South Africa’s mining sector has entered 2026 on a high, riding the wave of dizzying precious metal prices and long-awaited policy reforms. In the past year, mounting tension between global superpowers accelerated the scramble for critical minerals while pushing copper, gold and platinum group metals (PGMs) to record highs, tripling the value of the JSE’s precious metals & mining index. As geopolitical tension continues to intensify, the industry’s winning streak seems likely to extend into the new year amid sustained safe-haven demand — but illegal mining and a shifting policy landscape may throw a spanner in the works.
Here are some of the key developments to look out for in 2026. Apart from Glencore, BHP and Anglo American, which are headquartered outside South Africa, JSE-listed mining giants have never been closer to a landmark R1-trillion valuation on the bourse. AngloGold Ashanti, with a market cap of about R750bn, is closest to reaching the milestone.
Fuelled by record gold prices and an ambitious offshore expansion strategy, the miner’s share price skyrocketed the most yet, up 250% last year. Following close behind is Gold Fields, another local major that enjoyed stellar earnings last year, expanding its empire with two megadeals valued at R44bn and R25bn each. It too saw a record market performance in 2025, peaking at R728bn in October.
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Valterra Platinum is also in the mix. Buoyed by soaring PGM prices and optimism about its split from Anglo American in June, the company on Tuesday breached R400bn for the first time after adding just shy of R240bn last year. Anglo American faces myriad challenges in 2026.
Chief among them is the group’s proposed merger with Canadian miner Teck Resources in a bid to form a $53bn copper powerhouse. The deal has secured approval from both parties’ shareholders and from Canadian authorities, but its remaining regulatory approvals are expected to take about another year to iron out, leaving room for opportunistic bids, such as those launched by rival BHP last year, that could derail the merger process.
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