Gold supply

Total global supply decreased by 4% to 4,398.4 tonnes in 2017 compared to 4,590.9 in 2016. Decline in recycling drove total supply decline, as mine production crept to new high in 2017.

Mine production finished 2017 by falling 2% y-o-y to 833.1 tonnes in Q4. This resulted in overall annual mine production of 3,268.7 tonnes – fractionally higher compared to 2016 – and the highest annual total in our records. New mine starts in recent years have mostly served to fill the gap left by production losses elsewhere, which has led to a relative plateauing in global output.

Total net de-hedging in 2017 reached 30.4t, bringing an end to three consecutive years of modest net hedging.

Gold supply, tonnes

2017 2016 YoY Change, %
Mine production 3,268.7 3,263.0 0
Net producer hedging -30.4 32.8 -10
Recycled gold 1,160.0 1,295.1 -10
Total supply 4,398.4 4,590.9 -4

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Irina Dormidontova

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tel.+7 495 644 44 73

OLEG BAZALEEV

HEAD OF SUSTAINABLE DEVELOPMENT PROJECTS
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