, South African mineral sales surged by 38.5% year-on-year in the first quarter, reaching a total of R242.4 billion. This growth was propelled by a notable 30.2% increase in March, with sales hitting R82.4 billion, following a 57.9% rise in February to R78.4 billion, and a 31.6% gain in January to R81.6 billion. According to the latest figures, seasonally adjusted mineral sales at current prices have seen a 6.6% rise in the first quarter of 2026 compared to the last quarter of 2025.
The standout performer in March 2026 was the platinum group metals (PGMs), which experienced a remarkable 113.5% year-on-year increase. Gold also posted significant gains with a 51.7% rise, while chromium ore sales grew by 38.6%. Conversely, iron ore faced challenges, with sales decreasing by 18.7%, marking it as a significant negative contributor for the month.
Reflecting on the mineral sales of 2025, there was a 7.3% increase, totaling R861 billion. Despite December 2025 witnessing a record-breaking 47.81% year-on-year surge to R94.1 billion, the overall annual total fell short of the 2022 figure of R883.7 billion. Notably, December 2025 saw gold sales at the forefront, accounting for 33.4% of total mineral sales at R31.5 billion, followed by PGMs with a 24.5% share, and coal completing the top three with 16.2%.
Gold sales in 2025 demonstrated marked volatility, fluctuating from a low of R4.0 billion in February to a high of R31.5 billion in December. However, 2026 has seen more stable figures, with January and February recording R19.7 billion and R20 billion respectively, before dipping to R15.3 billion in March. This decline could be attributed to strategic withholding by gold mines, anticipating higher prices in the following months.
Looking ahead, if the momentum of the first quarter continues throughout 2026, mineral sales could approach R1 trillion. This target might even be surpassed as the production at the new Platreef mine, which includes PGMs, nickel, copper, and gold, continues to ramp up.