Mining production drops 10.1% in August - CNBC Africa

Mining production drops 10.1% in August

Mining

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Seasonally adjusted mining production decreased by 3.1 per cent in August 2014. PHOTO: Mining IQ

According to the statistics bureau, several mineral groups and minerals recorded large negative growth rates.

“The largest negative growth rates were recorded for Platinum Group Metals (PGMs), diamonds and ‘other’ non-metallic minerals,” it said.

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“The main contributors to the 10.1 per cent decrease were PGMs – contributing -11.6 percentage points – and gold – contributing -1.1 percentage points.”

Stats SA also stated that seasonally adjusted mining production decreased by 3.1 per cent in August 2014 compared with July 2014. This followed month-on-month changes of 1.6 per cent in July 2014 and -1.1 per cent in June 2014.

“Seasonally adjusted mining production decreased by 1.1 per cent in the three months ended August 2014 compared with the previous three months,” said the bureau.

“The main contributor to the 1.1 per cent decrease was PGMs – contributing -1.6 percentage points. Iron ore was a significant positive contributor, contributing 1.0 percentage point.”

The bureau further stated that mineral sales decreased by 5.9 per cent year-on-year in July 2014.

“Eight of the eleven mineral groups and minerals reported negative growth rates during this period,” said Stats SA.

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“The largest negative growth rates, together with their contributions, were recorded in the following mineral groups and minerals: manganese ore, copper, iron ore, PGMs and coal.”

It added that seasonally adjusted mineral sales at current prices increased by 6.5 per cent in July 2014 compared with June 2014.

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