The top gold miners saw all-in sustaining costs climb in the second quarter amid mine shutdowns related to COVID-19, according to an S&P Global Market Intelligence analysis of 15 large gold producers.
Costs rose for nine of the analyzed gold miners in the second quarter, and the weighted-average mean increased 2.5% to US$987 per ounce of gold across the group. The group comprised producers with more than 500,000 ounces of attributable gold production in 2019.
Centerra Gold Inc. saw the biggest increase in all-in sustaining costs, up 12.9% to US$804/oz, according to the analysis. Evolution Mining Ltd. and Yamana Gold Inc. followed, up 9.7% and 9.0%, respectively, to US$716/oz and US$1,125/oz.
In the second quarter, Canadian miner Centerra Gold reported that its Oksut gold mine in Turkey reached commercial production, while its Kumtor gold mine in Kyrgyzstan drove most of its US$268.1 million in cash flow from operations.