South Africa’s mining production down 0.8% y/y in June
JOHANNESBURG (miningweekly.com) – South Africa’s mining production decreased by 0.8% year-on-year in June, driven by lower gold, iron-ore and platinum group metals (PGMs) output.
Gold production was down 3.6% year-on-year, while iron-ore output slid 4.4% year-on-year and PGMs 13.7% year-on-year.
This was, however, partially offset by higher production of chromium ore, copper, manganese ore, nickel, diamonds and other nonmetallic minerals.
On a seasonally adjusted basis, mining production fell by 2.6% month-on-month in June, but rose by 0.6% quarter-on-quarter in the second quarter of the year.
Nedbank noted that, while mining activity will, in the short term, be helped by the low base set in 2016, the global mining environment remains fragile and uncertain.
“The operating environment is challenging as cost pressures are elevated against the backdrop of generally flat mineral prices.
“On the domestic policy front, the contested Mining Charter 3 will hurt investment spending,” it added.
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