April mining output down 0.4%, platinum drops sharply
JOHANNESBURG (miningweekly.com) – South Africa’s mining production fell by 0.4% in April, with platinum group-metals (PGMs) the second largest contributor to the decrease.
Statistics South Africa on Tuesday said that PGM output fell by 13.4% in April from the same month in 2012. This compares with a 1.8% year-on-year increase in the previous month.
Gold remained in negative territory for the eighth month, falling by 3.1% year-on-year, compared with a 7.2% year-on-year decline in March.
Manganese ore and coal production grew by 21.6% and 7.8% respectively, in April, while diamond production increased by 14.5% year-on-year.
The 0.4% year-on-year drop in the volume of mining production in April compares with a 3.8% year-on-year contraction in March. But despite the rate of decline slowing, Nedbank economists said in a statement that prospects for the mining sector remained poor.
“Poor global growth, generally weak commodity prices and difficult operating conditions in the local mining industry will continue to undermine the performance of mining production in the months ahead,” its stated.
South African platinum producers are under pressure, with at least two-thirds of platinum mines operating at a loss, while gold companies, suffering from a lower gold price, are also taking strain.
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