Mining output plunged 4.2% in November from a year earlier, Statistics SA said on Tuesday. October’s figure was revised to a 2.6% decrease from a decline of 2.9% reported previously. The results were worse than expected; Bloomberg had forecast an annual drop of 0.9% while Trading Economics had expected growth of 0.4%. The total value of mining products sold in October came to R37bn, down from September’s R39bn. Stats SA’s value figures lag its volume figures by a month. The main contributors to the drop in production were platinum group metals (PGMs), which declined by 10.8%, followed by gold (9.4%) and iron ore (8.7%). Analysts said the decline could be due to the stockpiles of iron ore and platinum. Manganese ore output was up 26.9%, boosting November figures. Seasonally adjusted mining production decreased by 1.5% in the three months ended November 2016 compared with the previous three months. On the upside, sales figures for October increased by 12.4% year on year, with the sale...
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