Commodities Buzz: Global Gold Mine Production Jumps On Rising Central And South American Output

1 Nov 2022 , 12:11 PM

The World Gold Council or WGC stated in a latest update that the global third quarter mine production is estimated at 949t, 1% below the strongest ever third quarter mine production seen in Q318. Q322 mine production was 6% higher q-o-q due to a seasonal increase in output from high latitude alluvial operations, together with more normal operations from mines in many countries that had suffered earlier production interruptions. And following modest downward revisions to the last two quarters, y-t-d production of 2,686t was slightly below the record set in 2018, when mine production reached 2,705t for the first nine months of that year. Growth in mine supply was seen in all regions except in the Commonwealth of Independent States (CIS) region. Central and South America had the biggest increase, up 10t y-o-y, followed by Asia, which increased by 9t y-o-y. Aside from the 12t y-o-y decline seen in CIS, all other regions saw smaller gains. Powered by Commodity Insights