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 shattered expectations in 2025, surging 45% year-over-year and breaching the once unthinkable $5,500 per ounce barrier in early 2026. This historic rally unleashed a flood of cash across the sector, with producers converting record revenues into strengthened balance sheets, rejuvenated M&A campaigns, and accelerated investment in development projects. From major producers paying down debt and returning capital to shareholders, to mid-tier companies hunting for strategic acquisitions, the industry capitalised on a generational opportunity. As we move into 2026, the momentum from last year's extraordinary performance has set a new baseline for the sector. Can miners sustain this golden era into 2026, or are headwinds gathering on the horizon?
Table of contents
- Production
- Aggressive cash flow generation
- Costs
- Divergent trend between Chinese companies and western operators
- New operations
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Price Commentary
- Venezuela Intervention
- US, Israel and Iran Conflict
- US Federal Reserve
- Western Investors
- Central Banks
Tables and charts
This report includes the following images and tables:
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Mine net pre-tax cashflow by yearAISC - 2024 vs 2025AISC - 2025 vs 2026 Guidance
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Global C1 + sustaining capex costBy-product creditsChinese Investment in Overseas Gold OperationsLocations of 2026 New Operations12 Month Average Monthly Gold Price (USD/oz)
What's included
This report contains:
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