World Gold Council has released a report where it highlights the role of its members, many of the world’s most forward-thinking gold mining companies, in contributing to socio-economic development in the countries and communities where they operate. Collectively, WGC member companies contributed$37.9bn to the GDP of the countries where they operate in the form of taxes, salaries and payments to suppliers. This represented 63% of the total revenue they received from gold sales and equates to almost US$1,100 in value added locally for every ounce of gold produced.
The Social and economic contribution of gold mining report was based on data provided by 31 World Gold Council member companies. The WGC collaborated with research partner, Steward Redqueen, who used an econometric Input-Output model, which quantifies financial flows between economic sectors,to calculate the industry’s indirect impact and overall value added. The analysis combined financial data from WGC members with macro-economic and employment statistics from publicly available country datasets. Sandeep Biswas, CEO Newcrest Mining and Chair of the World Gold Council ESG Taskforce said: “This report outlines the enormous social and economic contribution our industry is making in countries across the world.
