WGC: Global Gold Mine Output Near Record Highs Despite Price Surge
Gold | 2026-01-08 11:14:22
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.
By Paul Ploumis
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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POLL
Which factor most limits global gold production growth?
Frequently Asked Questions
- Has global gold production surged with rising prices?
No. Despite higher gold prices, production has increased only modestly, reflecting structural limits, operational constraints, and temporary stoppages.
- What were the global gold mine outputs in recent years?
2024 saw 3,645 tonnes, narrowly below the 2018 record. The first three quarters of 2025 produced 2,717 tonnes, up just 16 tonnes YoY.
- Which factors support modest gold supply growth?
Rising margins, new project pipelines (notably in Canada), expansions of existing mines, and artisanal/small-scale mining contribute incremental output.
