Briefs
Gold output free falling in South Africa
South African gold output contracted for a 13th consecutive month in October, the longest streak of declines in six years.
Key insights
- Dwindling output has cut gold's contribution to little more than 1 percent of the South African economy, down from 3.8% in 1993.
- Unprofitable mines and demands for higher wages has led to job cuts in the industry, exacerbating unemployment in a country with a 27.5% jobless rate.
- The production of platinum-group metals surged 21.4% from a year earlier.
