FX.co ★ South Africa Mining Output Falls the Most in Over 2 Years

Mining output in South Africa sharply declined by 9.6% in February 2025 compared to the same period from the previous year, marking an extension of the sector's downturn for the fourth consecutive month. This significant drop, the most substantial since November 2022, was primarily driven by decreases in the production of platinum group metals (PGMs) at -23.9%, iron ore at -10.5%, gold at -7.6%, and coal at -4.3%. On a seasonally adjusted month-to-month basis, mining production fell by 4.4%, following a revised stable performance in the previous month. Moreover, seasonally adjusted output contracted by 6.7% in the three months ending February 2025 when compared to the preceding three-month period.