Platinum group metal production falls in South Africa
PGM (Platinum group metals) production and sales figures from South Africa fell in August as miners attempt to adjust to low metal prices.
Data released by Statistics South Africa reported production in the country fell by 3% in August compared to July, the second consecutive month of decline.
While this is still 73% above the previous year, due to worker strikes in the country, according to Simona Gambarini, commodities economist at Capital Economics, “output in August remains below the expected levels seen in previous “normal” years”.
And production looks set to continue to fall.
Platinum eased US$3 overnight to US$943 an ounce.