Strong gold and copper growth forecasts as covid disruptions subside – report

Worldwide gold and copper production growth will resume in all earnest following the stop-start nature of covid-19 disruption miners experienced at times during the past 18 months, two new reports by Fitch Country risk and Industry Research show.

For gold, Fitch expects production growth in 2021 to achieve its fastest rate in three years. Over the medium-term (2021 to 2025), global mine production growth will remain strong, as high prices by historical standards encourage investment and output.

Fitch forecasts global gold production to increase from 109.4 million oz. in 2021 to 141.7 million oz. by 2030, averaging 3.2% annual growth. According to Fitch, this reflects an acceleration from the average growth of just 0.8% over 2016 to 2020.