Slight increase for mining industry production

2013-11-07 13:27

The mining industry’s production for the year up to the end of September was only 0.7% higher than last year, even though much of the industry was on strike throughout last year.

According to Statistics South Africa (Stats SA), mineral production in the third quarter of 2013 was 1.4% higher than in the second quarter.

This reflects a 14% rise in platinum production, offset by a 15% drop in iron ore production with most of the minor mineral products rising as well.

Diamond production in particular soared by 26.3%, although the sector has little effect on the overall figures these days.

Mineral sales, for which Stats SA figures lag a month behind production numbers, rose by a seasonally adjusted 1.7% in the three months up to August, totalling R96.89?billion.

The value of gold sales plummeted by 19.9% to R12.77?billion, reflecting the drop in gold prices sparked by the US Federal Reserve’s warnings that its quantitative easing programme will be phased out as soon as American economic data justifies it.

Iron ore sales rose by 15.3%, overtaking the value of gold sales at R16.7?billion.

The value of platinum group metal sales also rose by 9.9% to R21.86?billion, countering gold’s negative effect on South Africa’s exports.

The mining sector with the largest sales, coal, also dropped slightly by 1.6% to R24.9?billion.

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