World Gold Council members contribute $38 billion to host countries in 2020

A quantitative report published by the World Gold Council (WGC) last week has revealed that its member companies produced 34.5 million ounces of gold last year and contributed close to US$38 billion to the GDP of the countries they operate in.

According to the Council, member companies have committed to demonstrable standards of responsible and sustainable business practice and their data has provided a robust sample to quantify the industry’s socio-economic contribution.

In 2020, WGC member companies directly paid $8.7 billion in employee wages and $7.6 billion in tax payments to governments in 38 host countries. Direct payments of $26.2 billion were made by member companies through in-country procurement, and the resulting indirect value-added was estimated at $21.6 billion to local suppliers.

Barrick Gold – one of the Council’s biggest members – underscored its status as a leading contributor to socio-economic development by comparing its performance to industry-wide figures reported by the WGC.

97% of Barrick’s employees and contractors were host country nationals, compared to 95% reported cumulatively by member companies. The company also paid $1.8 billion out of the total $7.6 billion reported in taxes, royalties and dividends to host governments.

“We partner with our host communities and countries to transform their natural resources into tangible benefits and mutual prosperity,” president and CEO Mark Bristow said. “Additionally, we hire talented individuals from the communities closest to our mines and train them to world-class standards.”