Gold miners continue to cut costs, up production and finally – raise more money
Major gold producers’ global aggregated quarterly operating income followed the gold price and shrank by 44% during the year, from $2,500 million in Q1 to $1,400 million in Q3 and remained steady in Q4 2018 (Figure 1).While aggregated operating income is often considered a reliable indicator to measure operating efficiency and performance, we dug deeper in our Q4 2018 review of the gold mining industry. We looked at three further metrics: quarterly gold production, all-in sustaining costs, and capital raisings. The data indicates the following:
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For the Q4 ending December 31, 2018, global reported gold production totalled 16.8 Mozt. North America was the largest gold producer (4.3 Mozt), followed by Africa (3.5 Mozt), and Australia & Oceania (3.0 Mozt).
The three regions that drove the 2% quarter on quarter increase in global gold production were North America (+266 kozt, or up 7%), South America (+215 kozt, or up 10%), and Australia & Oceania (+148 kozt, or up 5% from Q3 2018). Production in Asia took a nosedive — dropping 32% due to significant decrease in gold output recorded at Indonesia’s Grasberg mine.
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