“The World Gold Council and our members have lengthy believed that when responsibly undertaken, gold mining can contribute considerably to social and financial growth for host communities and international locations,” stated World Gold Council CFO Terry Heymann in a launch.
“This report clearly units out the vital position accountable gold miners play in supporting native and nationwide economies. We consider that this complete information set may also help present additional transparency into the contribution made by the accountable gold mining sector. The report additionally supplies additional proof of the vital contribution made by this trade in advancing the UN Sustainable Improvement Objectives.”
In 2020, WGC members made important contributions to native economies: of $60 billion in income the businesses reported, $37.9 billion or 63% was contributed to the GDP of native host international locations.
In smaller growing economies, WGC operations can have an outsized impact. In eight international locations the place they function, they contribute greater than 5% of all authorities revenue, in line with the report.
WGC members straight make use of 195,000 individuals at a mean wage that’s greater than six instances the typical nationwide wage. Each native job at a member operation helps six extra jobs (onsite contractors, native provide chain) – or as much as 10 if induced jobs are included.
Member corporations additionally spent over $438 million in 2020 to assist group teams, together with $79 million to Indigenous teams.
WGC members have made progress on native employment in recent times, in addition to hiring extra girls. Within the final seven years, they have halved their use of expat labour at mining operations to five% from 10%. About 17.3% of their workforce is additionally feminine – considerably larger than the 5-10% common for the mining sector.
(This text first appeared in The Northern Miner)