The March reading was the first positive one since February last year, after the February 2021 number was revised into negative territory. The 21.3% leap was partly attributable to base effects. In March last year, mining output declined 14.9% year on year as mines cut production and sent workers home ahead of the start of the hard lockdown later that month.
The April number will almost certainly be a new record, in part because of base effects after mining output declined 51.7% in that month last year. Stay tuned for that number, it’s bound to be a whopper. PGM producers are also responding to record prices for palladium and rhodium, used as catalysts for capping emissions in petrol engines, as the switch from diesel gathers steam in key markets. Mineral sales soared 46.9% year on year in March, the data showed, with PGMs leading the way with a 76% increase.
This has been good for the wider South African economy, with government revenue collection coming in better than expected, partly because of higher taxes from the mining sector. There have also been record current account and trade surpluses, boosting South Africa’s terms of trade and supporting the rand, which scaled 16-month highs this week just below R14/dollar.
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