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Record Gold Prices Fail to Lift SA Output

South Africa’s gold production has stalled at roughly 90 tons a year, a sharp decline from its 1970 peak of 1,000 tons, despite a 60% surge in gold prices over the past year. Dwindling reserves, labor unrest and the extreme depth of remaining mines have driven exploration spending down to $43 million in 2025, far below the $900 million spent in 2006. Companies are now prioritising shallower, lower‑cost projects and surface retreatment rather than launching new deep‑mine ventures. The Minerals Council expects output to remain near 90 tons next year, indicating that record prices have not translated into significant new investment.