South Africa's first-half gold output drops

South Africa's gold production for the first half of 2005 declined by 12.4 percent to 147.9 tonnes from the same period last year, with total sales revenue also falling, the department of minerals said.
Sales declined by 15.9 percent to 12.7 billion rand ($1.89 billion) due to smaller sales volumes despite a higher average rand price, the department said in a report late on Monday. Compared to the second half of 2004, the drop in gold output was much the same at 12.2 percent, but the total sales revenue was 11.2 percent lower, due to smaller sales volumes.
Platinum group metal (PGM) production jumped by 11.8 percent to 155.9 tonnes versus the first half of 2004, and total sales revenue grew by 1.2 percent, to 16.6 billion rand. This was due to larger sales volumes and a higher average rand basket price. PGM output rose by 6.2 percent compared to the second half of 2004, while total sales were 1.8 percent lower due to smaller sales volumes, despite a higher average rand basket price.