This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

South Africa is at a pivotal juncture. It can choose to remain a supplier of raw commodities that enrich other countries or become a global leader in mineral-based industries, says globally rated metals and mining analyst and portfolio manager, Shamim Mansoor, who spoke to Mining Weekly in a Zoom interview.

By focusing on mineral-based beneficiation, South Africa can transform its economy and solve this country's financial problems, Mansoor, who has her own consultancy business specialising in metals and mining, asserts. (Also watch attached Creamer Media video).

"Beneficiation is not just an economic strategy – it's a national imperative to turn the wealth in the ground into wealth for our population," she says.

The value addition envisaged includes turning platinum into hydrogen fuel cells, manganese into battery materials, iron-ore into steel, coal into chemicals, and chrome into stainless steel. But such value addition can only be realised with the support of reliable logistics, affordable and reliable energy, and efficient licensing.

"These are critical to us monetising our mineral endowment and unlocking value for the people of South Africa, who continue to struggle.

"We need both government and business to step up and collaborate on the optimal solution," says Mansoor while noting that mining has always been the bedrock of the South African economy, contributing to the country's GDP, and driving industrialisation, socioeconomic growth and job creation.

Data published by Minerals Council South Africa for the nine months to 30 September 2025 highlights, she points out, that:

Mining contributed 5.8% of total nominal GDP, estimated at R439-billion.Mineral ores and related exports contributed approximately 52% of the value of overall South African exports.Mining contributed more than R100-billion to the national fiscus in the form of corporate taxes, royalties, VAT payments, and through personal income tax payments by mining sector employees.The mining sector provided direct employment to an average of 469 765 people. This represented about 4.5% of total formal sector employment.

But while mining is economically crucial, its competitiveness is constrained by rapidly increasing power tariffs, underperforming rail and ports services and bottlenecks in the licensing system.

Mansoor recalls that at this month's Investing in African Mining Indaba, Eskom CEO Dan Marokane stated that Eskom now has over 98% coverage in terms of supply and demand but the exorbitant electricity cost (over 900% increase since 2008) has led to more than a dozen smelters shutting down in recent years leading to significant job losses.

"In January, the National Energy Regulator of South Africa approved a 35% reduction in electricity tariffs for 12 months for Samancor and Glencore Merafe smelters. But mining by nature is electricity intensive and I believe this reduction in tariffs needs to be approved for all smelting and refining processes across the industry as ferrochrome is not the only affected process. But it begs the question how these cuts will be funded and is this sustainable.

"Michelle Phillips, Transnet CEO, highlighted at the Mining Indaba that Transnet continues to face issues with asset reliability and funding. It has applied for government funding and has engaged in public-private partnerships but in her words, Transnet still has a long way to go.

"In my view, whether we look at Eskom or Transnet, the issue boils down to funding. Can government step in or does there need to be public-private partnerships? I believe these two options are not mutually exclusive. We need both government and business to step up and collaborate on the optimal solution."

MINERAL EXPLORATION

Another significant challenge, Mansoor...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

"No doubt, you're all keen for an update on the Sandsloot underground project, not only because it's genuinely exciting, but because it has the potential to truly move the needle, and here's why this project has the potential to be a significant strategic catalyst for Valterra Platinum."

That was how Valterra Platinum CEO Craig Miller introduced his update on the planned new underground platinum group metals (PGM) mine in South Africa's Limpopo province. (Also watch attached Creamer Media video.)

The market capitalisation of South Africa's Valterra Platinum has soared to R450-billion from R300-billion at year-end with a gross final 2025 dividend of R11.5-billion being declared.

Earnings before interest, taxes, depreciation and amortisation in 2025 increased by 68%, to R33.4-billion, supported by a 22% increase in the rand basket price and R5-billion of additional cost reductions, the Johannesburg Stock Exchange-listed PGMs miner reported on Wednesday, February 25.

