It represents 63% of the total sales revenue of the yellow metal during 2020

$37.9 billion contribution of “world gold” members to host economies

Companies that are members of the World Gold Council paid $8.7 billion in wages to employees last year.

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The World Gold Council reported that its member companies contributed $37.9 billion to the gross domestic product of the host countries in the form of taxes, salaries and payments to suppliers, during the past year, explaining that this represents 63% of the total revenue obtained by these companies from gold sales, equivalent to About $1,100 locally added value per ounce of gold produced.

In a report issued yesterday, the council indicated that member companies employed 200,000 people directly, 95% of whom were nationals of the host countries, noting that these companies supported 1.2 million additional jobs through local suppliers in 2020.

The Council stated that the report "Social and Economic Contribution of Gold Mining" was based on data provided by 31 member companies of the World Gold Council.

According to the report, over the past year, WGC members paid $8.7 billion in employee wages, in addition to $7.6 billion in taxes to governments in 38 host countries.

Furthermore, direct payments of $26 billion were made through in-country purchases, with the resulting indirect value added estimated at $21.6 billion to local suppliers.

The report pointed out that the strong focus of WGC member companies on local employment in recent years has led to clear results, with local employees making up 95% of the workforce, which has led to a halving of the proportion of expatriates in the workforce (from 10%). to 5%) over the past seven years.

He explained that gold miners are well paid, with average wages among WGC member firms six times the average wage in host countries.

“The World Gold Council and our members have always believed that, when the responsibility is taken, gold mining can contribute significantly to the social and economic development of host communities and countries,” said WGC Chief Financial Officer Terry Heyman.

The importance of partnership

“Gold producers understand the importance of partnering with communities, governments and civil society in the countries where we operate, to share the value that responsible mining creates,” said Sandeep Biswas, CEO of Newcrest Mining and chair of the Environmental, Social and Corporate Governance Task Force of the World Gold Council.

• Employing 200,000 people, mostly from the host countries.  

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