(Kitco News) – GlobalData estimates that the world’s gold mine production is likely to decline by 5.4% to 108 million ounces in 2020, primarily due to the impact of the COVID-19 pandemic.
GlobalData said that among other factors adding to the decline in gold output was the transition of the Grasberg open pit mine to underground mining in Indonesia, stringent environmental policies in China and placement of Peru’s Lagunas Norte mine under care and maintenance.
The largest decline is expected in China, where 2020 output is expected to be 933.8 thousand ounces (koz) lower than in 2019, followed by Indonesia (824.4koz) and Peru (626.5koz).
According to the GlobalData estimates, the global gold production over the forecast period (2021-2024), backed by recovery from Canada, Indonesia, Peru and the US, is expected to grow at a CAGR of 2.9% to reach 124.1Moz in 2024.
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