Economics

South African Gold Output Drops 13th Straight Month in October

Gold bullion bars sit following casting at the Rand Refinery Ltd. plant in Germiston, South Africa, on Wednesday, Aug. 16. 2017. Established by the Chamber of Mines of South Africa in 1920, Rand Refinery is the largest integrated single-site precious metals refining and smelting complex in the world, according to their website.Photographer: Waldo Swiegers/Bloomberg

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By Rene Vollgraaff

December 11, 2018 at 9:49 AM UTC

This article is for subscribers only.

South African gold output contracted for a 13th consecutive month in October, the longest streak of declines in six years, as the industry battles unprofitable mines and labor strikes.

Gold production declined 15.1 percent from a year earlier, the Pretoria-based statistics office said Tuesday in a statement on its website. Total mining output rose 0.5 percent.