HomeNewsSA platinum output drops by 19%

SA platinum output drops by 19%

Anglo Platinum “’ one of
the companies
cutting jobs and
closing mines
Pretoria, South Africa — MININGREVIEW.COM — 11 December 2009 – South Africa “’ the world’s largest producer of platinum “’ posted a 19% decline in output of platinum group products in October after lower prices had forced producers to shut mines.

The latest mining production figures released by Statistics South Africa showed that the value of platinum group metal sales fell 22% to R6.3 billion rand in September from a year earlier.

Bloomberg News reports that Anglo Platinum Limited and Lonmin Plc cut more than 16 000 jobs as they shut unprofitable mines amid falling demand for platinum. Platinum prices dropped two-thirds from a record last year as the global economy slipped into recession.

Statistics South Africa also revealed that South African gold production fell 5.8% in October from a year earlier. The country was the fourth-biggest gold producer in the first half of the year, according to Surbiton Associates Pty.

Local diamond production slumped 43%, after De Beers “’ the world’s biggest producer of the gems “’ idled mines on lower demand.

South Africa’s total mine production declined 5.8%