When considering the factors driving up gold miners’ All-in sustaining costs (AISC), Q3’24 was a busy period. AISC rose to US$1,456/oz (up 4% q/q and 9% y/y), the highest point in our data series back to Q1’10.
In Q4’23 gold miners’ global average all-in sustaining costs (AISC) rose again, up 2% q/q to US$1,342/oz as persistent cost inflation and a tight labour market continued to influence on-site operating costs. There is a silver lining however, because the rate of increase is slowing and the higher gold price has eased pressure on producer margins.
In Q2’23 the gold miners’ global average all-in sustaining cost (AISC) continued to climb, rising to US$1,315/oz. This represents an increase of 1% q/q and 6% y/y, maintaining the overall upward trend which began in Q1’21.
Costs in the gold mining industry resumed their upward trajectory in the first quarter of this year. This followed a short-lived break in Q4’22, when gold miners’ average all-in sustaining costs (AISC) had fallen by 1% q/q. Prior to this, costs had risen for the past three consecutive quarters, stretching back to Q1’22.
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.
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.
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.
