The World Gold Council (WGC) report on the social and economic impacts of gold mining, which it produced with international economics consultancy Maxwell Stamp, also found gold mining companies to be a major source of income and economic growth for host countries, with an important role in supporting sustainable socioeconomic development. “This is the culmination of a stream of work to try and quantify the global economic footprint of formal gold mining and some of its social impacts, looking at the common themes across the industry rather than specific case studies,” WGC member and investor relations head John Mulligan told Creamer Media’s Mining Weekly Online in a conference call from London on Wednesday.
Globally, gold mining companies directly employed more than one-million people in 2013, with 4.2-million more people employed as a result of the industry’s suppliers and support services, Mulligan said. The report shows that gold mining has made progress in human capital and skills development and that in most gold producing countries, more than 90% of the industry’s employees are local workers. However, the report indicates that growth in the economic contribution of gold mining often coincides with a marked improvement in income status of host nations. Analysing the impacts of large-scale commercial gold mining in 47 gold producing countries, collectively accounting for more than 90% of the world’s gold production, the report provides greater insight into the benefits of commercial gold mining at global, national and host community levels.
“Our findings highlight that commercial gold mining is a major source of income and driver of economic growth, playing an important role in supporting the sustainable socioeconomic development of host nations and communities,” Mulligan added. The $171-billion-plus overall contribution is calculated through taking the value created by support services and indirect employment. But even 2013’s direct contribution of $83.1-billion is substantial in that it equals the combined GDP of Ghana and Tanzania.
The report finds that average mineworker salaries are consistently higher than the national average and broader benefits are obtained when training provides skills that are transferable beyond the mine. A macro trend noted is the shift in the geographical location of the gold mining industry’s value creation activities from advanced to less developed economies, where gold mining companies are making significant investments in infrastructure, which has wider benefits for local communities beyond the life of the mine itself. Among some of the smaller producing nations, the gold mining industry has also been found by the study to be very significant for national economies, particularly once the indirect impact of gold mining companies’ procurement is taken into account. Gold mining companies, the report finds, play the important role of value creator and generator of financial resources for governments for development, with strong evidence that the Extractive Industries Transparency Initiative is having a positive impact on revenue reporting in resource-rich countries.
The study found gold mining to consistently pay above-average wages in developed countries and significantly above-average wages in less developed countries, where each worker typically supports a high number of dependants. More than 60% of the countries covered are low-income or lower-middle income countries with substantial socioeconomic development needs. Seventy per cent of the value that gold mining companies distribute within an economy relates to payments to local suppliers and employees. Interestingly, the majority of government revenues from gold mining are derived from sources such as corporate and income tax rather than from money relating to permits and royalties. The social and economic impacts of gold mining also show that gold mining’s direct economic contribution to the global economy has increased seven-fold from 2000 to 2013, which is greater than the rise in value of gold over the same period.
“We hope the report will help foster productive engagement between gold mining companies and the industry’s wider stakeholders,” said Maxwell Stamp’s Andrew Britton. While there has been major progress in recent years in attempting to measure gold mining’s economic impacts, this has often been piecemeal or confined to a specific country. The lack of information has held back constructive debate on how to make the most of the shared value that a responsible gold mining industry can create for host nations and communities. By building on previous research and identifying industry-wide thematic trends, this work has made substantial progress in bridging the information gap, added Britton. Edited by: Creamer Media Reporter It is our preference that if you wish to share this article with others you should please use the following link: http://www.miningweekly.com/article/gold-mining-puts-171bn-into-global-economy-world-gold-council-2015-06-02
Gold mining puts $171bn
into global economy – World Gold Council
3rd June 2015
By: Martin Creamer
Creamer Media Editor
EMAIL THIS ARTICLE © Reuse this
John Mulligan
JOHANNESBURG (miningweekly.com) – The global gold mining industry
collectively contributed $171.6-billion-plus to the global economy in
2013, which is more than the combined gross domestic product (GDP) of
Ecuador, Ghana and Tanzania, or close to half of the GDP of South Africa
or Denmark.
The World Gold Council (WGC) report on the social and economic impacts
of gold mining, which it produced with international economics
consultancy Maxwell Stamp, also found gold mining companies to be a
major source of income and economic growth for host countries, with an
important role in supporting sustainable socioeconomic development.
