Adam Webb
Director of Mine Supply
Metals Focus
Gold miners’ costs reached a record high in 2022 but dropped in the final quarter of the year
In 2022, average all-in sustaining costs (AISC) in the gold mining industry reached a record high, rising by 18% y/y to $1,276/oz. This was 14%, or US$160/oz, above the previous record set in 2012.
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Adam Webb
Director of Mine Supply
Metals Focus
Gold miners’ costs rise again in Q3’22 but the rate of increase has slowed
Average all-in sustaining costs (AISC) in the gold mining industry increased by 1% q-o-q in Q3’22, reaching a new record high of US$1,289/oz.
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Adam Webb
Director of Mine Supply
Metals Focus
Rising energy prices push AISC to a record high in Q2’22
In Q2’22 costs in the gold mining industry continued rising. The average all-in sustaining cost (AISC) reached a new record high of US$1,289/oz, up 3% q/q and 18% y/y. The average industry AISC has now sequentially increased almost every quarter since Q2’20, rising by 33% over this period.
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Adam Webb
Director of Mine Supply
Metals Focus
AISC in the gold mining industry reached their highest level on record in Q1’22
In Q1’22, all-in sustaining costs (AISC) increased by 9% q-o-q to reach US$1,232/oz – their highest level on record back to 2012.
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Adam Webb
Director of Mine Supply
Metals Focus
Gold mining AISC remained flat in Q4’21, but significantly higher in 2021
Global average All-in Sustaining Costs (AISC) in the gold mining industry were US$1,129/oz in Q4’21, almost unchanged from the previous quarter.
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Adam Webb
Director of Mine Supply
Metals Focus
Gold miners’ AISC reach their highest since 2013
All-in Sustaining Costs (AISC) across the gold mining industry averaged US$1,123/oz in Q3’21, a rise of 4% q-o-q and the highest level since 2013. This is the fourth consecutive quarter of cost growth, with the average AISC up a significant 16% since the corresponding quarter in 2020.
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Adam Webb
Director of Mine Supply
Metals Focus
AISC up 10% year-on-year in Q2’21
Global average All-in Sustaining Costs (AISC) in the gold mining industry increased by 10% y-o-y in Q2’21, reaching US$1,067/oz. This was also the third consecutive quarter in which AISC has risen. This cost inflation is being driven by several factors, both at the mine site and at the macroeconomic level.
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Adam Webb
Director of Mine Supply
Metals Focus
Gold mining costs continue rising in Q1'21
Costs in the gold mining industry increased for the second consecutive quarter in Q1’21, with the global average All-in Sustaining Cost (AISC) up by 5% q-o-q to US$1,048/oz, reaching its highest level since Q2’13.
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Adam Webb
Director of Mine Supply
Metals Focus
Sustaining capital expenditure pushes AISC higher in Q4'20
During Q4 2020, All-in Sustaining Cost (AISC) in the gold mining industry averaged US$983/oz, up 1.8% from the previous quarter. AISC increased even though average Total Cash Costs declined by 1.6% q-o-q. This suggests that higher AISC was driven by rising sustaining capital costs rather than mine site operating costs.
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Adam Webb
Director of Mine Supply
Metals Focus
Higher prices and lower costs significantly raise miners’ margins in Q3’20
Despite a challenging year due to the COVID-19 pandemic, gold miners are now benefiting from significantly higher margins resulting from a continued focus on operational and cost efficiencies combined with a strong gold price.
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