SA’s next gold rush may come from reworked dumps and old mines

South Africa's potential for gold production may not be over, according to PwC's SA Mine 2026 report. Millions of gold ounces are trapped in old underground workings, pillars, dumps and overlooked reef extensions, which are now looking more attractive at current prices of around $4,200 per ounce. While there were no major gold discoveries globally in 2023 and 2024, top 40 gold producers achieved an aggregate Ebitda margin of 71% in 2025, making investment in the sector attractive.

South Africa is estimated to have gold reserves of 5,000 tonnes or 161 million ounces, placing it among the top gold producers, though still behind Australia. Joburg is witnessing a revival of gold production, with West Wits Mining completing the first gold pour from its Qala Shallows operation, targeting a steady-state production of about 70,000 ounces per year.

The report identifies several prospective opportunities across the Witwatersrand system, including areas in Gauteng, North West, Mpumalanga, and the Free State. Unlocking these ounces requires a national "remaining gold inventory" to identify where stranded resources and existing infrastructure could support a gold revival. Improved gold prices and new technologies, such as hydraulic mining, offer possibilities for retreating some of these dumps and extracting additional gold.

The report also highlights the potential of retreating old tailings dumps, as demonstrated by Pan African Resources' Soweto Tailings Retreatment Project, which is expected to produce 35,000 to 40,000 ounces annually. To revitalize old gold mines, the report suggests bringing artisanal miners under the law through a licensing regime, ensuring formalization creates a path for legitimate community participation while enforcing safety and environmental standards.