Gold Miners’ Average AISC Surged, Albeit at a Slower Pace

SEATTLE (Scrap Monster): The gold miners’ global average all-in sustaining cost (AISC) rose to US$1,315/oz in Q2 ’23, maintaining the overall uptrend which commenced in Q1 2021. This represents marginal increase by 1% over the prior quarter and by 6% over the prior year quarter.

According to Sarah Tomlinson, Europe recorded the largest increase in average AISC for the quarter, surging higher by 11% over the prior quarter to US$1.167/oz. The North American average AISC rose by 3% quarter-on-quarter to US$1,523/oz. On the contrary, the average AISC recorded modest decline by 3% over the previous quarter to US$1,139/oz.

In North America, the average AISC was impacted by a 7% dip in the average grade to 1.1g/t. The lower adjusted operating costs accounted for the fall in average AISC in Oceania region. The jump in average AISC in European countries were partly due to the slight fall in grade.

Looking ahead, the global average AISC is expected to witness some easing in the near term. The input costs are predicted to remain elevated, mainly due to persistent inflation, impacts on fuel and energy costs contributed by Russia-Ukraine crisis and oil price risks triggered by potential escalation of the Middle East conflict.

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