Make Kitco Your Homepage

South Africa's mining industry expands 22% in May

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - The Department of Statistics of South Africa announced today that the domestic mining production increased by 21.9% year-on-year in May 2021.

According to the report, the largest positive contributors were platinum group metals (27.0% increase, contributing 6.1 percentage points); gold (44.5% increase, contributing 4.8 percentage points); iron ore (48.4% increase, contributing 4.0 percentage points); and manganese ore (39.7% increase, contributing 3.2 percentage points).

South Africa’s seasonally adjusted mining production decreased by 3.5% in May 2021 compared with April 2021. This followed month-on-month changes of 0.2% in April 2021 and 4.5% in March 2021. Seasonally adjusted mining production increased by 5.6% in the three months ended May 2021 compared with the previous three months.

The authors of the report noted that the domestic mineral sales at current prices increased by 88.2% year-on-year in May 2021. The largest positive contributors were platinum group metals (258.2%, contributing 68.7 percentage points); iron ore (116.0%, contributing 16.3 percentage points); and coal (12.5%, contributing 3.1 percentage points).

Seasonally adjusted mineral sales at current prices decreased by 3.0% in May 2021 compared with April 2021. This followed month-on-month changes of 2.6% in April 2021 and 17.0% in March 2021.

In the three months ended May 2021, the seasonally adjusted value of mineral sales at current prices was 20.0% higher compared with the previous three months, the report concluded.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.