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Johannesburg - South African gold production has dropped by 7.6% year-on-year (y/y) in March and by -4.4% y/y in the first
quarter of the year, data from Statistics South Africa showed on Thursday.
Total mining production was reported down 4.6% y/y in March and by -9.4% in the first quarter.
On a seasonally adjusted basis, gold production was reported up 0.2% quarter-on-quarter in the first quarter, but non-gold production was down 14.7% and total production down 12.8%, with the main contributor to this decrease reported as platinum group metals (PGMs) (-6.9 percentage points) and diamonds
(-3.9 percentage points).
The total seasonally adjusted value of mineral sales at current prices for the three months ended February 2009 reflected a decrease of 20.0% compared with the previous three months. This decrease of 20.0% (R15.103bn) was a result of a decrease of 23.6% (R14.976bn) in the sale of non-gold minerals and a decrease of 1.0% (R126.7m) in the sale of gold.
The actual estimated total value of mineral sales at current prices for the three months ended February 2009 decreased by 6.7% compared with the three months ended February 2008. The major contributors to this decrease of 6.7%, year-on-year, were PGMs (-16.1 percentage points or R9.822bn), other non-metallic minerals (-2.4 percentage points or R1.474bn) and nickel
(-2.0 percentage points or R1.202bn).
The three minerals that made substantial positive contributions to the change were coal (5.9 percentage points or R3.583bn), iron ore (5.2 percentage points or R3.122bn) and gold (4.4 percentage points or R2.641bn).
- I-Net Bridge