Gold Ore Global Market Report 2024

The gold ore market size has grown strongly in recent years. It will grow from $17.88 billion in 2023 to $19.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth observed in the historical period can be attributed to various factors, including gold's role as a store of value, its use in jewelry and ornamental purposes, its presence in currency and financial markets, its industrial applications, and its utilization for investment and speculation.

The gold ore market size is expected to see strong growth in the next few years. It will grow to $27.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The anticipated growth in the forecast period can be attributed to factors such as sustained investment demand, the growth of emerging markets, government initiatives, increasing attention to environmental and ethical considerations, and the prevailing global economic conditions. Major trends expected in the forecast period include the integration of digital technologies, the formation of strategic partnerships and mergers, adherence to government regulations and compliance measures, investments in infrastructure, and responsiveness to global economic trends.

The growth of the gold ore market has been propelled by an increase in the demand for gold jewelry. Gold jewelry, crafted primarily from gold, relies on the extraction of gold from gold ores through the gold mining process. This extracted gold is then transformed into a usable form for crafting jewelry. Notably, the World Gold Council reported a surge in worldwide annual gold jewelry consumption, reaching 2,123 tons in 2021, marking a significant 52% increase from the 1,401 tons recorded in 2020. The escalating demand for gold jewelry stands as a driving force behind the growth of the gold ore market.

The gold ore market is anticipated to experience growth due to the expansion of mining activities. Mining activities involve the extraction of valuable geological materials and minerals from the Earth, including gold mining, which plays a pivotal role in gold ore production. An example is the data from the Australian Bureau of Statistics in June 2023, indicating that mineral exploration expenditure reached $1,039 million in the second quarter, reflecting a 0.8% increase from the preceding quarter. This trend highlights the growing mining activities as a significant factor driving the gold ore market.

A prominent trend in the gold ore market is the adoption of technological advancements by companies to sustain their positions. For instance, RG Gold, a Kazakhstan-based gold mining company, introduced a processing plant in October 2022, designed and constructed in compliance with international safety and environmental standards. The plant utilizes Carbon in Pulp (CIP) technology, a method for extracting gold from gold ore using activated carbon, with an annual processing capacity of approximately 5 million metric tons of gold-containing ore.

Major players in the gold ore market are actively introducing innovative technological solutions, including mercury detoxification technologies, to gain a competitive advantage. Mercury detoxification technology addresses potential health and environmental hazards associated with mercury exposure. GoldTech, a US-based provider of IT operation services, launched an innovative mercury detoxification technology for the mining industry in September 2022. This technology facilitates the safe and effective removal of gold and mercury from polluted tailings and the recovery of free gold from oxidized ores, alluvial deposits, and soils.

In March 2022, Newcrest Mining Limited, an Australia-based gold mining company, acquired Pretium Resources. The acquisition aims to leverage Pretium Resources' expertise in acquiring, exploring, and developing precious metal resource properties, contributing to Newcrest's three-phase transformation program focused on optimization, unlocking potential, and sustainable growth.

Major companies operating in the gold ore market report are Barrick Gold Corporation, Newmont Mining Corporation, AngloGold Ashanti Limited, Kinross Gold Corporation, Newcrest Mining Limited, Gold Fields Limited, Polyus Gold International Limited, Agnico Eagle Mines Limited, Harmony Gold Mining Company Limited, Yamana Gold Inc., Kirkland Lake Gold Inc., Polymetal International plc, Coeur Mining Inc., Freeport-McMoRan Inc., North Bloomfield Mining and Gravel Company, Gold Reserve Inc., Golden Star Resources Ltd., Royal Gold Inc., Goldcorp Inc., Sibanye-Stillwater Limited, Evolution Mining Limited, Northern Star Resources Limited, Alamos Gold Inc., B2Gold Corp., Centerra Gold Inc., Eldorado Gold Corporation, Endeavour Mining Corporation, Equinox Gold Corp., Fortuna Silver Mines Inc., Franco-Nevada Corporation, Hecla Mining Company, Lundin Gold Inc., Osisko Gold Royalties Ltd, Pan American Silver Corp., Pretium Resources Inc., Sandstorm Gold Ltd., Seabridge Gold Inc.

Asia-Pacific was the largest region in the gold ore market in 2023. The regions covered in the gold ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gold ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary gold ore mining methods include placer mining, hard rock mining, and various other approaches. Placer gold mining involves using water to excavate, transport, concentrate, and recover heavy minerals from placer deposits, which are collections of gold existing in discrete particles or mixed with sand. Applications of gold ore refining methods include the cupellation method, inquartation method, Miller chlorination process, Wohlwill electrolytic process, and aqua regia process. These refining methods find use in various industries such as investment, jewelry, and others.

The gold ore market research report is one of a series of new reports that provides gold ore market statistics, including gold ore industry global market size, regional shares, competitors with a gold ore market share, detailed gold ore market segments, market trends, and opportunities, and any further data you may need to thrive in the gold ore industry. This gold ore market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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