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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.

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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.