Mining sector's value added to GDP in South Africa 2016-2023

The mining sector forms an important part of the South African economy. In 2023, the industry contributed an added value of approximately 202.05 billion South African rand (around 11.18 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 2023, 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 just over 38 percent of the total. In terms of production volume, it was also South Africa’s largest produced commodity over the past decade.

Revenue and leading mining companies

Although platinum group metals generated close to 57 percent of the accumulated revenue from South African mining activities, it suffered a significant decline in 2023. On the other hand, the proceeds made from gold mining have increased by roughly 16.5 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 12.4 billion U.S. dollars. The firm has recently 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.