Mining sector's value added to GDP in South Africa 2016-2024

The mining sector forms an important part of the South African economy. In 2024, the industry contributed an added value of approximately 203.73 billion South African rand (around 11.37 billion U.S. dollars) to the country's Gross Domestic Product (GDP). In recent years, the overall growth rate of value-added GDP has followed a declining trend due to the general challenges the global mining industry is facing coupled with the additional burden of deteriorating infrastructure, port congestion, illegal mining activities, among many others. 

How does mining contribute to local employment?

In 2024, the mining trade provided direct employment to almost half a million people in South Africa. The largest employer of all mineral commodities produced was the platinum group metals (PGMs), which employed nearly 37 percent of the total. In terms of production volume, coal was South Africa’s largest produced commodity over the past decade.

Revenue and leading mining companies

Although PGMs generated close to 50 percent of the accumulated revenue from South African mining activities, it suffered a significant decline in 2024. On the other hand, the proceeds made from gold mining have increased by roughly 17.4 percent from the previous year. As a result of global geopolitical precariousness, rising inflation, and economic growth concerns, gold has strengthened its position as a resilient and trusted asset. Gold Fields is the leading mining company in South Africa, with a market capitalization amounting to about 245 billion South African rand (nearly 13.6 billion U.S. dollars. The firm has agreed to form a joint venture with Anglo Gold with the aim of creating the largest gold mine in Africa, whereby Goldfields will hold two-thirds of its stake.