Gold Production by Top Eight to Witness Significant Boost in 2021

SEATTLE (Scrap Monster): According to latest report published by UK-based GlobalData, the world’s topmost eight gold producers are likely to report surge in collective gold output during the current year. The output is likely to record an increase by 3.1% over 2020 to range between 25 and 25.75 million ounces (moz) of gold.

Incidentally, the top eight companies comprise Newmont, Barrick, AngloGold, Polyus, Kinross, Gold Fields, Newcrest and Agnico-Eagle.

In 2020, the collective output by these companies had registered decline by 6.5% to 25 moz, mainly on account of lower ore grades, lower mill throughput and lower recoveries. The highest production decline was reported by Barrick, whose output was down by 12.9%. Also, AngloGold and Newmont saw their output fall by 7.1% and 6.1% respectively. The cumulative output by these three companies dropped from 15 million ounces in 2019 to 13.7 moz in 2020.

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Barrick Gold was forced to cease operations temporarily due to the covid-19 pandemic, including Veladero, Pueblo Viejo and Porgera. Anglogold’s output fall was mainly attributed to divestment of its African assets. Meantime, Newmont’s production was impacted by lower ore grades, temporary suspension of operations and sale of certain projects.