Mining production figures good, but not great, say analysts

Although mining output increased by 21.9% year-on-year in May, the year-on-year comparison remain distorted owing to the low base recorded at the height of the Covid-19 crisis a year ago, and analysts deem it better to look at three-month percentage changes.

To this effect, analysts at Rand Merchant Bank say the message remains positive. Although the pace of growth in volumes moderated from 6.3% in April to 5.6% in May, it is still noticeable faster than the rate recorded in the first quarter of the year.