“This is the culmination of a stream of work to try and quantify the
global economic footprint of formal gold mining and some of its social
impacts, looking at the common themes across the industry rather than
specific case studies,” WGC member and investor relations head John
Mulligan told Creamer Media’s Mining Weekly Online in a conference call
from London on Wednesday.
Globally, gold mining companies directly employed more than one-million
people in 2013, with 4.2-million more people employed as a result of the
industry’s suppliers and support services, Mulligan said.
The report shows that gold mining has made progress in human capital and
skills development and that in most gold producing countries, more than
90% of the industry’s employees are local workers.
However, the report indicates that growth in the economic contribution
of gold mining often coincides with a marked improvement in income
status of host nations.
Analysing the impacts of large-scale commercial gold mining in 47 gold
producing countries, collectively accounting for more than 90% of the
world’s gold production, the report provides greater insight into the
benefits of commercial gold mining at global, national and host
community levels.
“Our findings highlight that commercial gold mining is a major source of
income and driver of economic growth, playing an important role in
supporting the sustainable socioeconomic development of host nations and
communities,” Mulligan added.
The $171-billion-plus overall contribution is calculated through taking
the value created by support services and indirect employment.
But even 2013’s direct contribution of $83.1-billion is substantial in
that it equals the combined GDP of Ghana and Tanzania.
The report finds that average mineworker salaries are consistently
higher than the national average and broader benefits are obtained when
training provides skills that are transferable beyond the mine.
A macro trend noted is the shift in the geographical location of the
gold mining industry’s value creation activities from advanced to less
developed economies, where gold mining companies are making significant
investments in infrastructure, which has wider benefits for local
communities beyond the life of the mine itself.
Among some of the smaller producing nations, the gold mining industry
has also been found by the study to be very significant for national
economies, particularly once the indirect impact of gold mining
companies’ procurement is taken into account.
Gold mining companies, the report finds, play the important role of
value creator and generator of financial resources for governments for
development, with strong evidence that the Extractive Industries
Transparency Initiative is having a positive impact on revenue reporting
in resource-rich countries.
The study found gold mining to consistently pay above-average wages in
developed countries and significantly above-average wages in less
developed countries, where each worker typically supports a high number
of dependants.
More than 60% of the countries covered are low-income or lower-middle
income countries with substantial socioeconomic development needs.
Seventy per cent of the value that gold mining companies distribute
within an economy relates to payments to local suppliers and employees.
Interestingly, the majority of government revenues from gold mining are
derived from sources such as corporate and income tax rather than from
money relating to permits and royalties.
The social and economic impacts of gold mining also show that gold
mining’s direct economic contribution to the global economy has
increased seven-fold from 2000 to 2013, which is greater than the rise
in value of gold over the same period.
“We hope the report will help foster productive engagement between gold
mining companies and the industry’s wider stakeholders,” said Maxwell
Stamp’s Andrew Britton.
While there has been major progress in recent years in attempting to
measure gold mining’s economic impacts, this has often been piecemeal or
confined to a specific country.
The lack of information has held back constructive debate on how to make
the most of the shared value that a responsible gold mining industry
can create for host nations and communities.
By building on previous research and identifying industry-wide thematic
trends, this work has made substantial progress in bridging the
information gap, added Britton.
Edited by: Creamer Media Reporter
It is our preference that if you wish to share this article with others you should please use the following link:
http://www.miningweekly.com/article/gold-mining-puts-171bn-into-global-economy-world-gold-council-2015-06-02
It is our preference that if you wish to share this article with others you should please use the following link:
http://www.miningweekly.com/article/gold-mining-puts-171bn-into-global-economy-world-gold-council-2015-06-02
Gold mining puts $171bn
into global economy – World Gold Council
3rd June 2015
By: Martin Creamer
Creamer Media Editor
EMAIL THIS ARTICLE © Reuse this
John Mulligan
JOHANNESBURG (miningweekly.com) – The global gold mining industry
collectively contributed $171.6-billion-plus to the global economy in
2013, which is more than the combined gross domestic product (GDP) of
Ecuador, Ghana and Tanzania, or close to half of the GDP of South Africa
or Denmark.
