How developing countries can benefit when they mine for gold - WGC makes the case

(Kitco News) - Gold mining is a meaningful contributor to many countries' economies, said World Gold Council CFO Terry Heymann.

Last month Heymann spoke to Kitco at the Gold Forum Americas show in Colorado Springs.

The World Gold Council is an industry group whose purpose is to "...stimulate and sustain the demand for gold, provide industry leadership, and be the global authority on the gold market."

Last year the council published a report on the social and economic contribution of gold mining in developing countries. The WGC enumerated the economic benefits, looking at the impact of a select group of companies.

"[A] total contribution of $37.9 billion is made by the 31 WGC companies to 38 countries, and in eight countries the contribution represents more than five percent of all government income," wrote the council in its report, The Social And Economic Contribution Of Gold Mining.

The report cautioned that gold mining is still challenged by energy usage and carbon emissions, writing that the industry needs to reduce its emissions to meet the targets of the Paris Climate Agreement.

"[The] contribution of gold mining to global emissions is substantial, and is more than the average for other economic sectors."