WGC: World Gold Mine Production Softened in Q3 2019

SEATTLE (Scrap Monster): The global gold mine production declined marginally in Q3 this year, when compared with the year-ago quarter. The year-to-date mien output remained essentially flat in 2019, said the latest report published by the World Gold Council (WGC). However, the total gold supply surged higher, mainly on account of notable increase in recycled gold volumes.

The gold mine production totaled 877.8 tonnes (t) in third quarter, marginally lower by 1% over the previous year production of 888.3t.

The gold output in Mexico witnessed a surge by 11%, mainly aided by resumption of mining operations at Penasquito mine, which were halted following blockade by local communities and contractors. The scheduled output increases at Ahafo and Akyem mines contributed to 4% jump in Ghanaian gold mine output. Incremental production jumps at several mines resulted in 7% surge in Australian production.

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On the contrary, Chinese gold production dropped by 4% year-on-year. The U.S. production was down marginally by 1%, primarily on account of lower scheduled output from several Nevada mines. Peru and South Africa reported decline in gold mine output by 12% and 6% respectively. The largest year-on-year decline in output by 41% was reported in Indonesia. Russian gold mine output remained flat in Q3 this year.

The recycled gold supply surged higher by 10% to 353.7t in Q3 this year. The year-to-date supply was up by 8% at 963.1t. The growth in recycled gold supply was driven by record gold prices during the quarter.