The World Gold Council (WGC) report on the social and economic impacts
of gold mining, which it produced with international economics
consultancy Maxwell Stamp, also found gold mining companies to be a
major source of income and economic growth for host countries, with an
important role in supporting sustainable socioeconomic development.
“This is the culmination of a stream of work to try and quantify the
global economic footprint of formal gold mining and some of its social
impacts, looking at the common themes across the industry rather than
specific case studies,” WGC member and investor relations head John
Mulligan told Creamer Media’s Mining Weekly Online in a conference call
from London on Wednesday.
Globally, gold mining companies directly employed more than one-million
people in 2013, with 4.2-million more people employed as a result of the
industry’s suppliers and support services, Mulligan said.
The report shows that gold mining has made progress in human capital and
skills development and that in most gold producing countries, more than
90% of the industry’s employees are local workers.
However, the report indicates that growth in the economic contribution
of gold mining often coincides with a marked improvement in income
status of host nations.
Analysing the impacts of large-scale commercial gold mining in 47 gold
producing countries, collectively accounting for more than 90% of the
world’s gold production, the report provides greater insight into the
benefits of commercial gold mining at global, national and host
community levels.
“Our findings highlight that commercial gold mining is a major source of
income and driver of economic growth, playing an important role in
supporting the sustainable socioeconomic development of host nations and
communities,” Mulligan added.
The $171-billion-plus overall contribution is calculated through taking
the value created by support services and indirect employment.
But even 2013’s direct contribution of $83.1-billion is substantial in
that it equals the combined GDP of Ghana and Tanzania.
The report finds that average mineworker salaries are consistently
higher than the national average and broader benefits are obtained when
training provides skills that are transferable beyond the mine.
A macro trend noted is the shift in the geographical location of the
gold mining industry’s value creation activities from advanced to less
developed economies, where gold mining companies are making significant
investments in infrastructure, which has wider benefits for local
communities beyond the life of the mine itself.
Among some of the smaller producing nations, the gold mining industry
has also been found by the study to be very significant for national
economies, particularly once the indirect impact of gold mining
companies’ procurement is taken into account.
Gold mining companies, the report finds, play the important role of
value creator and generator of financial resources for governments for
development, with strong evidence that the Extractive Industries
Transparency Initiative is having a positive impact on revenue reporting
in resource-rich countries.
The study found gold mining to consistently pay above-average wages in
developed countries and significantly above-average wages in less
developed countries, where each worker typically supports a high number
of dependants.
More than 60% of the countries covered are low-income or lower-middle
income countries with substantial socioeconomic development needs.
Seventy per cent of the value that gold mining companies distribute
within an economy relates to payments to local suppliers and employees.
Interestingly, the majority of government revenues from gold mining are
derived from sources such as corporate and income tax rather than from
money relating to permits and royalties.
The social and economic impacts of gold mining also show that gold
mining’s direct economic contribution to the global economy has
increased seven-fold from 2000 to 2013, which is greater than the rise
in value of gold over the same period.
“We hope the report will help foster productive engagement between gold
mining companies and the industry’s wider stakeholders,” said Maxwell
Stamp’s Andrew Britton.
While there has been major progress in recent years in attempting to
measure gold mining’s economic impacts, this has often been piecemeal or
confined to a specific country.
The lack of information has held back constructive debate on how to make
the most of the shared value that a responsible gold mining industry
can create for host nations and communities.
By building on previous research and identifying industry-wide thematic
trends, this work has made substantial progress in bridging the
information gap, added Britton.
It is our preference that if you wish to share this article with others you should please use the following link:
http://www.miningweekly.com/article/gold-mining-puts-171bn-into-global-economy-world-gold-council-2015-06-02
It is our preference that if you wish to share this article with others you should please use the following link:
http://www.miningweekly.com/article/gold-mining-puts-171bn-into-global-economy-world-gold-council-2015-06-02
Gold mining puts $171bn
into global economy – World Gold Council
3rd June 2015
By: Martin Creamer
Creamer Media Editor
EMAIL THIS ARTICLE © Reuse this
John Mulligan
JOHANNESBURG (miningweekly.com) – The global gold mining industry
collectively contributed $171.6-billion-plus to the global economy in
2013, which is more than the combined gross domestic product (GDP) of
Ecuador, Ghana and Tanzania, or close to half of the GDP of South Africa
or Denmark.
