WGC Highlights Social and Economic Benefits of Gold Mining

SEATTLE (Scrap Monster): The World Gold Council (WGC) published a new report that focuses on the social and economic contributions of gold mining. It provides insights into how the member companies contribute to economic advancement and improved livelihoods at a global, national and local community level.

According to the report, gold mining activity is present in every continent except Antarctica, often in remote and impoverished areas with little infrastructure. The gold mines, if operated responsibly and in accordance with government regulations, could deliver significant and lasting economic and social benefits to host countries and communities.

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Based on 2020 data, the WGC member companies produced 34.5 million ounces of gold, contributing close to $38 billion directly and indirectly to host nations. The member companies directly paid $8.7 billion in employee wages and $7.6 billion in tax payments to governments in 38 host countries.

WGC member companies directly employed close to 200,000 people and supported a further 1.2 million jobs through their local suppliers. These 1.4 million jobs induced another 700,000 jobs in host country economies. The wages among member companies averages six times higher, compared to national average, the report said.