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AI Overview

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Gold mining costs, measured by All-In Sustaining Costs (AISC), have been rising, averaging around $1,300-$1,400 per ounce in late 2023/early 2024, driven by inflation, labor, energy, and supply chain issues, though rising gold prices create strong producer margins. While specific costs vary regionally (North America highest, Australia lower), key cost drivers include general inflation, higher energy/consumables, labor, taxes, royalties, and investment in environmental efforts. 

Key Cost Metrics

• Total Cash Costs (TCC): Direct costs like mining, processing, admin, and royalties (e.g., ~$938/oz in Q2 2024).
• All-In Sustaining Costs (AISC): TCC plus sustaining capital, corporate overhead, and other non-cash expenses, giving a fuller picture (e.g., ~$1,388/oz in Q2 2024). 

 

 

 

Factors Influencing Costs

• Inflation: Increased costs for labor, energy (oil, gas), explosives, and equipment.
• Labor: Tensions in labor markets push wages up.
• Supply Chains: Disruptions and higher costs for essential supplies.
• Environmental/ESG: Investments in green technology (solar, electric fleets) add to costs but reduce long-term impact.
• Regional Differences: North America generally has higher AISC ($1,522/oz) than South America or Australia. 

 

 

 

 

Recent Trends (2023-2025)

• Rising AISC: Costs have consistently trended up, hitting record highs around 2022, and continuing to climb due to persistent inflation.
• Strong Margins: High gold prices (over $2,000/oz) have often outpaced rising costs, leading to healthy profit margins for miners.
• Slower Cost Growth: While costs rise, the rate of increase has sometimes slowed, and higher gold prices have offset pressures. 

 

 

 

 

 

 

Example Costs (Late 2023/Early 2024)

• Global Average AISC: Around $1,345/oz (Q4 2023) to $1,388/oz (Q2 2024).
• North America AISC: Approximately