The World Gold Council (WGC) report on the social and economic impacts
of gold mining, which it produced with international economics
consultancy Maxwell Stamp, also found gold mining companies to be a
major source of income and economic growth for host countries, with an
important role in supporting sustainable socioeconomic development.
“This is the culmination of a stream of work to try and quantify the
global economic footprint of formal gold mining and some of its social
impacts, looking at the common themes across the industry rather than
specific case studies,” WGC member and investor relations head John
Mulligan told Creamer Media’s Mining Weekly Online in a conference call
from London on Wednesday.
Globally, gold mining companies directly employed more than one-million
people in 2013, with 4.2-million more people employed as a result of the
industry’s suppliers and support services, Mulligan said.
The report shows that gold mining has made progress in human capital and
skills development and that in most gold producing countries, more than
90% of the industry’s employees are local workers.
However, the report indicates that growth in the economic contribution
of gold mining often coincides with a marked improvement in income
status of host nations.
Analysing the impacts of large-scale commercial gold mining in 47 gold
producing countries, collectively accounting for more than 90% of the
world’s gold production, the report provides greater insight into the
benefits of commercial gold mining at global, national and host
community levels.
“Our findings highlight that commercial gold mining is a major source of
income and driver of economic growth, playing an important role in
supporting the sustainable socioeconomic development of host nations and
communities,” Mulligan added.
The $171-billion-plus overall contribution is calculated through taking
the value created by support services and indirect employment.
But even 2013’s direct contribution of $83.1-billion is substantial in
that it equals the combined GDP of Ghana and Tanzania.
The report finds that average mineworker salaries are consistently
higher than the national average and broader benefits are obtained when
training provides skills that are transferable beyond the mine.
A macro trend noted is the shift in the geographical location of the
gold mining industry’s value creation activities from advanced to less
developed economies, where gold mining companies are making significant
investments in infrastructure, which has wider benefits for local
communities beyond the life of the mine itself.
Among some of the smaller producing nations, the gold mining industry
has also been found by the study to be very significant for national
economies, particularly once the indirect impact of gold mining
companies’ procurement is taken into account.
Gold mining companies, the report finds, play the important role of
value creator and generator of financial resources for governments for
development, with strong evidence that the Extractive Industries
Transparency Initiative is having a positive impact on revenue reporting
in resource-rich countries.
The study found gold mining to consistently pay above-average wages in
developed countries and significantly above-average wages in less
developed countries, where each worker typically supports a high number
of dependants.
More than 60% of the countries covered are low-income or lower-middle
income countries with substantial socioeconomic development needs.
Seventy per cent of the value that gold mining companies distribute
within an economy relates to payments to local suppliers and employees.
Interestingly, the majority of government revenues from gold mining are
derived from sources such as corporate and income tax rather than from
money relating to permits and royalties.
The social and economic impacts of gold mining also show that gold
mining’s direct economic contribution to the global economy has
increased seven-fold from 2000 to 2013, which is greater than the rise
in value of gold over the same period.
“We hope the report will help foster productive engagement between gold
mining companies and the industry’s wider stakeholders,” said Maxwell
Stamp’s Andrew Britton.
While there has been major progress in recent years in attempting to
measure gold mining’s economic impacts, this has often been piecemeal or
confined to a specific country.
The lack of information has held back constructive debate on how to make
the most of the shared value that a responsible gold mining industry
can create for host nations and communities.
By building on previous research and identifying industry-wide thematic
trends, this work has made substantial progress in bridging the
information gap, added Britton.
It is our preference that if you wish to share this article with others you should please use the following link:
http://www.miningweekly.com/article/gold-mining-puts-171bn-into-global-economy-world-gold-council-2015-06-02
It is our preference that if you wish to share this article with others you should please use the following link:
http://www.miningweekly.com/article/gold-mining-puts-171bn-into-global-economy-world-gold-council-2015-06-02
Gold mining puts $171bn
into global economy – World Gold Council
3rd June 2015
By: Martin Creamer
Creamer Media Editor
EMAIL THIS ARTICLE © Reuse this
John Mulligan
JOHANNESBURG (miningweekly.com) – The global gold mining industry
collectively contributed $171.6-billion-plus to the global economy in
2013, which is more than the combined gross domestic product (GDP) of
Ecuador, Ghana and Tanzania, or close to half of the GDP of South Africa
or Denmark.
