Gold Mine Production Hits New Record in Q2

SEATTLE (Scrap Monster): The gold mine production edged higher by 2% over the previous year in Q2 2019, to hit the highest Q2 level in history. Consequently, total Q2 gold supply surged higher by 6%. Meantime, recycled gold supply was up by 9% during the quarter, said the Gold Demand Trends Report published by the World Gold Council (WGC).

According to WGC, the global mine production totaled 882.6t in Q2 this year, as compared with the production of 869.2t in Q2 ’18. The total global gold mine production during the first six months of 2019 totaled 1,730.2t, marginally higher by 1.1% from the previous year.

Several key gold producing nations reported significant gains in production. The gold output by Canada and Russia surged higher by 9%, mainly due to contributions from new projects. The U.S. too witnessed 9% year-on-year growth in gold production. The stronger output from several mines boosted the Australian gold output by 6%. The continued ramp-up of the Kyzyl project resulted in 18% surge in Kazakhstan’s production. The West African nation of Ghana too reported 6% year-on-year increase in production.

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The strict environmental regulations imposed by the Chinese administration continued to impact gold production by the country. The Chinese output witnessed 4% decline during the quarter. Indonesian and South African production fell significantly by 48% and 12% respectively when compared with the corresponding quarter in 2018.

The recycled gold supply, at 314.6t, was 9% higher than the same period last year. The supply of recycled gold peaked during the month of June, due to high gold prices.