{"id":799827,"date":"2024-11-14T16:39:00","date_gmt":"2024-11-14T14:39:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=799827"},"modified":"2024-11-14T16:39:05","modified_gmt":"2024-11-14T14:39:05","slug":"mining-surprise-for-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/799827\/mining-surprise-for-south-africa\/","title":{"rendered":"Mining surprise for South Africa"},"content":{"rendered":"\n<p>Mining production has surprised on the upside in South Africa, beating expectations.<\/p>\n\n\n\n<p>According to Stats SA&#8217;s latest data, mining production increased by 4.7% year-on-year in September 2024. This was a marked improvement from the 0.3% y\/y increase in August. <\/p>\n\n\n\n<p>It was also far above the Reuters consensus, which anticipated modest growth of 2.2% y\/y in September. <\/p>\n\n\n\n<p>The largest positive contributors were:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PGMs (6.7% and contributing 2.1 percentage points);<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>iron ore (10.0% and contributing 1.3 percentage points);<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>manganese ore (13.5% and contributing 0.9 of a percentage point);<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>chromium ore (17.3% and contributing 0.8 of a percentage point); and<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>diamonds (35.4% and contributing 0.5 of a percentage point).<\/li>\n<\/ul>\n\n\n\n<p>On the other end of the scale, coal (-4.4% and contributing -1.0 percentage point) and gold (-3.7% and contributing -0.5 of a percentage point) were negative contributors.<\/p>\n\n\n\n<p>Seasonally adjusted mining production also increased by 3.8% in September 2024 compared to August&#8217;s data. This came off the back of month-on-month changes of 3.3% in August 2024 and -1.1% in July 2024.<\/p>\n\n\n\n<p>On a quarterly basis, mining production increased by 1,0% in the third quarter of 2024 compared with the second quarter of 2024, which is positive news for South Africa&#8217;s GDP figures for the quarter. <\/p>\n\n\n\n<p>The largest contributors over the quarter were: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Manganese ore (10.1% and contributing 0.7 of a percentage point); and<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Chromium ore (7.3% and contributing 0.4 of a percentage point).<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/11\/image-22.png\"><img loading=\"lazy\" decoding=\"async\" width=\"715\" height=\"455\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/11\/image-22.png\" alt=\"\" class=\"wp-image-799832\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/11\/image-22.png 715w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/11\/image-22-300x191.png 300w\" sizes=\"auto, (max-width: 715px) 100vw, 715px\" \/><\/a><\/figure><\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/11\/image-21.png\"><img loading=\"lazy\" decoding=\"async\" width=\"721\" height=\"171\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/11\/image-21.png\" alt=\"\" class=\"wp-image-799831\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/11\/image-21.png 721w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/11\/image-21-300x71.png 300w\" sizes=\"auto, (max-width: 721px) 100vw, 721px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-medium-font-size\"><strong>Outlook <\/strong><\/p>\n\n\n\n<p>&#8220;Year-to-date (January to September),&nbsp;mining&nbsp;output has increased by 0.7%, a notable yet moderate improvement from the 0% growth in 2023, which was revised upwards from a previous estimate of a 0.2% contraction,&#8221; said FNB Senior Economist Thanda Sithole. <\/p>\n\n\n\n<p>&#8220;While&nbsp;mining&nbsp;recovery benefits from easing energy constraints and gradually stabilising logistics, we anticipate a moderate pace of growth in the near term due to a challenging external demand environment.&#8221; <\/p>\n\n\n\n<p>&#8220;Accelerating reforms in ports and rail infrastructure will be crucial for boosting productivity and profitability in the&nbsp;mining&nbsp;sector over the medium term.&#8221; <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/business\/799783\/major-company-in-business-rescue-in-south-africa-a-step-closer-to-being-saved\/\">Major company in business rescue in South Africa a step closer to being saved<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Africa&#8217;s latest mining figures are positive news for the country&#8217;s Q3 2024 GDP figure. <\/p>\n","protected":false},"author":95,"featured_media":684283,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[76,26,1809],"class_list":["post-799827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-fnb","tag-headline","tag-stats-sa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/799827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=799827"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/799827\/revisions"}],"predecessor-version":[{"id":799836,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/799827\/revisions\/799836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/684283"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=799827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=799827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=799827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}