Global gold production expected to rise in coming years, but risks remain - report

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Production in China, the world's largest gold producing country, is expected to rise in 2022 as most mines in Shandong province resumed production. Shandong's provincial government halted operations in 2021 for safety inspections to take place. Australian gold production is expected to grow at an average annual rate of 6.5% during 2023 and 2024, DISER said. Production is projected to reach 331 tonnes in 2023, propelled by production from new mines and expansion of existing mines, and then increase further to 349 tonnes in 2024.

However, DISER said that the expected decline in production after 2024 will be due to the closure of unprofitable gold mines in many parts of the world, adding that profitability will be squeezed by rising production costs and lower prices.

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