PGMs Drag Down South Africa’s April Mine Output

Mining Weekly reported that South Africa’s platinum-group metals output fell 13.4 percent in April, making the second-biggest contribution to the country’s 0.4-percent fall in mining production that month.

As quoted in the market news:

Statistics South Africa on Tuesday said that PGM output fell by 13.4% in April from the same month in 2012. This compares with a 1.8% year-on-year increase in the previous month.

The 0.4% year-on-year drop in the volume of mining production in April compares with a 3.8% year-on-year contraction in March. But despite the rate of decline slowing, Nedbank economists said in a statement that prospects for the mining sector remained poor.

South African platinum producers are under pressure, with at least two-thirds of platinum mines operating at a loss, while gold companies, suffering from a lower gold price, are also taking strain.

Click here to read the full Mining Weekly report.

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