Gold is one of the precious metals most sought after in mining operations around the world. Due to its conductivity, gold is required for battery and eletronics production worldwide and is a much needed resource for us to work on building more electric vehicles. There is a massive worldwide demand for gold and two countries are emerging to control global gold markets this year.
In 2021, global gold mine production is estimated to have increased by 2.4%, with output projected to grow by a further 3.1% in 2022 to reach 120.7 million ounces (Moz). This significant increase can be attributed to the post-pandemic recovery taking place around the world and the improvement in global demand prospects .
Of the two main countries driving this growth, Canada is forecast to see the largest increase in gold production, with output rising from an estimated 7 Moz in 2021 to 7.8 Moz in 2022 – an increase of 11.4%. This will be followed by Australia, where gold production is expected to grow by 8.3% from 9.4 Moz in 2021 to 10.2 Moz in 2022.
These increases in gold production will be crucial in meeting global demand, which is only expected to increase in the coming years. As the world economy continues to recover from the pandemic, there will be an increased need for gold to meet the demands of industry and consumers alike. With Canada and Australia set to lead the way in gold production growth, it is clear that these two countries will play a vital role in meeting this demand.
It will be interesting to see how mining operations in both Canada and Australia will set the tone for supply in major electronics projects for the future. For more stories like this one, check out more on our blog.
This post was written by Justin Tidd, Director at Becker Mining Communications! For over 15 years, Becker Communications has been the industry’s leader in radio communication in tunnels and electrical mining communication systems. As they expanded into surface mining, railroads, and tunneling they added wireless communication systems, handheld radios, tagging and tracking systems, as well as gas monitoring.
