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Mining output down 2.8% y/y in September

12th November 2020

By: Creamer Media Reporter

     

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South Africa's mining production decreased by 2.8% year-on-year in September, with the iron-ore sector having made the largest negative contribution and diamonds the largest positive contribution.

Seasonally adjusted mining production decreased by 0.3%  month-on-month in September.

Seasonally adjusted mining production increased by 40.6% in the third quarter, compared with the second quarter. The platinum group metals (PGMs), iron-ore, gold, manganese ore and diamond sectors made the biggest positive contributions to the quarter's production.

The Nedbank Group Economic Unit comments that the figures released by Statistics South Africa on November 12 suggest that aggregate mining volumes have rebounded to the same levels recorded in the final quarter of 2019.

"However, lockdown-related disruptions, as well as the persistent power supply disruptions have probably kept volumes slightly lower," it adds.

It also warns that platinum production will come under pressure in the months ahead due Anglo American Platinum having halted operations at its Anglo Converter Plant Phase B unit for a rebuild, while the Phase A unit is also undergoing a rebuild.

"This will contribute to the overall weakness in mining.

"Overall, mining production is expected to be slightly lower in 2020 compared with 2019," Nedbank notes.

Meanwhile, mineral sales increased by 25.9% year-on-year in September, with the PGMs, iron-ore and coal sectors having made the biggest positive contributions.

Seasonally adjusted mineral sales at current prices increased by 3.9% month-on-month in September.

The seasonally adjusted value of mineral sales at current prices was 47.3% higher quarter-on-quarter for the quarter ended September 30.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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