Mining production in South Africa has expanded 0.3% year-on-year in August, while rebounding after a 1% drop in July, data by Statistics South Africa showed.It has been the first expansion in industri
South Africa mining production rises 0.3% YoY in August
Mining production in South Africa has expanded 0.3% year-on-year in August, while rebounding after a 1% drop in July, data by Statistics South Africa showed.
It has been the first expansion in industrial activity in three months.
Growth was mostly driven by higher production of chromium ore (+24.8% YoY), manganese ore (+16% YoY) and PGMs (+4.7% YoY), the data showed.
Gold production, which accounts for 16% of total mining output, shrank 4.6% year-on-year in August, after a 3.5% YoY drop in July. It has been the 10th straight month of contraction.
In seasonally adjusted terms, South Africa’s mining production rose 2.9% in August from July.
The South African Rand was 0.39% stronger on the day against the US Dollar, with the USD/ZAR currency pair last trading at 17.5516 ahead of US CPI data.
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