ASGM: An Increasingly Strategic Source of Gold Supply

Global Growth of Artisanal and Small-Scale Gold Mining (ASGM)
- ASGM has become an increasingly important source of global gold supply, with its share of global mine production rising from 20% in 2016 to an estimated 24% in 2025 (p. 1).
- Global ASGM production grew 10% year-over-year to an estimated 932 tonnes (t) in 2025, driven by high gold prices, limited alternative employment in developing regions, and increased purchases by central banks (p. 1).
- Despite its growing economic significance, much of the ASGM sector remains informal, which contributes to environmental damage and limits miners' access to finance, fair pricing, and safe working conditions (p. 5).
Key Regional ASGM Producers
- Ghana: Ghana is the largest ASGM producing country, with 2025 production estimated at 102t, outstripping large-scale mine production for the first time since 2010 (p. 1). Formalisation efforts have accelerated through the establishment of the Ghana Gold Board (GoldBod) to improve traceability and reduce smuggling (pp. 1, 3).
- Peru: Peru dominates the ASGM sector in Central and South America, with output surging over 160% in the last 10 years (p. 3). Formalisation efforts through the Registry of Informal Mining (Reinfo) have had limited success, allowing illegal mining to threaten the formal sector (p. 3).
- Bolivia: Bolivia is a top-five global ASGM producer, with an estimated output of 55t in 2025, dominated by mining cooperatives (p. 3). The central bank purchased over 17t of ASGM gold in 2025, but strong ties between cooperatives and the government limit incentives for formalisation (pp. 3, 5).
- Indonesia: Indonesia is Asia's largest ASGM producer, with an estimated production of 50t in 2025 (p. 5). Despite government crackdowns on illegal mining and programs to eliminate mercury, most miners still lack key operating permits (p. 5).
Precious Metals Market Updates
- Gold: Rebounded above $4,000 after lower-than-expected US June inflation (p. 1).
- Silver: Broadly tracked gold, with the gold-to-silver ratio remaining within the 68–70 range (p. 1).
- Platinum: Northam reported FY2026 PGM production of 1.03Moz and own-mine refined output of 939koz, up 9.2% and 4.4% year-over-year, respectively (p. 1).
- Palladium: Net managed money shorts on the CME increased to 638koz, reaching their highest level since September (p. 1).

Global Growth of Artisanal and Small-Scale Gold Mining (ASGM)
- ASGM has become an increasingly important source of global gold supply, with its share of global mine production rising from 20% in 2016 to an estimated 24% in 2025 (p. 1).
- Global ASGM production grew 10% year-over-year to an estimated 932 tonnes (t) in 2025, driven by high gold prices, limited alternative employment in developing regions, and increased purchases by central banks (p. 1).
- Despite its growing economic significance, much of the ASGM sector remains informal, which contributes to environmental damage and limits miners' access to finance, fair pricing, and safe working conditions (p. 5).
Key Regional ASGM Producers
- Ghana: Ghana is the largest ASGM producing country, with 2025 production estimated at 102t, outstripping large-scale mine production for the first time since 2010 (p. 1). Formalisation efforts have accelerated through the establishment of the Ghana Gold Board (GoldBod) to improve traceability and reduce smuggling (pp. 1, 3).
- Peru: Peru dominates the ASGM sector in Central and South America, with output surging over 160% in the last 10 years (p. 3). Formalisation efforts through the Registry of Informal Mining (Reinfo) have had limited success, allowing illegal mining to threaten the formal sector (p. 3).
- Bolivia: Bolivia is a top-five global ASGM producer, with an estimated output of 55t in 2025, dominated by mining cooperatives (p. 3). The central bank purchased over 17t of ASGM gold in 2025, but strong ties between cooperatives and the government limit incentives for formalisation (pp. 3, 5).
- Indonesia: Indonesia is Asia's largest ASGM producer, with an estimated production of 50t in 2025 (p. 5). Despite government crackdowns on illegal mining and programs to eliminate mercury, most miners still lack key operating permits (p. 5).
Precious Metals Market Updates
- Gold: Rebounded above $4,000 after lower-than-expected US June inflation (p. 1).
- Silver: Broadly tracked gold, with the gold-to-silver ratio remaining within the 68–70 range (p. 1).
- Platinum: Northam reported FY2026 PGM production of 1.03Moz and own-mine refined output of 939koz, up 9.2% and 4.4% year-over-year, respectively (p. 1).
- Palladium: Net managed money shorts on the CME increased to 638koz, reaching their highest level since September (p. 1).

ASGM: An Increasingly Strategic Source of Gold Supply

互动阅读

ASGM: An Increasingly Strategic Source of Gold Supply

互动阅读