Massive gold miners contributed $38bn in GDP to native economies in 2020 — report

“The World Gold Council and our members have lengthy believed that when responsibly undertaken, gold mining can contribute considerably to social and financial improvement for host communities and international locations,” mentioned World Gold Council CFO Terry Heymann in a launch. 

“This report clearly units out the necessary position accountable gold miners play in supporting native and nationwide economies. We imagine that this complete knowledge set may also help present additional transparency into the contribution made by the accountable gold mining sector. The report additionally gives additional proof of the necessary contribution made by this trade in advancing the UN Sustainable Improvement Objectives.” 

In 2020, WGC members made vital contributions to native economies: of $60 billion in income the businesses reported, $37.9 billion or 63% was contributed to the GDP of native host international locations.

In smaller creating economies, WGC operations can have an outsized impact. In eight international locations the place they function, they contribute greater than 5% of all authorities earnings, based on the report. 

WGC members straight make use of 195,000 folks at a mean wage that’s greater than six occasions the typical nationwide wage. Each native job at a member operation helps six extra jobs (onsite contractors, native provide chain) – or as much as 10 if induced jobs are included. 

Member firms additionally spent over $438 million in 2020 to assist group teams, together with $79 million to Indigenous teams.

WGC members have made progress on native employment in recent times, in addition to hiring extra ladies. Within the final seven years, they have halved their use of expat labour at mining operations to five% from 10%. About 17.3% of their workforce is additionally feminine – considerably greater than the 5-10% common for the mining sector.

(This text first appeared in The Northern Miner)

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Written by colin


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