Net cash at financial year-end was R11.5-billion, a substantial recovery from the R4.9-billion net debt position at 30 June 2025, reflecting strong free cash flow generation, boosted by a strong second-half operational performance and increased PGM prices.

Liquidity headroom of R43-billion is reflective of the strong balance sheet.

Valterra is developing a high-grade underground PGM project beneath the Sandsloot pit at its Mogalakwena PGM flagship mine. This project aims to offset declining surface ore grades, with potential full production expected after 2030, pending a 2027 investment decision.

Returning to the Sandsloot project, Miller went on: "Our declines begin at the base of the Sandsloot openpit, providing close access to the reef.

"This substantially reduces project lead time and lowers capital intensity compared with other projects in the industry.

"Unlike other Bushveld Complex reefs, its height is between 40 m and 120 m, with a 45o dip on average, characteristics well suited for bulk, underground mechanised mining.

"At 4 g/t to 6 g/t, the reef is materially richer than other mechanised mines in the PGM industry.

"Growth uplift is driven by higher grades, rather than increasing volumes, enabling us to leverage the existing concentrator and tailings facilities.

"This approach will save us billions in upfront capex and costs", Miller emphasised at the Johannesburg Stock Exchange-listed PGM company's dividend-rich presentation, covered by Mining Weekly.

Valterra plans to commence trial mining this year, which will provide critical input to its comprehensive feasibility study now under way.

Valterra CFO Sayurie Naidoo reported that discretionary capital of R4.5-billion rand was directed to Sandsloot underground development and drilling, as well as surface infrastructure and development at De Brochen.

The conclusion of the prefeasibility study has reinforced our confidence in the 10% to 50% uplift in Mogalakwena PGM volumes and a 10% to 20% reduction in costs, numbers that it believes will truly move that needle.

"With the scale of the opportunity in mind, over the past year, we've made great progress in bringing this closer to reality.

The team has completed a further 30 km of exploration drilling, which has informed the total upgrade of 13-million ounces to measured and indicated mineral resources, which is available for future conversion to ore reserve.

The underground development has advanced a further 3.2 km, while the team also successfully completed the pass for the ventilation shaft 1.

Trial processing of the bulk ore stockpile is underway, which had accumulated to about 80 000 t by year-end.

"We've invested about R1.4-billion rand in capex to advance the project.

"I really hope that you're as excited about this as we a...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

The wholly owned Namibia subsidiary of London Aim-listed Andrada Mining, Uis Tin Mining, has added to its offtake agreement with integrated tin producer Thailand Smelting & Refining (Thaisarco).

"This agreement is a result of the long-standing partnership we have built with Thaisarco, the strong operating performance we continue to deliver at Uis, and the growing demand for tin," Andrada CEO Anthony Viljoen explained in a media release to Mining Weekly.

In return for exclusivity over all tin concentrate produced by Uis Tin Mining during the period of the agreement, Thaisarco will advance $3-million to Uis, which is expected to be received later this week to provide financial flexibility as Uis' operations continue to scale up.

Uis has three repayment options and except in events of default, repayment is at its discretion.

No interest accrues on the unsecured advance amount, and a small marketing discount is applied to future sales.

The extension in the current commodity market is described by Viljoen as providing greater flexibility for Uis to capitalise on market demand as well as a demonstration of confidence in the Andrada team to achieve scale across the asset.

The opencast Uis mine is located in Namibia's Erongo region.

Modern applications of tin include its use in solders for joining pipes and electric circuits, food packaging cans owing to its low toxicity, window glass production, components in some lithium-ion batteries, and dental care products containing tin compounds.

Earlier this month, Uis entered into a cooperation agreement with the European Investment Bank (EIB) to accelerate the feasibility study for its lithium expansion project.

Under the terms of the agreement, Andrada says, the project will benefit from technical and project development assistance through a facility funded by the EU.

