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World gold mining will set a new record in 2019

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In 2019, gold production in the world will grow by 2%, and will reach 3407 tons. Further, the positive dynamics will continue, but from 2024 it will move to a decrease - by about 3% per year.

World gold mining will set a new record in 2019

Global primary gold production will grow 2% in 2019.

The increase in production will continue globally for the next five years, with a peak in 2023, after which the industry will decline, said Federico Gay, chief analyst at GFMS Refinitive.

Over the past six years, only three quarters have recorded a slight decline in production yoy, with an average growth rate (GAGR) over the period of 3.2%.

“According to our preliminary estimates, the world gold production in the first half of 2019 amounted to 1,642 tons, while growth versus last year was 3.6%,” the expert notes.

According to GFMS forecasts, in the next 10 years China will remain the largest gold producer in the world. However, the gap between him, Australia and Russia will narrow as both countries are expected to show impressive growth rates.

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