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Gold September 21, 2020 08:30:13 PM

Global Gold Output to Witness 1.7% Downtick in 2020

Paul Ploumis
ScrapMonster Author
The sale of mines previously owned by them, have led to lower output by Newcrest and Newmont.

Global Gold Output to Witness 1.7% Downtick in 2020

SEATTLE (Scrap Monster): The UK-headquartered data analytics and consulting firm GlobalData announced that global gold output is likely to witness marginal decline by 1.7% in 2020. The reduced output is mainly due to disruption in gold mine production during Q2 this year, due to the outbreak of the Covid-19 pandemic.

The lockdowns and other logistics-related restrictions in countries including South Africa are likely to result in reduced gold output by top gold miners including Newmont, Barrick Gold, AngloGold Ashanti and Newcrest Mining during the current year.

Incidentally, the gold mine output by Newmont and Barrick Gold nearly halved in the second quarter of the year, compared with the corresponding quarter a year before. Also, AngloGold Ashanti’s South African operations reported a decline of 63,000 ounces of production during H1 this year. The global production by the company was down by 85,000 ounces during Jan-June ’20.

The sale of mines previously owned by them, have led to lower output by Newcrest and Newmont. The temporary suspension of operations at Veladero and Porgera mines impacted Barrick Gold’s output.

Barrick Gold and Newmont have declared reduction in combined gold production guidance for 2020 from 11.6 million ounces to around 11 million ounces. Meantime, AngloGold Ashanti and Kinross Gold have suspended production guidance for the current year.

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