Fin24

Mining output down in November

2013-01-15 12:21

Johannesburg – Mining production in SA fell by 4.5% year on year (y/y) in November after a revised 8.0% (7.7%) (y/y) decrease in October‚ data released by Statistics SA showed on Tuesday.

The highest negative growth rate was recorded for copper (-57.3%)‚ followed by gold (-32.27%) and other metallic minerals (-13.0%). The main contributors to the 4.5% decrease were gold (contributing -5.5% points); and copper (contributing -0.9% point).

The seasonally adjusted mining production increased by 10.6% in November compared with October. This followed month-on-month (m/m) changes of -8.1% in October and -7.0% in September.

Seasonally adjusted mining production decreased by 10.9% in the three months ended November compared with the previous three months. The main contributors to the 10.9% decrease were gold (contributing -4.0% points); platinum group metals (contributing -3.2% points); and iron ore (contributing -2.3% points).

Mineral sales decreased by 13.5% (y/y) in October. The largest negative growth rate was recorded chromium ore (-42.9%)‚ followed by other metallic minerals (-37.1%)‚ copper (-35.2%)‚ and gold (-27.1%).

The major contributors to the 13.5% decrease were gold (contributing -5.6% points); coal (contributing -2.5% points); and iron ore (contributing -1.7% points).

Seasonally adjusted mineral sales at current prices decreased by 4.8% in October compared with September following (m/m) changes of -7.5% in September and 0.9% in August.

Seasonally adjusted mineral sales at current prices decreased by 6.7% in the three months ended October compared with the previous three months.

The decrease was mainly driven by the sales value of gold‚ coal‚ and iron ore.