Gold Mine Output Hit Record Level in First Quarter 2023

SEATTLE (Scrap Monster): The gold mine production hit record level during the first quarter of the current year. The rise in recycling volumes too contributed to the marginal rise in total gold supply during Q1 2023.

The quarterly gold mine production totalled 856 tonnes, which is an all-time high Q1 production in history, said the World Gold Council (WGC) in its Q1 Gold Demand Trends Report. It must be noted that the mine production had totalled only 843.1 tonnes in the same quarter in 2022. The recycled gold supply too was up by 5% year-on-year to 310.4 tonnes, as compared with 296.2 tonnes a year before.

The total supply during the quarter stood at 1,174.4 tonnes, marginally higher by 1% from 1,165.1 tonnes in Q1 2022.

The mine production in Mongolia more than doubled during the quarter, driven by commercial production from Oyu Tolgoi copper-gold mine. Also, the ramp up at the Salobo mine boosted Brazil’s production by 13% over the previous year. The mine production from South Africa and China increased by 8% and 3% year-on-year respectively.

On the contrary, Indonesian gold mine production dropped significantly by 19% year-on-year. The output from Senegal fell by 8%. Also, production from Suriname and Mexico registered year-on-year declines by 7% and 6% respectively.

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