WATCH: South African gold output drops thirteenth straight month in October | Fin24
 
  • Disposal?

    Sasol may be planning to sell its South African coal-mining operations.

  • National Carrier

    Fixing SAA means overcoming an 'organised crime syndicate', says ex-prosecutions boss Vusi Pikoli.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

WATCH: South African gold output drops thirteenth straight month in October

Dec 11 2018 15:40
Rene Vollgraaff, Bloomberg

South African gold output contracted for a 13th consecutive month in October, the longest streak of declines in six years, as the industry battles unprofitable mines and labor strikes.

Gold production declined 15.1% from a year earlier, the Pretoria-based statistics office said Tuesday in a statement on its website. Total mining output rose 0.5%.

Key insights

Dwindling output has cut gold’s contribution to little more than 1 percent of the South African economy, down from 3.8% in 1993.

Unprofitable mines and demands for higher wages has led to job cuts in the industry, exacerbating unemployment in a country with a 27.5% jobless rate. The production of platinum-group metals surged 21.4% from a year earlier. 

stats sa  |  unemployment  |  jobs  |  mining
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...