The scope of work is designed to advance the project to bankable feasibility level and to support Andrada's pathway to becoming a long-term supplier of lithium into global green-energy supply chains.

The EIB partnership is seen as providing technical and institutional support for the lithium development strategy at Uis, which mines a polymetallic pegmatite-hosted deposit containing tin, tantalum and lithium mineralisation.

Lithium mineralisation predominantly occurs as petalite and during the initial phase, petalite concentrate will be produced for the technical lithium market.

In January, Andrada received up to $51-million in funding as part of an agreement with an affiliate company of investment firm ACAM to accelerate exploration and development of the Brandberg West project, also in Namibia.

The agreement comprises a conditional, staged earn-in agreement whereby ACAM's affiliate, BWCAM, can earn up to 49% ownership of Brandberg West, which is currently owned by Grace Timon Investments, a wholly-owned subsidiary of Andrada's Mauritius-based subsidiary Andrada Investments.

Brandberg West is an historical tungsten-, copper- and tin-producing mine, with the investment proceeds aimed at investigating tailings recovery potential and wider exploration studies over the licence area.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

The final investment decision by Sibanye-Stillwater on the already well-infrastructured Burnstone gold project in South Africa's Mpumalanga province is being targeted for the first half of this year.

At the same time, the strong foundation being created by Sibanye-Stillwater on the platinum group metals (PGMs) front is enabling the Johannesburg Stock Exchange-listed precious metals company to capitalise on the considerably stronger PGM prices.

"With supported fundamentals, potential for additional earnings and cash flow improvements in 2026 is anticipated, allowing continued investing through the cycle in low-risk, low-capital intensity projects with quick paybacks, all supporting stable, high performing operations with optionality to extend our portfolio," is the comment that paints the overall picture amid advantage being taken of substantial project capital having already been expended at the 25-year life-of-mine Burnstone project, where underground infrastructure is in place and surface infrastructure is mostly done. All this has been taking place near the town of Balfour, about 80 km southeast of Johannesburg, in the Dipaleseng municipality.

"The plant's largely built," Sibanye-Stillwater CEO Richard Stewart reported in response to RMB Morgan Stanley research and equity head analyst Chris Nicholson's capital expenditure questioning at last week's comprehensive presentation covered by Mining Weekly.

The remaining capital required is predominantly to open up the orebody. "What we're really looking at is the cost of going from start up to steady state," Stewart explained.

Meanwhile the feasibility under way exemplifies Sibanye-Stillwater's one-million-reserve-ounce strategic shift to a higher-margin, shallower gold-mining focus that extends beyond Burnstone to Cooke surface gold, located about 35km south-west of Johannesburg near the town of Randfontein; Beatrix gold operations, near Welkom and Virginia in the Free State; and attributable surface gold from DRDGOLD, 50 km east of Johannesburg in Brakpan and 80 km west of Johannesburg in Carletonville.

On top of all that, Sibanye-Stillwater's many mature gold operations – also see attached infographic – are highly geared to gold prices and are already generating strong cash flows in the current highly supportive price environment.

"Looking forward, our core gold operations will continue to drive performance excellence, and we are excited about the prospects in our current portfolio," Sibanye-Stillwater COO South Africa Richard Cox enthused.

For 2026, the outlook is positive. Spot prices are up 9% year-to-date to over R2.5-million/kg and 20% above second half 2025 levels, all boding well for another successful year with potential earnings and cash flow growth.

How rising prices are opening up expanding margins was illustrated on a gearing and all-in sustaining cost margin chart, which showed the average gold price received climbing steadily against controlled all-in sustaining cost.

In addition, a free cash flow bar chart highlighted the magnitude of the rapid cash flow turnaround, moving from negative in 2024 to significantly positive in 2025.

However, total production, including DRDGOLD, was 10% down. Underground production fell by 8% on operational challenges at Kloof and surface production was down 16% – an impact mitigated by a 39% gold price boost

The all-in sustaining cost increased 15% to R1.4 million/kg, with 14% lower gold sold.

