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Vulcan
Gold September 06, 2019 10:30:20 AM

Global Gold Output to Reach 132 Moz by 2023

Paul Ploumis
ScrapMonster Author
The Pascua-Lama project is expected to commence production in 2021.

Global Gold Output to Reach 132 Moz by 2023

SEATTLE (Scrap Monster): The global gold production is expected to reach 132.1 million ounces by 2023, says the UK-headquartered Global Data- the renowned data and analytics company. It predicts a CAGR growth of 2.5% between 2019 and 2023.

According to GlobalData, Australia, Russia and the U.S. are likely to emerge as the main contributors of gold production jump, mainly on account of increased production from existing and new projects. Nearly one-fourth of projects currently under expansion across the world belong to the above three countries. On the contrary, the gold production is likely to witness declines in China, Chile and Mexico.

The Pascua-Lama project is expected to commence production in 2021. Also, Donlin Gold and Kerr-Sulphurets-Mitchell (KSM) projects are likely to enter production by 2023. The above mines together hold an annual gold production capacity of over 3.2 million ounces, GlobalData said.

Also, global silver output, which has been on a decline since 2016, is likely to reverse the trend starting from 2020. The output is likely to extend its decline in 2019, to total 913.5 million oz. The global silver production is predicted to total 1.029 billion oz by 2023. The key projects that are expected to come online in the next three years include El Cajon mine in Mexico, the Fruta del Norte mine and Mirador mines in Ecuador and the Oernoe and Udokan mines in Russia. 

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