Gold production in South Africa to eclipse 4Moz per year by 2025 - report

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(Kitco News) - According to GlobalData, South Africa's gold production fell by an estimated 10.4% in 2020 over the previous year, primarily due to the impact of the COVID-19 pandemic, which led to strict lockdown measures across the country and caused significant disruption on mining operations.

However, by 2025, the country's annual gold production is expected to reach 4.0Moz, with an expected CAGR of 3.3% between 2021-2025.

"Gold producers benefited significantly from a steep increase in the gold price in 2020, with gold seen as a safe haven amid the COVID-19 pandemic and interest rate cuts and huge liquidity injections by central banks and governments as a response to the pandemic," the authors of the report noted.

Harmony Gold, Sibanye-Stillwater, Gold Fields, and Pan African Resources are the top four gold producers in South Africa, accounting for 83.3% of the country's total production, GlobalData added.

By Vladimir Basov

For Kitco News

Follow kitconewsnow vbasov@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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