The report also says that the main reason for the significant drop in production was the coronavirus, which led to tough quarantine restrictions in the spring of 2020. Then some gold mining companies were forced to temporarily suspend their work in order to minimize the risk of infection of their employees.
The GlobalData review also reported that other negative factors for global gold production were the shift of mining from open pit to mine method at the Grasberg mine in Indonesia, the tightening of environmental requirements in China and the suspension of the Lagunas Norte mine in Peru.
The largest drop in gold mining was recorded in China. At the end of 2020, the country produced 933,800 ounces less than in 2019. Other countries that experienced a decline in production were Indonesia (-824,400 ounces) and Peru (-626,500 ounces).
According to preliminary estimates, in the coming years, world gold production should continue to grow again, and by 2024 this figure may reach 124.1 million ounces.