FX.co ★ South Africa Mining Output Unexpectedly Shrinks

In August 2025, mining production in South Africa experienced a slight decline of 0.2% compared to the same month the previous year. This downturn contrasts with a 5.1% growth witnessed in July 2025 and contradicts market expectations of a 1% increase. It marks the first reduction in mining activity since April, primarily driven by declines in the production of platinum group metals (PGMs) at -3%, gold at -3.6%, and manganese ore at -3.4%, contributing -0.9, -0.4, and -0.3 percentage points, respectively. In contrast, significant increases were noted in diamond production, which rose by 29.6%, other metallic minerals at 19.1%, and coal at 4.1%. On a seasonally adjusted monthly basis, mining output fell by 1.2% in August, following a revised 1.2% increase in July. Over the three months leading up to August 2025, seasonally adjusted mining production grew by 3.3% compared to the preceding three-month period.