World gold mine production to ease from 2025, report
The Department of Industry, Science, Energy and Resources of the Government of Australia (DISER) reported that the global gold supply increased by 1.5% year-on-year to 4,755 tonnes in 2022, driven by a 1.2% rise in global mine production.
DISER added that gold recycling activity in 2022 was marginally higher year-on-year, as a strong first half of the year — driven by high prices — offset a weaker second half.
According to the report, global gold supply is forecast to rise by 0.5% a year to 4,800 tonnes by 2024, driven by higher world gold mine production.
“World gold mine production is forecast to rise on average by 1.8% a year by 2024 to 3,750 tonnes, led by increases in Canada, Australia and South America,” the authors of the report said.
Gold production increases will be particularly large in Canada, DISER said, with the 11 tonnes per year Côté project and the 10 tonnes per year Blackwater project commencing operations in the next two years.
However, DISER noted that continued environmental regulations and industry consolidation in China will see production fall over the medium-term. Partially offsetting increases in mine production, gold recycling activity is forecast to decline on average by 3.9% a year by 2024 due to lower forecast gold prices.
From 2025, world gold supply is projected to be relatively steady at just below 4,800 tonnes. Global mine production is projected to ease from a 2025 peak above 3,750 tonnes to just above 3,700 tonnes by 2028.
Importantly, rising gold prices are projected to drive increased recycling activity, offsetting the gradual decline in mine production.
