JOHANNESBURG - Mining production increased by 0.5 percent on a year-on-year in October, Statistics South Africa said on Tuesday.
It said the largest positive contributors were platinum group metals (PGMs), where output was up 21.4 percent, contributing 4.3 percentage points to the overall number. Diamond production was up 27.2 percent and manganese ore rose 19.9 percent.
The biggest negative contributors were iron ore, where output fell 22 percent, contributing a negative three percentage points, while gold dropped 15.1 percent, shaving off 2.3 percentage points from total output mining output.
Mining production contracted 5.2 percent year on year in July earlier this year.
Nedbank Group economic unit said in a note in September earlier this year that mining figures were volatile. “However, stronger global demand should offer some support for production and export volumes in 2018. The upside will probably be tempered by softer commodity prices and a generally difficult operating… environment.”
- African News Agency (ANA)