business|gold|infrastructure|mining|supply chain|infrastructure|operations

WGC members contributed $57bn to host economies in 2022

9th November 2023

By: Marleny Arnoldi

Deputy Editor Online


Font size: - +

World Gold Council (WGC) member companies directly contributed $57-billion to host economies in 2022, as well as $570-million to local communities and indigenous groups in 34 countries, which shows that gold mining can contribute greatly to socioeconomic development, the industry body says.

Notably, the local community contributions grew by $118-million compared with 2021, on the back of revenue growing by $3.9-billion across WGC members globally in the year. 

The host country contributions include $38-billion of payments to in-country suppliers, $10-billion in salaries and $9.3-billion in payments to governments.

The WGC finds in a social and economic contribution report that every job in the gold mining industry supports six more jobs indirectly in the supply chain.

It quantified the direct social and economic contributions of 30 member companies in 2022, comprising 242 operational mines and 111 non-producing sites, including head offices.

Recent efforts by WGC members to train and develop local skills as opposed to bringing in expatriates have led to 95% of employees coming from the host country of operation.

WGC members now employ a combined 207 000 people and 156 000 contractors.

In terms of gender diversity, the WGC finds that the boards of its member companies comprise, on average, 31% women and 69% men, while women hold 17% of executive leadership positions, compared with 83% held by men. Women make up 16% of the total workforce in the gold mining industry among WGC members.

WGC members include Agnico Eagle, Alamos Gold, AngloGold Ashanti, B2Gold, Barrick Gold, Centerra Gold, China Gold, Endeavour Mining, IAMGOLD, Kinross, Newcrest Mining, Gold Fields, Resolute, Sibanye-Stillwater, Wheaton Precious Metals and Zijin.

The WGC explains that gold mining operations are geographically diverse and often located in areas with little existing infrastructure or alternative economic activity.

Gold mining is a complex multi-year business that involves high capital outlays up front, long lead times and uncertain returns, however, when undertaken responsibly, gold mining can play an important role in contributing to socioeconomic development in its host nations, the WGC states.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online


Latest News



Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...


Latest Multimedia

sponsored by

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.106 0.14s - 91pq - 2rq
1: United States
Subscribe Now
2: United States