South African Mine Production Drops Most Since March 2008
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South Africa’s drop in mining production in February, the biggest monthly decline in almost four years, may boost prices of platinum-group metals in the near term, BMO Capital Markets Ltd. said.
Total mining output retreated 14.5 percent from a year earlier, the most since March 2008, Pretoria-based Statistics South Africa said in a statement today. Mines produced 48 percent less platinum-group metals because of a strike at the world’s biggest platinum mine and safety-related shaft closures.