Global gold mine production to rebound in coming years, says Fitch report

Global gold mine production growth is expected to rebound in the coming years underpinned by higher gold prices and mergers between major mining firms, according to a new Fitch Solutions report.

“We forecast global gold production to increase from 106 million ounces (Moz) in 2020 to 133 Moz by 2029, averaging 2.5% annual growth,” the document said. “This would be an acceleration from the average growth of just 1.2% over 2016-2019.”

The report also predicted that Russia’s gold production would overtake China’s a decade from now, rising from 11.3 Moz in 2020 to 15.5 Moz in 2029 at an average annual growth rate of 3.7%. This would see Russia account for 11.6% of global gold output, compared to 10.6% this year.

Comparably, Fitch forecasted that Chinese gold production would remain roughly stagnant during 2020-2029, with an average annual growth rate of 0.2%.

“This marks a notable slowdown compared with the average annual growth of 3.1% over the previous 10-year period. Nonetheless, the country will remain the largest global producer of gold ore by a significant margin.”

In contrast, Australia is set to see a 2.2% average annual growth in gold output over the coming years, increasing from 11.7 Moz in 2020 to 14.2 Moz by 2029.