WGC: Global Gold Mine Output Near Record Highs Despite Price Surge
Production momentum carried into 2025, with the first three quarters delivering 2,717 tonnes, a modest increase of 16 tonnes compared with the same period last year.
SEATTLE (Scrap Monster): Global gold mining continues to defy assumptions that soaring prices automatically deliver rapid supply growth, noted the World Gold Council (WGC).
After navigating pandemic-related shutdowns, safety stoppages, and labor disputes, worldwide mined gold output has remained broadly stable over recent years, pointing to deeper structural limits within the industry.
In 2024, global mine production reached 3,645 tonnes, edging up by just four tonnes year on year and marking the second-highest annual total on record, narrowly trailing the 2018 peak. Production momentum carried into 2025, with the first three quarters delivering 2,717 tonnes, a modest increase of 16 tonnes compared with the same period last year.
Analysts cite rising margins, new project pipelines—particularly in Canada—operational expansions, and higher output from artisanal and small-scale miners as factors supporting growth this year. Potential contributions from sanctioned regions may add incremental volumes, although temporary suspensions and permitting delays have already constrained output.
Looking ahead, forecasts indicate global mined gold production is more likely to level off than decline sharply. New mines and ramp-ups may offset depletion, but rising costs limit growth.
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