Mining output contracts for sixth consecutive month
Mining production decreased by 8.4% year-on-year in July, which financial services provider Nedbank says marked a sixth consecutive month of contraction in mining production. The major negative contributors were gold with a decline of 19.7% and contribution of -3.1 percentage points; platinum group metals (PGMs) with 12.2% lower production and a contribution of -2.8 percentage points; and iron-ore, which recorded a 20.4% output slump and contributed -2.7 percentage points.