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Company Snapshot: Western Copper and Gold

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Company Snapshot: Western Copper & Gold

Company Snapshot: Western Copper and Gold

Western Copper and Gold (TSX: WRN, NYSE MKT: WRN), is focused on advancing the Casino Project, one of the world’s largest copper, gold, silver and molybdenum deposits, located in Yukon, Canada.

The 100%-owned porphyry deposit is expected to come online for mining just as the world experiences a copper supply crunch. The Casino Project has 4.5 billion lbs of copper in reserves and 5.4 billion lbs in inferred resources. In terms of gold, the deposit holds 8.9 million oz in reserves and 9.0 million oz in inferred resources.

At today’s copper prices and at the long-term price, the Casino Project is economic. With an NPV (8%) of US$1.83 billion (after-tax), a 20.1% IRR (after-tax), and -$0.81 cash costs for each pound of copper (net of by-products), the project could help supply the world with copper and other minerals for a long time.

Learn more about the Casino Project: https://www.westerncopperandgold.com

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Visualizing Global Gold Production in 2023

Gold production in 2023 was led by China, Australia, and Russia, with each outputting over 300 tonnes.

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Voronoi graphic showing gold production by country in 2023.

Visualizing Global Gold Production in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Over 3,000 tonnes of gold were produced globally in 2023.

In this graphic, we list the world’s leading countries in terms of gold production. These figures come from the latest USGS publication on gold statistics (published January 2024).

China, Australia, and Russia Produced the Most Gold in 2023

China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia.

CountryRegion2023E Production (tonnes)
🇨🇳 ChinaAsia370
🇦🇺 AustraliaOceania310
🇷🇺 RussiaEurope310
🇨🇦 CanadaNorth America200
🇺🇸 United StatesNorth America170
🇰🇿 KazakhstanAsia130
🇲🇽 MexicoNorth America120
🇮🇩 IndonesiaAsia110
🇿🇦 South AfricaAfrica100
🇺🇿 UzbekistanAsia100
🇬🇭 GhanaAfrica90
🇵🇪 PeruSouth America90
🇧🇷 BrazilSouth America60
🇧🇫 Burkina FasoAfrica60
🇲🇱 MaliAfrica60
🇹🇿 TanzaniaAfrica60
🌍 Rest of World-700

Gold mines in China are primarily concentrated in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China’s gold mine reserves stand at an estimated 3,000 tonnes, representing around 5% of the global total of 59,000 tonnes.

In addition to being the top producer, China emerged as the largest buyer of the yellow metal for the year. In fact, the country’s central bank alone bought 225 tonnes of gold in 2023, according the World Gold Council.

Estimated Global Gold Consumption

Most of the gold produced in 2023 was used in jewelry production, while another significant portion was sold as a store of value, such as in gold bars or coins.

  • Jewelry: 46%
  • Central Banks and Institutions: 23%
  • Physical Bars: 16%
  • Official Coins, Medals, and Imitation Coins: 9%
  • Electrical and Electronics: 5%
  • Other: 1%

According to Fitch Solutions, over the medium term (2023-2032), global gold mine production is expected to grow 15%, as high prices encourage investment and output.

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