South Africa’s mining industry recorded strong output growth of almost 10% in February compared to the same period last year, outperforming analysts’ expectations by more than two percentage points. The growth was primarily driven by the platinum group metals, which rose by more than 50% year-on-year. Chromium ore came next, rising by nearly 30%, followed by manganese and gold, which increased by 17.8% and 12.8%, respectively. South Africa’s mining production has grown recently, driven by higher demand for precious metals amid geopolitical uncertainty stemming from the US trade war. Beyond production, sales for the mining industry surged nearly 60% in February, with gold leading the way. However, the Iran conflict and the resulting rise in energy prices threaten to derail the industry’s growth.
Business Day
