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The fundamentals keep improving for continued price advances. Demand increases while supply falls.
South Africa’s gold production continued to decline in May, falling by 11,6% year-on-year, official data showed on Thursday.
Despite the big drop in gold output, the country reported a slight increase in overall mine output of 0,6%
This comes as the production of nongold minerals improved by 2,6%, Statistics South Africa (Stats SA) said.
The total mining production for the three months ended May, after seasonal adjustment, decreased by 1,5% compared with the previous three months.
This decrease of was due to a 2,1% drop in the production of nongold minerals, particularly the production platinum group metals, which fell by 3,5 percentage points, Stats SA stated.
Early this year, South Africa’s State-owned electricity producer, Eskom, imposed power constraints, after it ran out of excess capacity.
The total mining production for the three months ended May, decreased by 6,4% compared with the same period a year earlier, mainly influenced by reported disruptions in the first quarter of the year.
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