In a significant development for the South African mineral industry, platinum group metals (PGMs) emerged as the largest positive contributors in March 2026, with a remarkable 113.5% increase compared to the previous year. This surge played a crucial role in boosting the overall mineral sales in the first quarter, which saw a year-on-year rise of 38.5%, reaching R242.4 billion. The month of March alone witnessed a 30.2% increase from the previous year, bringing sales to R82.4 billion, following impressive surges of 57.9% in February and 31.6% in January.
The seasonally adjusted figures from Statistics South Africa indicate that mineral sales at current prices increased by 6.6% in the first quarter of 2026 compared to the last quarter of 2025. Besides PGMs, gold sales also showed a strong performance in March with a 51.7% increase, while chromium ore sales rose by 38.6%. However, not all minerals performed as well; iron ore sales, for instance, recorded an 18.7% decline, marking the largest negative contribution.
Looking back at 2025, mineral sales experienced a 7.3% growth, totaling R861 billion. Despite a record-breaking December with a 47.81% year-on-year surge to R94.1 billion, the overall annual figure remained slightly below the 2022 total of R883.7 billion. December 2025 was particularly notable for gold, which unexpectedly led the mineral sales, contributing 33.4% of the total at R31.5 billion, surpassing PGMs, which held a 24.5% share. Coal maintained its position in the Top Three with a 16.2% share.
The volatility of gold sales was evident throughout 2025, ranging from a low of R4.0 billion in February to a high of R31.5 billion in December. In contrast, gold sales in 2026 showed more stability, with figures of R19.7 billion in January, R20 billion in February, and R15.3 billion in March. The relatively low sales in March could be attributed to some mines withholding gold in anticipation of higher prices in the following months.
Looking ahead, if the trend of the first quarter of 2026 continues, South Africa’s mineral sales for the year could approach R1 trillion. This optimistic outlook is bolstered by the anticipated increase in production from the new Platreef mine, which focuses on PGMs, nickel, copper, and gold. Such developments hint at a promising future for the country’s mining sector, potentially surpassing current projections.