Thebe Mabanga
Mining production and mineral sales were significantly up in January as metal prices continue to recover despite load shedding, Stats South Africa reported on Thursday.
Mining production increased by 7.5% in January 2020, compared to a year ago.
The increase was driven by iron ore, which rose 27.9%, Platinum Group Metals, which rose 10.2% and coal which rose 2.3%.
When adjusted for seasonal factors such as holidays and wage negotiations, mining production increased by 6.0% in January 2020 compared with December 2019, but fell by 1.1% in the quarter to the end of January compared to the preceding quarter.
Mineral sales reflected recovery in prices and increased by 24.2% in January 2020 compared to 12 months earlier.
Platinum Group Metal sales were up 85.3%, iron ore sales were up 43.4% while gold, which recently $ 1700 an ounce, rose 9% in sales.
Nickel sales more than doubled at 108% while seasonally adjusted mineral sales at current prices increased by 22.9% in January 2020 compared with December 2019 following declines of 10.1% in December and 6.1 % in November.
