Joburg Mining Indaba kicks off as gold skyrockets, 'but health of platinum industry more important for SA'

The 2025 edition of The Joburg Indaba kicked off as the rocketing gold price finally breached $4,000 an ounce overnight.

Organisers described Day 1 of the two-day mining convention as nothing short of exceptional - delivering 'powerful insights, thought-provoking discussions, and incredible energy' throughout the day.

Stephen Grootes interviews mining strategist and executive Bernard Swanepoel, who chairs the 2025 Indaba.

Touching on the gold price, Swanepoel quips 'obviously I wish I was back in gold mining!'.

However, the health of the platinum or PGMs (platinum-group metals) sector in South Africa is far more important, he says.

"At R2.2 million per kilogram, what's left of our gold mining industry is really doing well, but of course mining in South Africa has moved on - we're not about gold, we're about platinum and manganese and iron ore and other stuff as well."

The largely unexpected recent rise in platinum prices may have been overshadowed by the gold explosion, but in general PGMs have on average gone up 35% in dollar terms, notes Swanepoel.

He says the conversation around platinum at the Indaba was a really positive story:

"As a major employer and driver of our economy, the future of the platinum industry is looking good. We spoke about the future, we spoke about the investment opportunities."

It is the one sector where there will still be new shafts being sunk and new mines being built, Swanepoel comments.

The Minister of Mineral and Petroleum Resources, Gwede Mantashe, is scheduled to address delegates at the Indaba on Thursday.

To listen to Bernard Swanepoel in conversation with Stephen Grootes on 702's The Money Show, click on the audio link below: