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South Africa: Surprise growth in mining production in September

SA’s mining sector registered surprise growth in September, increasing 1.5% compared to August, with iron ore production leading the gains.

Production grew 0.2% year on year, Statistics SA said on Thursday. The 3.2% fall in August has also been revised to 3%.

Economists polled by Bloomberg expected production in the sector, which accounts for about 8% of GDP, to contract 2.4% year on year in September.

Iron Ore production rose 8.2% year on year and contributed 0.9 percentage points to the headline figure. Diamond production fell 15.7%, contributing 0.6 percentage points of the decline.

Mineral sales rose 15% year on year, with gold sales rising 94.9%, or 8.7 percentage points of the headline figure. Platinum group metal sales rose 22.4%, contributing 5.5 percentage points.

Economists had expected the mining industry to be under pressure, due to an uncertain global trade outlook, as well as rising operational costs locally. Uncertain electricity supply has also been cited as a headwind for the sector.
Source: Business Day Live

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