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Stats SA announced on Thursday that mining production had decreased by 9.1% year-on-year in August 2018.
The largest negative contributors were:
- iron ore, which decreased -19.9% year-on-year;
- gold, which deceased -15.5%; and
- platinum group metals, which were down -7.0%
This followed a decrease of 5.2% in July 2018, when compared to July 2017.
On a month-on-month basis, seasonally adjusted mining production decreased by 1.2% in August 2018 compared with July 2018. This followed month-on-month changes of -8,3% in July 2018 and 5,1% in June 2018, said Stats SA.
The August decrease was largely above the estimates of analysts. NKC African Economics, in a morning note to clients, had projected that overall production would fall by 7.3% year-on-year.
While mineral production decreased, sales were up when compared to August 2017, increasing by 4.3%.
The largest positive contributors to sales were
- manganese ore, which increased by 47.2%; and
- coal, which increased by 7.3%
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