The Asia Miner

JUL-SEP 2018

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

Issue link:

Contents of this Issue


Page 12 of 55

the asia miner • volume 15 • issue 3 11 FEATURE: All that glitters is gold Q1 equity market volality contrasted with a more stable gold price Global gold producঞon conঞnues to be dominated by the world's top 10 largest gold producing companies in 2018. Two years ago, annual global producঞon hit its seventh consecuঞve all-ঞme high, nearly doubling the levels of the late 1980s. But 2017 saw a 5 tonne, or 0.1 per cent dip, to a total 3,427 tonnes – a first annual drop since 2008 (GFMS). This fall was predominantly driven by environmental concerns in China and, as reported by GSM, a crackdown on illegal mining in Indonesia, Peru and Colombia. This led to a drop in output year-on-year. Russian producঞon, however, showed the standout gain at the global level, supported by a ramp-up at Olimpiada, while producঞon in the United States rose by eight tonnes supported by new projects and higher grades at two key operaঞons (GFMS). Mining costs rose last year on a Total Cash Cost basis by 4 per cent to an average of $672/oz, while All-in- Sustaining Costs (AISC) increased by 5 per cent to $878/ oz (GFMS). Most producers faced headwinds led by higher fuel costs, lower grades and mixed changes across producer currencies. GFMS anঞcipates that mine producঞon will post year- on-year gains in 2018 to a "new record high of 3,265 tonnes", with Asian countries such as China, Indonesia and Mongolia contribuঞng gains, with Australia, Russia and Canada adding to the mix. The US, South Africa and Tanzania, on the other hand, are expected to show strong declines year-on-year. 1 Barrick Gold – 32 million ounces (Moz) 2 Newmont Mining – 5.27Moz 3 AngloGold Ashanঞ – 3.76Moz 4 Kinross Gold – 2.67Moz 5 Goldcorp: – 2.57Moz 6 Newcrest Mining – 2.38Moz 7 PJSC Polyus – 2.16Moz 8 Gold Fields – 2.16Moz 9 Agnico Eagle Mines – 1.71Moz 10 Freeport McMoran – 1.43Moz GLOBAL MINE PRODUCTION Global gold production continues to be dominated by the world's top 10 largest gold producing companies in 2018

Articles in this issue

Archives of this issue

view archives of The Asia Miner - JUL-SEP 2018