The past year was one of guarded optimism for the gold market, with a strong first half tempered by a volatile last few months. Despite the turmoil, preliminary production results for the December quarter supported relatively stable quarterly mine supply year-over-year (up 1%). We estimate that gold production in the fourth quarter of 2016 was roughly 24 Moz. This was about 2% less than the previous quarter (25 Moz).
In 2016, many major gold producers started to reap the rewards of their persistent efforts to reshape their companies. Higher ore throughput, higher-grade ore and a rebounding gold price were all positive factors for gold producers. As a result, many returned to profitability in the year, or at least narrowed their losses significantly.
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