SA’s annual mining output sees a sixth consecutive decline

South Africa’s annual mining output registered a decline of 8.4% for the sixth time, although seasonally adjusted mining production increased on a monthly basis in July. The consensus forecast was for a 5.0% year-on-year decline in mining production. The war in Ukraine and sanctions against Russia opened the way for a resource-rich country such as South Africa to use the opportunity to fill its coffers by selling commodities, but this has not happened. Instead, the current account balance unexpectedly reverted to a deficit in the second quarter while load shedding continues. According to research group Oxford Economics Africa, precious metals…