Gold Ore Market Report 2025

The gold ore market size has grown strongly in recent years. It will grow from $19.41 billion in 2024 to $21.17 billion in 2025 at a compound annual growth rate (CAGR) of 9%. The growth in the historic period can be attributed to gold as a store of value, jewelry and ornamental uses, currency and financial markets, industrial applications, investment and speculation.

The gold ore market size is expected to see strong growth in the next few years. It will grow to $29.98 billion in 2029 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to continued investment demand, emerging market growth, government initiatives, environmental and ethical considerations, global economic conditions. Major trends in the forecast period include integration of digital technologies, strategic partnerships and mergers, government regulations and compliance, investments in infrastructure, global economic trends.

The rising demand for gold jewelry has driven the growth of the gold ore market. Gold jewelry consists of ornaments made primarily from gold. Gold is extracted from gold ores through the gold mining process, after which the extracted gold is refined into a form suitable for crafting jewelry. For example, in March 2024, a report from the Canadian government indicated that in 2022, gold generated a production value of $13.2 billion in Canada, mainly from Ontario and Quebec, which together accounted for 72% of the total output. Canadian mines produced 204 tonnes of gold that year, making Canada the fourth-largest gold producer in the world. Therefore, the increasing demand for gold jewelry is fueling 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 $1.03 billion 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.

Technological advancements are a significant trend gaining traction in the gold ore market. Companies in this sector are implementing new technologies to maintain their competitive edge. For example, in October 2022, RG Gold, a gold mining company based in Kazakhstan, inaugurated a processing plant that meets all international safety and environmental standards. This new facility utilizes carbon in pulp (CIP) technology, a method for extracting gold from ore using activated carbon. The plant has an annual processing capacity of approximately 5 million metric tons of gold-bearing ore.

Leading companies in the gold ore market are prioritizing the introduction of innovative technological solutions, including mercury detoxification technologies, to enhance their market position. Mercury detoxification technology encompasses methods aimed at removing or reducing mercury from both the body and the environment, addressing the health and environmental risks linked to mercury exposure. For instance, in September 2022, GoldTech, a US-based IT operations service provider, unveiled cutting-edge mercury detoxification technology tailored for the mining sector. This technology enables the safe and effective removal of gold and mercury from contaminated tailings and the recovery of free gold from oxidized ores, alluvial deposits, and soils. GoldTech also showcased successful applications of this technology in collaboration with Geos.

In March 2022, Newcrest Mining Limited, an Australian gold mining company, acquired Pretium Resources for an undisclosed sum. This acquisition allows the combined team to implement Newcrest’s three-phase transformation program (optimize, unlock, grow), which is expected to create significant long-term value for shareholders. Pretium Resources is a Canadian gold mining company focused on acquiring, exploring, and developing precious metal resource properties.

Major companies operating in the gold ore market include 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., Gold Reserve Inc., Golden Star Resources Ltd., Royal Gold 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 2024. 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.

Gold ore is a type of rock that contains gold minerals or particles in quantities sufficient to make mining and extracting the gold economically viable.

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 gold ore market includes revenues earned by entities by providing services such as exploration, mining, open pit mining, underground mining, processing, crushing, grinding, flotation, oxidization, leaching, and adsorption. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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