Harmony Predicts Rise In Sept Quarter Gold Output
News: South African mining company Harmony Gold has predicted that its gold production will increase by 12% quarter-on-quarter during the three-month period ending September 30 2013, Mineweb reports. The company stated that the expected increase would be the result of an i mprovement in its mining output and grades. The final results are expected to be released on November 8 2013.
BMI View: The past decade of stagnation in South Africa's mining sector is set to continue as the country's gold and platinum sectors face diminishing margins and industrial strife. Potential for growth in the iron ore and coal sectors constitute bright spots for the mining industry in the long term. We expect South Africa's mining sector value to grow by an annual average rate of 0.5% over the forecast period, from US$32.4bn in 2013 to US$33.1bn in 2017.