Gold miners’ $18.2B payout masks rising ESG pressures

AI desk brief

Metals Focus says gold miners paid a record $18.2B to governments last year, up 77%, as stronger gold prices boosted fiscal contributions; local procurement also hit a record $30.8B. The report flags a mixed operating backdrop for the sector, with combined Scope 1 and 2 emissions flat at 29,898kt CO2e but average emissions intensity up 7% to 0.9t per gold-equivalent ounce and energy intensity up 12% to a record 10.2GJ/oz.

The report suggests miners are generating more cash for host countries and local suppliers, but environmental performance is uneven and may keep pressure on capital allocation, energy strategy and permitting. Metals Focus also cites improved safety metrics, with fatalities falling to 21, the lowest since the pandemic, while noting the LBMA Responsible Gold Guidance and Gold Bar Integrity programme as relevant governance benchmarks.