South Africa’s mining sector continues to play a critical role in the country’s economy, contributing R800 billion in exports in 2024, making up 45% of total goods exported.
However, according to Hugo Pienaar, chief economist of the Minerals Council SA, the industry has the potential to contribute even more – reaching 50–60% of exports – if more minerals were beneficiated or processed locally before export.
“Mining matters in South Africa and it needs to be fostered. If the industry can deliver these contributions while under immense pressure, imagine what it could achieve in a climate that allows it to thrive,” said Pienaar.
Last year saw divergent global growth patterns, with the US economy growing by 3% in real terms, while Europe struggled, and China posted a 5% GDP increase.
Meanwhile, India - now the fastest-growing major economy - expanded by more than 6%, strengthening its position as a key destination for South Africa’s coal exports, particularly as trade shifts away from Europe towards Asian markets.
- This article is an extract from our "Mining" feature, available on Friday, 21 February.
