South African mining production in decline in October and November
South Africa's mining production fell 1.6% y/y in November. Gold productiondropped 4.9% in the month, while platinum group metals output rose 3.2%, accordingto Statistics South Africa.Output of diamonds and copper also declined, while the value of October mineralsales in fell 30% to ZAR 19bbn (USD 2.56bn). Lower gold production is hamperingefforts to mitigate the effect of rising costs in South Africa, where wages roseabout 10% last year and electricity charges rose by an average 31%.
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