Canada-US gold mining revenues fall behind

Frik Els | September 22, 2016 | 6:49 am Precious Metals Africa Asia China Latin America Gold

Gold price: 9 straight years of record annual mine production

Agnico Eagle’s Meadowbank open-pit gold mine in the Nunavut Territory of Canada Image Jason Pineau

A new report by SNL Metals and Mining shows the Canada-US falling behind other regions in revenues generated by the gold mining industry.

The research company calculated the standings by multiplying 2015 total gold production from primary gold mines with the 2015 average gold spot price.

Asia pac revenue gold

Asia-Pacific and Africa are the most valuable gold regions, with gold revenues of $20.2 billion and $16.1 billion, respectively. Boosted by Russia, Europe’s earnings from gold mining is not that far behind Canada and the US.

When considering the value of gold still in the ground the US and Canada fares better.

Using the combined value of reserves and resources reported by explorers and mining companies, Canada and the US comes in second with gold in situ values as at September 8 of $1.26 trillion.

Africa tops the tables for the the value of its in-situ gold calculated at $1.48 trillion for primary gold projects on the continent according to SNL data.