South Africa’s annual mining output registered a sixth straight decline of 8.4%, although seasonally adjusted mining output rose on a monthly basis in July. The consensus forecast was for a 5.0% year-over-year decline in mining. The war in Ukraine and sanctions against Russia opened the way for a resource-rich country like South Africa to use the opportunity to fill its coffers through the sale of goods, but it did not happen. Instead, the current account balance unexpectedly returned to deficit in the second quarter, while load shedding continues. According to research group Oxford Economics Africa, precious metals…

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