China’s Q3 Gold mine production marks fifth consecutive y-o-y decline
LONDON (Scrap Register): After a strong first half, global gold mine production in the third quarter of this year fell by just over 1% year-on-year to 841 tons, according to the World Gold Council.
On a year-to-date basis, Gold mine production hit 2,420 tons by the end of the third quarter, the highest on record. At a country level, production varied among the major producers.
Ongoing issues hamper supply. Chinese gold mine production – the largest producer since 2007 – registered a fifth consecutive y-o-y decline in Q3.
Recently imposed regulations, which target the discharge of cyanide in tailings, continue to bite and may impact production over several more quarters.
The dispute between Acacia Mining and Tanzania’s government again significantly disrupted production in that country, leading to a fall in total Q3 production of 15% y-o-y – with output from Acacia falling by 7% y-o-y.
The company also announced its intention to scale back its Bulyanhulu project to manage losses caused by the government’s concentrate export ban.
Q3 output from Burkino Faso also fell 15% y-o-y as operations at the Inata project were scaled back. Second-half output from Essakane - the country’s largest mine - is also anticipated to be lower.