Skip to main content
Invest Now
012 012 5270
Copyright © Aluma Capital (Pty) Ltd. All rights reserved.
Aluma Capital (Pty) Ltd is a registered Financial Services Provider (FSP 46449) in terms of The Financial Advisory and Intermediary Services Act (37 of 2002)
Frederick Mitchell, Chief Economist | Aluma Capital (Pty) Ltd
Frederick Mitchell
April 14, 2026

Mining Production and Sales for February 2026

Discover the dynamic shifts within South Africa’s mining sector with our latest analysis. In a remarkable February 2026 performance, mining activities surged by 9.7%, spearheaded by dramatic increases in PGM, chromium ore, manganese, and gold production. Despite a quarterly dip, February’s nominal sales skyrocketed by 58.3%, driven by remarkable gains in platinum and gold. As the backbone of South Africa’s economy, the sector faces evolving global challenges and opportunities, from new US tariff measures to geopolitical tensions affecting global trade and energy prices. Stay ahead with insights into the sector’s resilience and strategic importance. Read the full article to understand the trends shaping South Africa’s economic landscape.

In February 2026, South Africa’s mining activity rose 9.7% following the revised 5.0% increase recorded in January 2026. This growth was predominantly driven by:

  • A 52.3% increase in PGM mining production, which contributed 9.4 percentage points to the overall mining output for the month.
  • A substantial 26.9% rise in chromium ore output, adding another 1.6 percentage points.
  • Manganese production rose by 17.8% during January, while adding 1.5 percentage points towards mining production growth and
  • A 12.8% increase in Gold production, which added an additional 1.3 percentage points to total mining output growth for the month.

For the rolling quarter ending February 2026 compared with the previous rolling quarter, seasonally adjusted mining output decreased by 1.7%. This decline was primarily due to:

  • A 2.5% drop in platinum mining, which decreased total mining production by 0.7 percentage points and
  • Adecrease in Iron ore production, which decreased by 9.7% and, subtracted 1.4 percentage points for the quarter under review.

In February, nominal mining sales rose 58.3%. This positive trend was notably supported by:

  • A 132.1% surge in platinum sales, which added 26.5 percentage points to overall mining sales growth.
  • Another impressive 397% rise in gold sales, contributing 32.2 percentage points.
  • Chromium ore sales, which grew by 53.8%, added another 4.2 percentage points.

The mining sector remains vital to South Africa’s economy, generating foreign exchange and employing approximately 444,000 people, a slight decrease of 5,000 from the previous quarter, according to StatsSA labour statistics for the fourth quarter of 2025. According to the latest GDP data, the sector however contracted by 1.3% from the third to the fourth quarter of 2025, with sector growth of 0.9% projected for the first quarter of 2026. This projected first-quarter growth is encouraging, given the sector’s importance to employment and foreign earnings for the South African economy.

Despite a slight decrease in employment from the previous quarter, the sector’s continued significance is evident. However, challenges persist, including concerns over exports to the US following new tariff measures introduced on 7 August, proposed export tariffs on manganese, and import tariffs on steel exports to the Eurozone. The sector also faces challenges related to the loss of AGOA benefits in September and ongoing issues with the new Mining Charter.

On the international stage, geopolitical tensions between the US and China—marked by trade conflicts and tariff disputes—continue to disrupt global markets and limit trade flows. The current Middle Eastern conflict between the US/Israel, and Iran does not bode well for international oil prices as seen in the notable increase in energy prices at this stage, and may cause some sectors to experience rapid cost increases if the conflict isn’t resolved quickly. Nonetheless, some positive developments, such as the continued temporary exemption of certain mining materials used in steelmaking from high US tariffs, have occurred. This provides some relief for the sector, which remains crucial to South Africa’s economy in terms of employment, foreign exchange, and overall growth.

Back to News

More Coverage

The Fuel Factor: Balancing Sticky Inflation with a R415 Billion Investment Anchor

Discover how South Africa is navigating the turbulent waters of global economic pressures and local inflation with a strategic fuel price adjustment and a major boost from a R415 billion investment windfall. As rising Brent Crude prices and a fluctuating Rand impact fuel costs and inflation forecasts, all eyes are on the South African Reserve Bank’s next move. Meanwhile, the Sixth South Africa Investment Conference has sparked optimism, with substantial commitments in the energy and technology sectors, promising a resilient economic future. Dive into the full article to explore the intricate balance between surviving immediate economic challenges and positioning South Africa as a hub for global investment amidst a world in flux.

South African Gold and Foreign Exchange Reserves for March 2026

South Africa’s reserves fell in USD terms in March 2026 as the Rand weakened amid Middle East tensions, though higher gold prices supported reserves in Rand terms. Rising oil prices and currency pressure point to higher inflation risks, while ongoing geopolitical tensions and US trade measures are likely to keep markets volatile.

A Watershed Moment: Global Ceasefire and Massive Oil Correction Offer Crucial Relief for the SA Economy

A sudden global shift has delivered much-needed relief for South Africa. Following a Middle East ceasefire, oil prices have dropped sharply and the Rand has strengthened—easing pressure on fuel costs and inflation. While earlier price spikes still weigh on the outlook, this combined correction offers a critical window for economic stability, improved consumer confidence, and renewed growth momentum.

The Great Fuel Buffer

South Africa finds itself balancing global energy shocks with decisive local action. As rising oil prices threaten to strain consumers and key industries, government intervention has softened the immediate impact—highlighting both the urgency of the moment and the need for smarter, more resilient fiscal tools to manage future volatility.

SARB opts for Strategic Resilience

The South African Reserve Bank has opted for a “hawkish hold,” maintaining the repo rate at 6.75% despite headline inflation hitting a milestone low of 3.0%. Governor Lesetja Kganyago emphasised that while the inflation target has been met, the MPC remains wary of a potential “energy tax” on the economy, driven by global oil prices surging above $100 per barrel. Consequently, the Bank has adopted a cautious, forward-looking stance, slightly lowering the 2026 GDP growth forecast to 1.1% to account for these external shocks and ensure long-term currency stability.