South Africa mining output falls 2% q/q in Sept-Nov.

By bne IntelliNews January 18, 2012
South Africas total mining output for the three-month period to end-November 2011 fell 2% as compared to the previous three-month period, on a seasonally adjusted basis, data from Statistics South Africa showed. The main culprit for the decrease was platinum group metals (PGMs), which contributed with -2.7pps. PGMs output dropped 9.9% in September to November, as compared to the three months to end-August. The biggest winner was iron ore, whose production rose 9.7%, followed by building materials with a 4.7% growth in output, coal with a 3% rise and gold with a 2.9% increase. Actual mining production for the three months ended November 2011 was 6.7% lower y/y. In November alone, the mining output fell 4.6% y/y compared to a revised 12% annual drop in October 2011. The November mining production was by 11.2% higher than in October, on a seasonally adjusted basis. For the first 11 months of 2011, South Africas mining output edged 0.1% lower y/y. The seasonally adjusted value of mineral sales at current prices for the three months to end-October 2011 rose 10.8% compared to the three months to end-July 2011, Statistics South Africa said. The increase of ZAR 9.49bn (EUR 925.4mn) came mainly as a result from a growth in the sales value of gold, which contributed 4.8pps or ZAR 4.17bn and coal, which contributed 4.1pps or ZAR 3.63bn. The actual value of mineral sales at current prices for the three months to end-October 2011 jumped 22.1% y/y, backed by higher sales of coal, gold and iron ore.
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