Persistent 2025 Kloof challenges included a shaft incident at Manyano 7 Shaft, aging ventilation pass infrastructure and ore-pass systems, logistics constraints, as well as seismic risk in high-grade isolated blocks of ground (IBGs).

The resulting 31%-lower year-on-year 2025 production to 3 374 kg prompted a r...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

The 2025 headline earnings per share of Sibanye-Stillwater soared by 285% and earnings before interest, taxes, depreciation and amortisation (Ebitda) came within a hair's breadth of trebling with a 189% increase of just under R38-billion, the Johannesburg Stock Exchange-listed gold and platinum group metals (PGMs) mining company reported on Friday, February 20.

Despite the complex financial accounting matters, driven primarily by impairments, the Appian settlement, fair value losses, and higher share-based payment expenses, core operational financial performance reflected a significant turnaround. (Also watch attached Creamer Media video.)

Against that background, the board has declared a final cash dividend of R3.7-billion for the six months ended December 31, representing 35% of normalised earnings.

This represents an increase of 146% compared with the last dividend that Sibanye-Stillwater paid in 2023. Taxes and royalties, which have also increased in proportion to profitability, rose to R4.3-billion.

Without 2025's non-routine cash impacts, including gold price hedging put in place in December 2024, money available would have increased by R5.2-billion to some R14.6-billion.

Liquidity headroom is at a strong R40-billion, which is roughly five-and-a-half months of operating expenditure plus capital expenditure.

The next priority on the debt profile will be the upcoming renewal and downsizing of the 2026 R675-million bond, the target date for completion of which is the first half of this year, Sibanye-Stillwater CFO Charl Keyter spelt out during the very comprehensive 2025 results presentation, covered by Mining Weekly.

"If I could try and summarise our strategic refresh in one word, it would be simplification," said CEO Dr Richard Stewart, who reported that Sibanye-Stillwater ended 2025 in a position of strengthened financial and operational performance, with positive momentum continuing during 2026.

"Specifically, what we're really focusing on in the short term is maximising and driving operating margins. We're doing that through a keen focus on operational excellence and simplifying the operating model that we have, and then further simplification through our portfolio, such that we're focusing on the highest return cash generative assets, and ensuring an appropriate management focus in that regard.

"This is all coupled with a very disciplined capital allocation framework, which we shared as being roughly a third towards shareholder returns, a third towards reducing our gross debt, and a third towards growth.

"Our PGM operations and organic growth will be our immediate focus," Stewart emphasised.

South Africa PGM operations produced 1 797 928 four-element ounces of PGMs despite a 29% decline in surface production owing to heavy rainfall and the transition between tailings storage facilities.

All-in sustaining cost (AISC) rose 10% to R24 193/4E oz on higher PGM price-linked royalty payments and increased sustaining capital. Higher second-half PGM prices drove a 125% Ebitda increase to R16.7-billion.

The US PGM operations produced 284 069 two-element ounces at an AISC of 21 516 oz, well below plan.

There was a 114% Ebitda to R12.5-billion from the production of 632 341 oz of gold by South Africa gold operations.

The US recycling business contributed R4.1-billion Ebitda while Keliber lithium greenfield project in Finland absorbed €299-million capital.

The Century zinc operation in Australia recovered on improved production stability, zinc price support, and reduced treatment charges while the Sandouville nickel refinery in France received its last nickel matte. The site has been placed on care and maintenance.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Anglo American group company Kumba Iron Ore is investing R11.2-billion worth of capital in its "exciting" waste-to-premium-product project that has a three-year payback.

Enabled by the modular build approach that has been adopted, 37% of Kumba's overall ultrahigh dense media separation (UHDMS) project has been completed, with 90% of the engineering work already done.

