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Frederick Mitchell, Chief Economist | Aluma Capital (Pty) Ltd
Frederick Mitchell
June 12, 2026

Mining Production and Sales for April 2026

In April 2026, South Africa’s mining sector saw a significant resurgence, with an impressive 8.2% growth in activity driven by a remarkable 36.5% increase in platinum group metals (PGM) production. The industry’s vitality is evident in the rolling quarter growth of 2.4%, bolstered by surging platinum and gold outputs. With mining sales soaring by 30.3%, supported by a dramatic upswing in platinum and gold sales, the sector remains a cornerstone of South Africa’s economy, providing crucial employment and foreign exchange. Despite this historic success, challenges loom, such as geopolitical tensions, new tariffs, and the loss of key international trade benefits, threatening future stability. Discover how South Africa’s mining industry is navigating these turbulent times, seizing opportunities, and overcoming the obstacles posed by international and domestic pressures in this compelling report.

In April 2026, South Africa’s mining activity rose 8.2% following the revised 2.5% increase recorded in March 2026. This growth was predominantly driven by:

  • A 36.5% increase in PGM mining production, which contributed 8.8 percentage points to the overall mining output for the month.
  • Manganese production rose by 19.0% during April, while adding 1.3 percentage points towards mining production growth and
  • A 17.5% increase in Chromium production, which added an additional 1.1 percentage points to total mining output growth for the month.

For the rolling quarter ending April 2026, compared with the previous rolling quarter, seasonally adjusted mining output increased by 2.4%. This increase was primarily due to:

  • A 10.5% increase in platinum mining, which increased total mining production by 2.8 percentage points and
  • An increase in Gold production, which rose by 8.6% and added 0.8 percentage points for the quarter under review.

In April, nominal mining sales rose 30.3%. This positive trend was notably supported by:

  • A 120.3% surge in platinum sales, which added 22.4 percentage points to overall mining sales growth.
  • Another solid 12.2% rise in gold sales, contributing 3.1 percentage points.
  • Chromium ore sales, which grew by 34.8%, added another 2.7 percentage points and
  • Coal sales, which grew by 8.1% and added another 1.8 percentage points towards overall mining sales growth for April 2026.

The mining sector remains vital to South Africa’s economy, generating foreign exchange and employing approximately 476,000 people, an increase of around 32,000 from the previous quarter, according to StatsSA labour statistics for the first quarter of 2026. According to the latest GDP data, the mining sector grew by 5.7% during the first quarter of 2026, driven by a notable increase in global gold and platinum prices due to the ongoing conflict in the Middle East and the subsequent flight to safe-haven assets such as gold. This sector remains crucial for the South African economy due to the number of people employed within it and in associated auxiliary businesses, and its importance in earning foreign reserves.

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.

Internationally, tensions between the US and China are rising, primarily due to trade disputes and tariff wars. These issues are further complicated by the ongoing conflict in the Middle East, particularly between the US, Israel, and Iran, as well as the closure of the Strait of Hormuz. This situation continues to drive up fuel and production costs for South Africa’s manufacturing and mining sectors in the short- to medium-term, at least.

These geopolitical challenges and the conflict in the Middle East are disrupting global markets and limiting trade, as seen in the data released since the conflict began. However, there is some good news: certain mining materials essential to steelmaking remain temporarily exempt from high US tariffs. This exemption offers some relief to the mining sector, which is vital to South Africa’s economy, providing jobs and foreign exchange and supporting overall growth.

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South Africa is trapped in severe economic stagnation, facing a projected 1.0% growth rate for 2026, 33.6% unemployment, and sharp contractions in mining (-12.7%) and manufacturing (-4.3%). Exposed to global fuel shocks via depleted reserves and >R12.00/litre pump levies, the nation is also caught in a fiscal spiral where national debt nears 80% of GDP and interest payments exceed R1 billion daily. Escaping this trap requires four urgent structural reforms: halting interest rate hikes for supply-side inflation, replacing rigid B-BBEE quotas with job-creation incentives, scrapping Expropriation Without Compensation (EWC), and deregulating Transnet’s logistics corridors.

Mining Production and Sales for August 2026

South Africa’s mining sector remains a vital source of jobs, foreign exchange and economic growth, but August’s sharp fall in mining output and sales highlights the mounting pressure on the industry. Rising fuel and energy costs, policy uncertainty and growing trade challenges are weighing on producers, even as firm gold prices and temporary US tariff exemptions offer some relief. Read the full report for a closer look at the latest figures, the forces shaping the sector and what they could mean for mining’s future in South Africa.

MACROECONOMIC & INVESTMENT INSIGHTS | OCTOBER 2026

A $100-plus oil price, a weaker rand and record fuel hikes are putting South Africa’s economy under mounting pressure, while strategic reserves offer little protection. This report examines how imported inflation is squeezing households and businesses, why higher interest rates may do little to tackle its root causes, and how sluggish growth and rising debt are tightening the fiscal squeeze. It also explores the stakes for trade with the United States and AGOA, and the policy choices that could restore investor confidence, unlock growth and put the country on a more resilient path.

International Trade and Trade Balance – August 2026

South Africa recorded a trade surplus of R20.4 billion in August 2026, as exports continued to outpace imports. Export growth has exceeded import growth over the first eight months of the year, reflecting subdued domestic demand among businesses and consumers. But with higher fuel prices and tighter monetary policy expected to weigh on spending, demand is likely to recover only gradually. Read the full report for a closer look at the trade figures and what they could mean for South Africa’s economy in the months ahead.

Private Sector Credit Extension (PSCE): August 2026

South Africa’s credit market is showing surprising resilience, with credit demand rising by 7.5% in August 2026 despite renewed interest-rate pressure, elevated inflation and mounting household costs. While mortgage advances continued to grow, the fragile recovery in the property market highlights the strain caused by subdued investment, high debt levels and rising municipal and energy expenses. At the same time, sluggish instalment credit growth and continued reliance on short-term borrowing reveal how consumers are navigating increasingly difficult financial conditions. With higher oil prices, geopolitical risks and further SARB tightening adding to the pressure, this report examines what the latest credit trends reveal about household finances, business confidence and the broader South African economy.