SEATTLE (Scrap Monster): Fitch Solutions forecasts tremendous uptick in global gold production during the forthcoming years. Russia is all set to overtake China to become the world’s largest gold producer by 2029, it says.
The research agency predicts major rebound in global gold mine production in the coming years, mainly aided by key mergers and acquisitions in the sector and rising gold prices. The yellow metal production is projected to surge higher significantly from 107-million ounces this year to 132-million ounces by 2029, thereby translating to 2.4% per annum growth rate. This compares with the reduced growth rate in recent years.
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Fitch sees Russia surpassing China as the largest gold producer in the world. The expected jump in domestic gold demand will further accelerate Russian gold production in 2020. The country’s gold output is predicted to grow from 11.3-million ounces in 2020 to 15.5-million ounces in 2029, growing at a rate of 3.7% per annum. This will result in the country overtaking China in production. Furthermore, Russia will raise its share of global output from its current 10.4% to 11.7% by 2029.
Meantime, the Chinese gold production is expected to remain stagnant over the period until 2029.
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