South Africa: Mining Output Growth Misses Forecasts.

Mining production in South Africa rose by 2.5% year-on-year in March 2026, following a 9.7% jump in the prior month and below market forecasts of a 4.1% advance. This marked the slowest mining growth in the current four-month stretch, with activity easing across key segments including PGMs (10.5% vs 52.3% in February), manganese ore (14.4% vs 27.8%) and nickel (10.5% vs 29.6%). Moreover, production fell for copper (-35.8% vs -42.7%); other non-metallic minerals (-16.8% vs -13.2%); coal (-9.6% vs -6.7%); other metallic minerals (-9.5% vs -0.1%); diamonds (-8.5% vs 13.1%) and iron ore (-2.7% vs -12.3%). Conversely, gold output picked up (17.1% vs 12.8%). On a seasonally adjusted monthly basis, mining production slipped by 5.1%, after an upwardly revised 3% rise in the prior month. Mining output increased by 0.6% in the first quarter of 2026 compared with the fourth quarter of 2025.