Make Kitco Your Homepage

South Africa's mining sector contracts for twelfth consecutive month, down 1.9% in January

Kitco News

Editor note Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!

(Kitco News) - According to Statistics South Africa (StatsSA), the domestic mining production experienced its twelfth consecutive month of year-on-year decline, recording a decrease of 1.9% in January 2023.

StatsSA said that largest negative contributors were platinum group metals (-15.2%, contributing -3.5 percentage points) and diamonds (-15.5%, contributing -0.9 of a percentage point); this was partly offset by increased production of iron ore (12.1%, contributing 1.4 percentage points) and coal (4.1%, contributing 1.1 percentage points).

The country’s seasonally adjusted mining production increased by 4.4% in January 2023 compared with December 2022. This followed month-on-month changes of 1.3% in December 2022 and -1.0% in November 2022.

The agency added that South Africa’s seasonally adjusted mining production decreased by 0.5% in the three months ended January 2023 compared with the previous three months.

McEwen Mining reports net loss of $81M in 2022, says invested $82M in advanced projects and exploration

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.