The World Gold Council (WGC) report on the social and economic impacts
of gold mining, which it produced with international economics
consultancy Maxwell Stamp, also found gold mining companies to be a
major source of income and economic growth for host countries, with an
important role in supporting sustainable socioeconomic development.
“This is the culmination of a stream of work to try and quantify the
global economic footprint of formal gold mining and some of its social
impacts, looking at the common themes across the industry rather than
specific case studies,” WGC member and investor relations head John
Mulligan told Creamer Media’s Mining Weekly Online in a conference call
from London on Wednesday.
Globally, gold mining companies directly employed more than one-million
people in 2013, with 4.2-million more people employed as a result of the
industry’s suppliers and support services, Mulligan said.
The report shows that gold mining has made progress in human capital and
skills development and that in most gold producing countries, more than
90% of the industry’s employees are local workers.
However, the report indicates that growth in the economic contribution
of gold mining often coincides with a marked improvement in income
status of host nations.
Analysing the impacts of large-scale commercial gold mining in 47 gold
producing countries, collectively accounting for more than 90% of the
world’s gold production, the report provides greater insight into the
benefits of commercial gold mining at global, national and host
community levels.
“Our findings highlight that commercial gold mining is a major source of
income and driver of economic growth, playing an important role in
supporting the sustainable socioeconomic development of host nations and
communities,” Mulligan added.
The $171-billion-plus overall contribution is calculated through taking
the value created by support services and indirect employment.
But even 2013’s direct contribution of $83.1-billion is substantial in
that it equals the combined GDP of Ghana and Tanzania.
The report finds that average mineworker salaries are consistently
higher than the national average and broader benefits are obtained when
training provides skills that are transferable beyond the mine.
A macro trend noted is the shift in the geographical location of the
gold mining industry’s value creation activities from advanced to less
developed economies, where gold mining companies are making significant
investments in infrastructure, which has wider benefits for local
communities beyond the life of the mine itself.
Among some of the smaller producing nations, the gold mining industry
has also been found by the study to be very significant for national
economies, particularly once the indirect impact of gold mining
companies’ procurement is taken into account.
Gold mining companies, the report finds, play the important role of
value creator and generator of financial resources for governments for
development, with strong evidence that the Extractive Industries
Transparency Initiative is having a positive impact on revenue reporting
in resource-rich countries.
The study found gold mining to consistently pay above-average wages in
developed countries and significantly above-average wages in less
developed countries, where each worker typically supports a high number
of dependants.
More than 60% of the countries covered are low-income or lower-middle
income countries with substantial socioeconomic development needs.
Seventy per cent of the value that gold mining companies distribute
within an economy relates to payments to local suppliers and employees.
Interestingly, the majority of government revenues from gold mining are
derived from sources such as corporate and income tax rather than from
money relating to permits and royalties.
The social and economic impacts of gold mining also show that gold
mining’s direct economic contribution to the global economy has
increased seven-fold from 2000 to 2013, which is greater than the rise
in value of gold over the same period.
“We hope the report will help foster productive engagement between gold
mining companies and the industry’s wider stakeholders,” said Maxwell
Stamp’s Andrew Britton.
While there has been major progress in recent years in attempting to
measure gold mining’s economic impacts, this has often been piecemeal or
confined to a specific country.
The lack of information has held back constructive debate on how to make
the most of the shared value that a responsible gold mining industry
can create for host nations and communities.
By building on previous research and identifying industry-wide thematic
trends, this work has made substantial progress in bridging the
information gap, added Britton.
It is our preference that if you wish to share this article with others you should please use the following link:
http://www.miningweekly.com/article/gold-mining-puts-171bn-into-global-economy-world-gold-council-2015-06-02
It is our preference that if you wish to share this article with others you should please use the following link:
http://www.miningweekly.com/article/gold-mining-puts-171bn-into-global-economy-world-gold-council-2015-06-02
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