news

South Africa's mining sector contracts 8.4% in July as gold production down 19.7%

Kitco Media
By Vladimir Basov
Published
Updated
Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

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) - According to Statistics South Africa (StatsSA), the domestic mining production decreased by 8.4% year-on-year in July 2022.

StatsSA said that largest negative contributors were gold (a decline of 19.7%, contributing -3.1 percentage points); platinum group metals (-12.2%, contributing -2.8 percentage points); and iron ore (-20.4%, contributing -2.7 percentage points).

The agency added that the seasonally adjusted mining production in South Africa increased by 2.3% in July 2022 compared with June 2022. This followed month-on-month changes of -0.9% in June 2022 and 1.8% in May 2022.

According to the report, the country’s seasonally adjusted mining production increased by 0.2% in the three months ended July 2022 compared with the previous three months, mainly due to the higher production of platinum group metals, which was partially offset by lower production of diamonds.

Petra reports 91% growth in FY22 operational free cash flow, notes 'broadly supportive' diamond market
Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

Mdi Earth Logo

Share

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.