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

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. 

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