Gold mining a major source of wealth

Gold mining a major source of wealth

Large scale gold mining contributed over US$78.4Bn to the economies of the top 15 mining countries in 2012, according to new research by economists at PwC for the World Gold Council.

 

The report – The Direct Economic Impact of Gold – is said to be the first to take into account the entire value chain from large scale mining supply to consumer demand in calculating the contribution that gold makes to local and global economic development. The gold industry overall is said to have contributed over US$210Bn to the world economy in 2012.

 

The report says gold mining is a significant source of growth and wealth creation in some developing countries. The biggest impact is on Papua New Guinea where it represents 15% of gross domestic product (GDP), followed by Ghana at 8% and Tanzania at 6%.

 

Gold is a major source of exports for these countries and therefore a key source of foreign exchange earnings, with gold accounting for 36% of all Tanzanian exports in 2012 and 26% of the exports of Ghana and Papua New Guinea.

 

The report says that the total economic contribution of gold is likely to be ‘considerably greater’ than the study of large scale gold mining indicates if all global gold mining was included.

 

Director of Gold for Development at the World Gold Council Terry Heymann said: “From mining and refining to fabrication and consumer demand, it is clear that gold makes a positive contribution to economic growth along the entire value chain.”

 

Jason Burkitt, UK Mining Leader at PwC, said: “With the global mining sector facing challenging times and increasing costs, transparency is vital, and this research is important as it examines the economic value generated by gold and where that value is created. The industry does make a significant impact globally and this report helps us to understand better the fundamental role that gold plays in advancing economic development.”

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