Scrap Monster
Vulcan
Vulcan
Gold July 16, 2019 01:30:43 PM

World Gold Output Plummeted 11% in Q1

Paul Ploumis
ScrapMonster Author
The gold production decreased in all major regions.

World Gold Output Plummeted 11% in Q1

SEATTLE (Scrap Monster): The reported global gold production totaled around 15 million troy ounces (Mozt) in the first quarter of 2019. This is lower by 11% when compared with the previous quarter output. Meantime, the average global gold market prices rebounded to $1,304 per troy ounce during the quarter ended March 31st, 2019.

Among various regions, North America emerged as the largest gold producer with an output of 3.8 Mozt, followed by Africa with 3.2 Mozt. The output by Australia & Oceania region totaled 2.9 Mozt.

The gold production decreased in all major regions. The output by North America dropped significantly by 11% over the prior quarter. The gold output by South America and Africa too were down by 15% and 10% respectively from Q4 2018.

Ghana, which overtook South Africa in Q4 last year to become the biggest gold producer, reported compressed output during Q1 2019. The gold production by the country was down by 23% from the previous quarter. The ongoing decline in output from South Africa widened the production gap between the two countries to 34%, in favor of Ghana. The quarter witnessed further crisis in South African gold mining sector. Meantime, Ghana and West Africa are likely to become the gold mining hubs in the region.

ALSO READ: Gold Output Forecast to Hit Fresh Peak in 2019

The notable decline in output from Indonesia’s Grasberg mine resulted in 26% dip in Asian gold production. The production at the mine slumped by 59%.

The biggest gold mine in Q1 2019 was Barrick’s Goldstrike mine in Nevada, USA. Polyus Gold’s Olimpiada mine in Russia and Barrick’s Pueblo Viejo mine in Dominican Republic were second and third in the ranking.

SM Newsletter
Subscribe to SM mailing list and get updates to your inbox