Slightly higher 2026 unit cost of between R530/t and R560/t is being guided to reflect lower production later in the year, when the main UHDMS tie-in is implemented, new Kumba CFO Xolani Mbambo reported during the Johannesburg Stock Exchange's full-year 2025 results presentation on Thursday, February 19.

The project, with excellent earnings before interest, taxes, depreciation and amortisation (Ebitda) credentials, turns material previously binned into saleable, premium-fetching product.

"The economics around the project speak for themselves. Ebitda margins above 50% and an internal rate of return of more than 30% means that payback from full production is just three years," Kumba CEO Mpumi Zikalala pointed out during the presentation covered by Mining Weekly.

"But for me, what matters most is the long-term benefit. UHDMS gives Sishen meaningful life extension and strategic flexibility for years to come, fundamentally delivering long-term, sustainable value for all our stakeholders," Zikalala added.

Previously, the UHDMS project was paused for engineering design uplift but as things stand now all major procurement has been completed with main tie-in scheduled for August.

During main tie-in execution, use will be made of stockpiled material to keep sales going and keep sales guidance intact.

Zikalala spoke of the UHDMS project remaining "one of the most exciting projects in our pipeline. The technology not only enables us to increase the volume of premium grade products; it also allows us to use low-grade material more effectively, cutting waste and improving our overall cost efficiencies, and we are reducing our cutoff grade from 48% to 40% and the economics around the project speak for themselves."

"Capex for this project will be phased in line with implementation sequence," Mbambo pointed out.

STRENGTH OF MINERAL ENDOWMENT

Right now, Kumba has 764-million tons of mineral resources, 471-million tons of which were already confirmed from the company's 2024 resource cycle.

"We've now added another 293-million tons, two-thirds at Sishen and a third at Kolomela, which really shows that our exploration programme is doing exactly what it's meant to do," said Zikalala.

"We're not slowing down. Our exploration teams are actively expanding our understanding of the orebody and building options for the future.

"As I've said before, the Northern Cape province is a very interesting province when it comes to iron-ore. At the same time, our mine planning engineers are enhancing pit designs to optimise the extraction of the orebody.

"Our ore reserves now stand at around 802-million tons, and since 2022, we've added 175-million tons before depletion.

"That's a big step forward and speaks to the long-term resilience of our business. We've just added another year to both Sishen and Kolomela, taking their life of mine to 2041.

"Our ambition is to, however, increase life-of-mine, and we are working towards a value accretive pathway to improve or increase or extend Kumba life-of-mine," said Zikalala.

In addition to the UHDMS project at Sishen, two important resource areas are being advanced at Kolomela, where they are making use of Kolomela's existing infrastructure, which will keep capital costs down and speed up future development timelines.

In 2026, Kumba expects total production of between 31-million tons and 33-million tons, reflecting the main UH...

Mining Weekly Editor Martin Creamer discuses Orion Minerals looking to longer-term exploration potential in the Northern Cape; platinum’s innovative new scent detection role; and mining’s standout 2025 performance being in “other metallic minerals”.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Glencore's positive experience with the South African government, Nagle remarked, extended well beyond the ferrochrome discussions, which are themselves showing all the signs of enabling competitiveness.

"My experience with the South African government has been positive across the board. We have challenges, not only in ferrochrome. We have challenges with Astron. We have challenges in the coal business," Nagle said response to journalist questions.

"They're receptive, they're open, they understand, they're smart, they're supportive. If they can't solve the problem, it gets moved to someone who can solve the problem. I really enjoy the interactions and they're certainly far more constructive and better than some other countries that we operate in," said Nagle, who spoke of Glencore continuing to be "very pro" South Africa.

"We believe South Africa's a great country to invest in" and if the right opportunity arise, Glencore will invest more.

Lion Smelter in Steelpoort, Limpopo, achieved its first ferrochrome production tap on February 16, following the successful recommissioning of 50% of its operating capacity. That follows the approval by the National Energy Regulator of South Africa of a 12-month interim electricity tariff of 87.74c per kWh.

