South Africa’s mining output has tremendously grown by a notable 5.3 percent this year. This has been boosted by platinum producer’s gradual return to productivity, after a 5-month work-stoppage in the first half of the year forced the sector to its knees.
The 5.3 increase has been contributed to iron ore mining, which contributed 5.7 percent – with coal mining contributing 1.8 percent and manganese ore with 1.2 percent. Platinum group metals (PGMs) remained a large negative contributor at – 4.1 percent.
“Seasonally adjusted mining production increased by 7.0 percent in September 2014 compared with August 2014. This followed month-on-month changes of -2.3 percent in August 2014 and 1.6 percent in July 2014.” Stats SA said.
The increase was better than analysts’ expectations and a Reuter’s poll anticipation of a 3.4 percent year-on-year decline.
Due to the expansion in mining output, the Rand edged slightly firmer against the US dollar. South Africa’s gold mining company AngloGold recently announced it would unleash new technology in the mining industry next year. The new technology would involve dispensing of conventional drilling and blasting and backfills cavities.