South Africa: Mining’s contribution to GDP by 2023

The mining sector is an important part of the South African economy. In 2023, the industry contributed value-added of approximately 202.05 billion South African Rand (approximately US$11.18 billion) to the country’s gross domestic product (GDP). In recent years, the overall growth rate of value-added GDP has been declining due to the overall challenges facing the global mining industry, as well as the additional burden of deteriorating infrastructure, port congestion, illegal mining activities and many other factors.

How does mining contribute to local employment?

In 2023, mining in South Africa directly employed almost half a million people. The largest employer of all mineral commodities produced was platinum group metals (PGMs), which employed just over 38 percent of the total. Measured by production volume, they were also South Africa’s most produced commodity over the last decade.

Sales and leading mining companies

Although platinum group metals generated almost 57 percent of the cumulative revenues from South African mining activities, they suffered a significant decline in 2023. On the other hand, gold mining revenues have increased by around 16.5 percent year-on-year. Amid global geopolitical uncertainty, rising inflation and concerns about economic growth, 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 of around $12.4 billion. The company recently agreed to form a joint venture with Anglo Gold to build Africa’s largest gold mine, with Goldfields holding two-thirds of the shares.