30 Nov Global gold output to rise in coming years – BMI Research report
Global gold production is set to pick up over the next few years as prices for the precious metal continue to recover and more large-scale gold mining projects come online.
This conclusion was made in a report by BMI Research, which forecasted that global gold output will grow on average 2.3% a year to 2026, increasing from 105 million ounces (Moz) in 2018 to 125Moz by 2026.
However, while the research firm called the annual average growth of 2.3% a ‘steady pace of growth’, it highlighted that it represents a slight deceleration in growth rate compared to the previous eight-year average of 3.1%.
The report went on to say major Chinese gold mining companies will ramp-up production at foreign mines, as the Asian giant’s current gold demand growth far outstrips its production rates.
Other key national players in the global gold mining industry discussed in the report were Australia, Russia and the US, with each nation’s gold sector earmarked for steady growth in the coming years.
“We forecast Australia’s gold output to increase from 10.5Moz in 2018 to 13.2Moz by 2026, averaging 3.1% annual growth and remaining the second largest global gold producer by a significant margin,” said BMI.