Report: Massive gold miners contributed US$38B in GDP to native economies in 2020

Massive scale gold miners make a giant contribution to native economies, with a analysis report launched by the World Gold Council immediately placing some numbers to that contribution. In response to the report, The Social and Financial Contribution of Gold Mining, WGC members added almost US$1,100 in worth regionally per ounce of gold produced in 2020. 

The report seemed solely at 2020 knowledge from WGC member operations, with 31 of 33 members offering knowledge for evaluation by analysis accomplice Steward Redqueen. The report reveals that WGC member corporations, which had 122 operations in 38 nations final yr, produced 34.5 million oz. of gold and contributed near US$38 billion to the GDP of nations they function in.  

“The World Gold Council and our members have lengthy believed that when responsibly undertaken, gold mining can contribute considerably to social and financial growth for host communities and nations,” stated 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 can assist 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 business in advancing the UN Sustainable Growth Objectives.” 

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

In smaller growing economies, WGC operations can have an outsized impact. In eight nations the place they function, they contribute greater than 5% of all authorities earnings, in line with the report. 

WGC members straight make use of 195,000 individuals at a mean wage that’s greater than six instances the common 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 corporations additionally spent over US$438 million in 2020 to help neighborhood teams, together with US$79 million to Indigenous teams.  

WGC members have made progress on native employment lately, in addition to hiring extra girls. 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 increased than the 5-10% common for the mining sector. 

 

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Written by colin

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