Country Report
Global gold mine cost summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Gold prices have continued to rally as 2025 comes to a close, extending a multi‑year trend driven by geopolitical uncertainty, persistent inflationary pressures, and renewed investor appetite for hard assets. For miners, the backdrop has been unusually favourable: stronger cash flows have allowed companies to repair balance sheets, advance long‑delayed projects, and deploy capital more aggressively into exploration and M&A. But how has the relationship between the gold price and cost control played and what are the trends we are seeing in different regions?
Table of contents
- Strong Q3 Results Drive Q4 Optimism
- Gold price alleviated inflationary cost pressures
- Strategic Response and Future Focus
- High gold prices bring results to even challenging operations
- Strategic Lengthening of Mine Lives
- Expanding portfolios
- US Critical Minerals Executive Order
- Africa brings high rewards with high risk
- Rise of Artisanal Mining
- Fed interest rates and the reignition of US-China trade tensions
- Easing from mid-October capped the gold price
- Continued central Bank buying and ETF acquisitions
Tables and charts
This report includes the following images and tables:
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LBMA gold price AM benchmark (US$/oz)
What's included
This report contains:
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