The Glencore-Merafe Chrome Venture anticipates that Lion will return to full operational capacity by March 31.

While the interim 87.74c per kWh tariff enables Lion to return to full operational capacity in the short term, it remains insufficient to support sustainable operations over the long term.

The same position applies to Boshoek or Wonderkop smelters. All three smelter operations would require a tariff of 62c per kWh to operate on a commercially sustainable and viable basis over the long term.

Engagement with all relevant stakeholders is under way while initiatives designed to compete with a very challenging global market environment are implemented to protect jobs, support local economies and secure the future of South Africa's ferroalloys industry.

In response to a question on whether that would level the playing field with competitors, Fullard said: "It will definitely put us back into the ring, so that means that we'll definitely then have a fighting chance.

"But is that going to be enough? We will definitely have to do additional work we are not going. To think outside the box, do investments in technology. We're also looking at our own business, making sure that we're not only competitive from an electrical perspective, but also sharpening our pencil," said Fullard while pointing out that it is

not only the government that must provide help on the electricity side, but that "we, as a company, must also look at ourselves.

"So, definitely yes, that will bring us into a fighting ring, but that's only the start," Fullard reiterated.

GOOD 2025 PERFORMANCE

Meanwhile, In Wednesday's preliminary results report, Nagle hailed 2025 as a year of significant progress, marked by a strong operational performance, continued portfolio optimisation and clear momentum for the London- and Johannesburg-listed company's copper-led growth strategy.

Glencore is targeting 1.6-million tonnes of copper annual production by 2035, supported by capital-efficient copper growth options.

Wednesday also saw the announcement of the finalisation of a land access package in the Democratic Republic of Congo that is destined to add 300 000 t of copper production a year.

Also, for the second consecutive year, Glencore met full-year production guidance for key commodities.

"Glencore's standalone investment case is strong. Our regularly updated, illustrative annualised free cash flow generation at spot commodity prices, is currently a very healthy $7-billion.

"We have a well-diversifi...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Following Orion's selection from the very high number of 780 Xplor programme applicants, Lennox spoke of "launching off into 2026 with a renewed vigour around exploration".

"It's a very pleasing outcome," added Lennox about Orion making it through to the final 11 BHP Xplor parties.

Moreover, in the week before last, the Johannesburg – and Sydney-listed Orion also reached a binding agreement with Glencore.

"We've had a very good start to the year, particularly with these two prime announcements. As the market knows, we've been working hard to get the Glencore prepayment agreement in place, and we've done that. There are a few conditions precedent that we're working through, but we're confident we'll have those largely concluded by the end of March," said Lennox, a former leading light of Palabora Mining Company, which operates a copper smelter and copper refinery complex in South Africa's Limpopo province.

Lennox: Correct, I did, and the market announcement Monday last week details the facts and figures of the Glencore agreement, but we had a delay during the course of last year in reaching that agreement, and I'm sure the market understands that there was a lot of discussion in the market about Glencore late last year, even this year, and so we've had to defer that by three months. In our announcement, we said that previously we were looking at Christmas this year, but now we've said we'll be producing concentrate at the end of the first quarter of 2027.

Is this trading agreement largely on Glencore taking bulks, copper and zinc concentrates from Prieska into the market?

It is. We start with the bulk concentrate out of the Uppers, then we move into the copper and zinc concentrate for the Deeps. The Uppers is a smaller, getting-match-fit-ready part of the operations. The real prize is the Deeps. We have a very clear line of sight into the Uppers and into the Deeps and, pleasingly, Glencore will be marketing our concentrate off into the future.

When I chatted to BHP Xplor, they really loved everything about Orion and they said what's very interesting is the possibility of deep copper-centric metal systems emerging in South Africa's Northern Cape.

