(Kitco News) – According to GlobalData, South Africa’s gold production fell by an estimated 10.4% in 2020 over the previous year, primarily due to the impact of the COVID-19 pandemic, which led to strict lockdown measures across the country and caused significant disruption on mining operations.
However, by 2025, the country’s annual gold production is expected to reach 4.0Moz, with an expected CAGR of 3.3% between 2021-2025.
“Gold producers benefited significantly from a steep increase in the gold price in 2020, with gold seen as a safe haven amid the COVID-19 pandemic and interest rate cuts and huge liquidity injections by central banks and governments as a response to the pandemic,” the authors of the report noted.
Harmony Gold, Sibanye-Stillwater, Gold Fields, and Pan African Resources are the top four gold producers in South Africa, accounting for 83.3% of the country’s total production, GlobalData added.