Precious Metals
South Africa's mining output rose 4.6% y/y in January; mineral sales up 31.7% y/y
Statistics South Africa's (Stats SA's) data shows that PGM production increased by 10.8% year-on-year in January, with the sector contributing 2.7 percentage points to the overall growth in mining output.
Chromium ore production increased by 37.3% year-on-year and manganese ore by 12.5% year-on-year. These sectors' overall contribution was 1.8 and 1 percentage point, respectively.
Iron-ore output, however, decreased by 1.9% year-on-year, with the sector contributing -0.3 of a percentage point to the overall growth.
Meanwhile, seasonally adjusted mining production increased by 2.9% month-on-month in January. This followed month-on-month changes of -1.6% in December and -5.2% in November 2025.
Seasonally adjusted mining production decreased by 3.1% in the three months ended January 31, compared with the previous three months, with PGMs, iron-ore and coal having made the biggest negative contributions of -1.3, -1.2 and -0.8 of a percentage point, respectively.
Manganese ore was the largest positive contributor with one percentage point.
Mineral sales
Stats SA further reveals that mineral sales at current prices increased by 31.7% year-on-year in January. The largest positive contributors were PGMs (122.4% and contributing 23.1 percentage points); gold (35.9% and contributing 8.4 percentage points); and chromium ore (66.7% and contributing 3.4 percentage points).
Coal (-10.3% and contributing -2.8 percentage points) and iron-ore (-11.9% and contributing -1.5 percentage points) were the largest negative contributors.
Seasonally adjusted mineral sales at current prices, however, decreased by 9.1% month-on-month in January. This followed month-on-month changes of 23% in December and -1.6% in November.
Seasonally adjusted mineral sales at current prices increased by 12.6% in the three months ended January 31, compared with the previous three months.