Mining production fell 29.8% year-on-year in May, according to Stats SA, but far less than in April
Annual mining output declined in May, though not at the record-breaking pace reported in the previous month, as SA moved into lockdown level 4 and more operations returned to production.April’s fall, worse than previously reported at a revised -50.3%, was the worst on record since the agency began the series in 1980.
On a month-on-month, seasonally adjusted basis, mining production rose 44% from the previous month’s decline of a revised 36.8%opencast mining operations permitted to scale up to full employment, while other mining operations were permitted to start up in batches and move towards 50% employment. Certain operations, such as collieries that supply Eskom, were deemed an essential service and permitted to operate fully under level 5.
May’s outcome was better than some economists expected, with a Bloomberg survey of six economists expecting annual production to fall 32.5%.The largest contributors to the annual change, however, were iron ore, which fell 66.3%; platinum group metals, which declined 27.3%; and manganese, which fell 45.4%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ECONOMIC WEEK AHEAD: Mining and inflation data for May in focusInflation is expected to moderate in May due to lower fuel prices, while mining could see a bit of a recovery
Read more »
ECONOMIC WEEK AHEAD: Mining and inflation data for May in focusInflation is expected to moderate in May due to lower fuel prices, while mining could see a bit of a recovery
Read more »
ANC rekindles hope of tax incentives to help mining investmentJunior miners ‘hugely encouraged’ that ANC document leans towards Canadian model to ignite moribund exploration
Read more »
Communities starved of mining royalties amid lack of transparencyMiners have no way of knowing where billions paid to government and community entities went
Read more »
Trump finally wears a mask, but signals it may be a once-offTrump has reportedly told aides that wearing a mask would make him look weak
Read more »
Neighbourhood watches may patrol after curfew, says Western Cape governmentFritz said those who have obtained permits from the department of community safety to perform the patrol during Covid-19 lockdown level 3, qualified to carry on doing so. level3regulations
Read more »