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South Africa's mining sector contracts 3.6% in July; mineral sales down 24.7%

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(Kitco News) - According to Statistics South Africa (StatsSA), the domestic mining production decreased by 3.6% year-on-year in July 2023.

StatsSA said the largest negative contributors were platinum group metals (-10.4%), coal (-7.0%) and diamonds (-33.4%); this was partly offset by increased production of gold (12.9%) and iron ore (13.8%).

The country’s seasonally adjusted mining production decreased by 1.7% in July 2023 compared with June 2023. This followed month-on-month changes of 1.2% in June 2023 and -3.4% in May 2023.

The agency added that South Africa’s seasonally adjusted mining production decreased by 0.1% in the three months ended July 2023 compared with the previous three months.

StatsSA also reported that the country’s mineral sales at current prices decreased by 24.7% year-on-year in July 2023, primarily due to lower sales of platinum group metals (-48.2%) and coal (-38.3%).

South Africa's seasonally adjusted mineral sales at current prices decreased by 5.8% in July 2023 compared with June 2023. This followed month-on-month changes of -14.0% in June 2023 and 25.3% in May 2023.

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By

Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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