Yes, that's the simple detail around BHP Xplor. South Africa has, to my knowledge, been explored extensively. The issue with the Northern Cape is undercover exploration, the Kalahari and those type of deposits. Pleasingly, Orion's deposits are at surface. They are not undercover and the large amount of data we have on the Northern Cape, and in particular, our thinking, our IP, around what that region looks like, is, to my mind, what attracted BHP Xplor. They think it's a very prospective region, and Orion showed them a very clear, well-thought-out, professional understanding about how to explore in the Northern Cape.

You've executed the binding prepayment agreement with a wholly owned subsidiary of Glencore for a $250-million prepayment facility, and it's linked to all these sales of concentrates. What subsidiary is this and give us a little bit more insight into that.

A lot of it is in confidence, but we now have a relationship with Glencore that provides us with substantial funding, US$250-million, and that comes in two tranches. There's an initial tranche of US$40-million, which allows us to start execution of the Uppers. The second tranche, which is US$210-million, comes in two segments. There's an earlier US$50-million that allows us to address long-lead items for the Deeps and there's a subsequent US$160-million that comes a little later, when we're in the main activities of executing the Deeps and bringing it into production.

So, that's the prepayment, and it is a prepayment. We have to repay that over time, but it's linked also to the offtake ag...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Mining's standout 2025 performance was in "other metallic minerals", Minerals Council South Africa reports.

Owing to the exceptional 17.2% higher 2025 production performance, this sub-sector, which includes silver, cobalt, lead, titanium and zinc, is now being viewed as one which is worth monitoring.

What Mineral Council South Africa describes as 'bottom line', South Africa's mining sector displayed a distinctive divergence in 2025, marked by steel-linked commodities such as iron-ore, manganese, chromium – as well as transition minerals – strengthening Chinese steel exports to record levels.

Headlined is the masking of divergent trends by the marginal 0.1% overall 2 mining production increase .

Lower production centres on traditional revenue anchors such as platinum group metals (PGMs), gold, and coal, while production growth was driven by bulk commodities and emerging metallic minerals. (Also see infographics accompanying this report.)

Mining's resilience, Minerals Council South Africa points out, reflects structural shifts in demand and production, with implications for competitiveness, energy use, and policy.

Commodities that registered production growth in 2025 over 2024 were:

At the lower end of the production scale were PGMs, which were down 4.4% owing to prices negatively affecting production until May 2025 – and then rains impacting production from October to December.

The 1.7% decline in gold production is viewed as being largely geological, while coal's 0.7% lower output is seen as likely reflecting slightly lower domestic demanded. Export volumes were a marginally higher 71.9-million tonnes.

GOOD PRECIOUS METALS PRICES

The 2025 $3 440/oz gold price was 44.1% up on that of 2024. Platinum was also a 34%-higher $1 279.8/oz, palladium a 17%-higher $1 150.4/oz, and rhodium, a 35.3%-higher $6 258/oz.

At the declining end of the commodity price scale was coal at a 14.9%-lower to $90.4/t and iron-ore at a 6.6%-lower $103.7/t.

One of the infographics accompanying this report show 2025 mineral sales returning to nigh 2022 levels, with gold sales 29.7% higher at R185-billion, PGMs 19.5% higher at R206.7-billion, chromium ore 3% higher at R65.4-billion, and copper 9.4% higher R7.7-billion.

Coal sales were 3.1% down at R194.3 billion, iron-ore sales fell 8.7% to R83.5-billion, manganese sales were 1.8% lower at R49.1-billion, and nickel sales fell by 8.9% to R8.9-billion.

iron-ore (+3.0%), manganese (+5.0%), chromium ore (+3.9%), which are commodities linked to China's 2025 steel exports reaching a record 119-million tonnes, 7.2% higher than in 2024.diamonds with the production 3.9 increase seen as a sign of slight luxury market recovery.building material production being up by 2.9% on probable construction-linked recovery.