JOHANNESBURG – Statistics South Africa released its monthly mining production data for January on Tuesday. Below is the breakdown of the main minerals.
Year-on-year output percentage changes January, December
|Total Mining||1.3||-3.1 (revised)|
In a note issued by Nedbank on Tuesday, it stated that on a seasonally adjusted basis mining production increased by 1.7% m-o-m in January, but was down 5.2% q-o-q for the three months to January.
The main drivers of the quarterly decline, according to Nedbank, were platinum group metals as well as iron ore, which subtracted 2.0 and 1.9 percentage points respectively.
“The performance of mining production should be supported by the forecasted lift in commodity prices in 2017. However, global demand, while expected to be marginally firmer this year, is still subdued and conditions in the domestic mining sector remain challenging, limiting the performance of mining production.”