As anticipated, mining production bounced back in October, expanding by 5.2% y/y and ensuring a positive start to fourth quarter output.
On a seasonally adjusted basis, production was up 3.4% m/m, while volumes are 4% higher year-to-date.
The biggest contributors to the increase were iron-ore and coal, which expanded by 17.9% y/y and 6% respectively, and added a combined 3.9 percentage points. NYSE:Platinum group metal output also recovered , expanding 2.7% y/y and a hefty 10.1% m/m, which when combined with manganese, added 1.3 pps.
It wasn’t all good news though as gold output contracted on both an annual and monthly basis, and there were also hefty drops for nickel and diamond production. Overall, the global environment remains largely supportive of continued growth in the industry, despite a moderate softening of commodity prices, and we expect positive full year output growth for the sector. The industry could gather even further momentum should the impasse over the new mining charter be resolved.
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