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SA mines ministry welcomes mineral production increase

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SA mines ministry welcomes mineral production increase

 SA mines ministry welcomes mineral production increase

13th April 2018

By: African News Agency

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The Department of Mineral Resources (DMR) on Friday welcomed the year-on-year increase in mineral production in February, on the back of higher commodity prices.

Data released by Statistics South Africa (StatsSA) on Thursday showed that mineral production increased 3.1 percent year on year, and was up 0.9 percent month-on-month, with diamonds, iron ore, manganese ore and coal being the main contributors.

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Manganese and coal volumes, which grew by 24.3 percent and 3.9 percent year-on-year respectively, added a further two percentage points to the headline number. 

Diamonds, which saw a 42.9 percent year-on-year surge in output, added two full percentage points and a 10.4 percent year-on-year jump in iron ore production added 1.5 percentage points, becoming primarily responsible for the better than anticipated print. 

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But the production of commodities which make up 44 percent of mining output contracted, with gold down 7.1 percent year-on-year, copper 35.9 lower and platinum group metals 8.8 percent softer, while nickel and "other" metallic minerals both contracted by double digits on a year-on-year basis. 

The DMR said the increase supported its view of a resurgence in the sector, following the rise in commodity prices, which supported increased market capitalisation as well as increased exploration activities, among others.

The department said the work underway to finalize the Mining Charter, the Mineral and Petroleum Resources Development Amendment (MPRDA) Bill and the Vision 2030 for the sector was expected to entrench investor confidence in the sector and bodes well for the further growth and development of the industry. 

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