Insights into the economic cost structure of gold mining: From all-in sustaining costs to quantifying externalities

Cleaner, cost-efficient gold production is achievable by understanding the relationships between gold grade, production costs, and greenhouse gas (GHG) emissions. Significant relationships exist between gold grades and costs at individual mines and gold grade and GHG emissions intensity per ounce. Declining gold grades will increase GHG emissions intensities without GHG abatement interventions. Clean energy substitution, energy efficiencies, and new mining technologies are the gold sector’s responses to reducing emissions. Based upon global gold mine GHG emissions intensities, a US$100/t CO2 price is affordable, increasing costs between US$13/oz and US$275/oz. The clear potential exists for a cleaner, decarbonised global gold industry.