Global gold output to rise 5.5% in 2021 – report – by Editor ( – February 1, 2021)

After declining in 2019, global gold production was adversely affected by the covid-19 pandemic during 2020, while the suspension of expansion works and contractions from mines nearing closure also exacerbated the decline.

Overall output in 2020 was estimated to have declined by 5.2% to 108 million ounces (moz), according to UK-based analytics company GlobalData.

This year, however, total production is expected to bounce back and increase by 5.5% to 113.9moz and then grow to 124.1moz by 2024 – a 2.9% compound annual growth rate (CAGR).

Indonesia, Peru and the US will be the key contributors to this growth, GlobalData says. Combined production in these countries is expected to recover from an estimated 20.1moz in 2021 to 25.3moz in 2024.

Key projects

Key projects expected to commence operations during the forecast period include Barrick and Newmont’s Turquoise Ridge underground expansion project in Nevada, which is currently undergoing construction. With an annual gold production capacity of 500koz, the project is expected to be commissioned in late-2022.

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