Mining Production Outlook

Mining production, including gold, showed mixed performance for the year up to June 2024. The output and growth of major commodities varied significantly. Coal performed well in the first two months of 2024 but faced challenges thereafter. In contrast, iron ore saw positive performance, while the Platinum Group Metals (PGM) recorded a growth of 1.6% for the year up to June.

Gold production, however, remains a major concern, as output from gold mines declined annually for all six months of 2024, despite record-high international prices driven by global uncertainty and recession fears in the U.S.

Given the mixed performances of the key categories, along with gradually improving market sentiment and electricity supply, total mining production may exhibit early signs of recovery in July.