In March 2026, South African mineral sales experienced a notable boost, with platinum group metals (PGMs) leading the charge by surging 113.5% compared to the previous year. This significant rise contributed to an overall 38.5% year-on-year increase in mineral sales for the first quarter, totaling R242.4 billion. March alone saw mineral sales climb by 30.2% year-on-year to reach R82.4 billion, following a remarkable 57.9% surge in February to R78.4 billion and a 31.6% gain in January to R81.6 billion.
During this period, gold sales also saw a substantial increase of 51.7%, while chromium ore sales rose by 38.6%. However, not all minerals experienced growth, as iron ore recorded a notable decline of 18.7%. Looking back at 2025, mineral sales grew by 7.3% to R861 billion, although this figure remained below the 2022 total of R883.7 billion. December 2025 marked a significant month, with mineral sales surging by 47.81% year-on-year to a record R94.1 billion, led largely by gold sales.
Gold, which had lagged behind PGMs in recent years, surged to prominence in December 2025, 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 contributed 16.2% with R15.2 billion. Bulk export ores such as iron, chrome, and manganese also played a vital role, with sales figures of R6.9 billion, R6.1 billion, and R4.5 billion, respectively.
The gold sales throughout 2025 were notably volatile, ranging from as low as R4.0 billion in February to a high of R31.5 billion in December. In contrast, 2026 showed less volatility, with figures of R19.7 billion in January, R20 billion in February, and R15.3 billion in March. The dip in March sales might be attributed to some gold mines holding back product, possibly expecting higher prices in subsequent months.
Looking ahead, if the momentum of the first quarter of 2026 is sustained, South African mineral sales could potentially approach R1 trillion for the year. This target might even be surpassed as the new Platreef mine, which produces PGMs, nickel, copper, and gold, ramps up its output.