Registered users can save articles to their personal articles list. Login here or sign up here

Gold output falls most since February 2017 in May

Gold production falls for the eighth consecutive month.

Gold output in South Africa, once the world’s biggest producer of the metal, declined the most since February 2017 in May.

Production dropped 16.2% from a year earlier, compared with a revised 5.8% contraction in April, Pretoria-based Statistics South Africa said Thursday in a statement on its website. That’s an eighth straight month of decreases.

Total mining output shrank for a third month, dropping 2.6% from a year earlier compared with a revised 4.4% retreat in April, it said. Production of platinum-group metals, of which South Africa has the largest known reserves, increased for the first time in six months, expanding 9.6% from a revised 6.3% contraction a month earlier.

Source: Bloomberg

Ageing infrastructure, reserve depletion and accidents have raised costs and curbed mines’ output in South Africa. Mining companies came under added pressure late last year and in the start of 2018 from the stronger rand and have responded by closing shafts and cutting thousands of jobs in a labour-intensive industry.

© 2018 Bloomberg

COMMENTS   0

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
Insider GOLD
ONLY R63pm

Moneyweb's premium subscription is a membership service which will give you access to a number of tools to take charge of your investments.
Or choose a yearly subscription at R630pa - SAVE R126

Get instant access to all our tools and content. Monthly subscription can be suspended at any time.

Podcasts

GO TO SHOP CART

Follow us:

Search Articles:Advanced Search
Click a Company:
server: 172.17.0.2