Global gold mine production to recover, with Ghana and the US contributing most
The output of gold is predicted to rise by 3.9% to 121.2 million ounces in 2023, following an anticipated 7.6% decrease in 2022. In 2023, the US, Ghana, and Russia will be the main drivers of the increase in world supply.
The output of gold is predicted to rise by 3.9% to 121.2 million ounces in 2023, following an anticipated 7.6% decrease in 2022. In 2023, the US, Ghana, and Russia will be the main drivers of the increase in world supply.
Ghana’s gold output is predicted to rise by 9.9% in 2023 as a result of the Bibiani mine’s opening and higher output from the Edikan, Chirano, and Obuasi mines. In the meanwhile, higher output from Newmont’s Cortez and Turquoise Ridge mines will contribute to the expansion in gold production in the United States.
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In contrast, it is anticipated that China, the world’s largest producer of gold, would produce 1.1% less gold in 2023 due to lowering ore grades.
The world’s leading producers of gold include Newmont, Barrick Gold, Agnico-Eagle Mines, Jiangxi Copper, AngloGold Ashanti, Polyus, Gold Fields, Newcrest, Kinross, and Zijin Mining Group; together, they will produce 26% of the world’s gold in 2022.
Looking ahead, the depletion of China’s gold resources combined with the planned closure of several mines in China and Ghana are the key reasons for the expectation that global gold mine output would stay flat throughout the projection period (2024–2030), growing at a CAGR of 0.9%.
