FX.co ★ South Africa Mining Activity Surprises on the Upside

In September 2025, South Africa experienced a 1.2% increase in mining production compared to the same month the previous year. This came after a revision of August's figures, which initially indicated no change, outperforming analysts' projections of a 0.4% decline. The growth was primarily driven by gains in platinum group metals (PGMs), which rose by 3.8% and contributed 1.1 percentage points; gold, which increased by 5.9% adding 0.6 points; and coal, with a 1.5% rise contributing 0.4 points. On a seasonally adjusted monthly basis, mining output saw an increase of 2.2%, marking the most substantial rise since May, following a revised 0.9% decrease in the preceding month. Additionally, mining production saw a 2.5% growth in the third quarter of 2025 relative to the second quarter of the year.