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Global gold production to reach 132 million oz in 2023

Published by , Editorial Assistant
Global Mining Review,

Global gold production is expected to grow at a compound annual growth rate (CAGR) of 2.5% between 2019 and 2023 to reach 132.1 million oz in 2023, according to data and analytics company GlobalData.

Global gold production to reach 132 million oz in 2023

Gold production increase will be mainly contributed by Australia, Russia and the US, which will advance both new and existing development projects. There are currently more than 90 projects undergoing expansion globally, 23 of which are located in these three countries.

Vinneth Bajaj, Senior Mining Analyst at GlobalData, commented: “The majority of gold production growth will be supported by Russia, which is expected to deliver a net increase of 3.4 million oz, at a CAGR of 4.5%, over the forecast period. This will be followed by the US with a net increase of 1.6 million oz, at 4.7% CAGR, and Australia with 1.4 million oz at 2.8% CAGR.”

Bajaj continues: “In contrast, production is declining in China, Chile and Mexico. Production in China declined by 5.9% in 2018 due to the introduction of the Environmental Protection Tax, which has led to an increase in mining processing costs.”

The largest mines expected to enter production in the next four years are the Donlin Gold and Kerr-Sulphurets-Mitchell (KSM) projects in 2023, as well as the Pascua-Lama project in 2021. These facilities will have a combined annual gold production capacity of over 3.2 million oz.

Bajaj adds: “The list of mines undergoing expansion includes some of the longest-operating mines such as Turquoise Ridge and Round Mountain in the US; and the St Ives Gold Mine Complex and Olympic Dam mines in Australia.”

Newmont Goldcorp has become the world’s leading gold mining company, and is expected to produce between 6 - 7 million oz of gold in 2019. In 2018, the company produced 5.1 million oz, which is lower than the prior year due to lower grades at several sites such as KCGM and lower leach tonnes at Phoenix, Carlin and Yanacocha. Barrick Gold is the second leading gold company, having produced 4.5 million oz in 2018, while AngloGold Ashanti is third with 3.4 million oz.

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