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Commodity Rout Hits Home as South Africa Has Record Output Drop

Posted on 13 May 2016

South Africa’s mining production fell the most since at least 1980 after the country’s biggest gold and platinum mines halted unprofitable output. Production declined 18 percent in March from a year earlier, accelerating February’s revised contraction of 8.3 percent, Statistics South Africa spokesman Juan-Pierre Terblanche said by phone Thursday.
Expectations were for a drop of 12 percent, according to a Bloomberg survey of eight analysts. “This is a radical structural shift for South Africa”, said Mike Schussler, chief economist at economists.co.za………………………………………..Full Article: Source


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