Gold miners’ payments to governments surge 77% to record US$18.2bn

Gold miners’ payments to governments surged 77% to a record $18.2 billion last year as stronger prices for the precious metal boosted fiscal contributions even as the industry struggled with rising emissions and energy intensity, according to Metals Focus.

The Uk-based consultancy’s Gold ESG Focus 2026, published Monday, compares environmental, social and governance performance across 18 major producers. Local procurement rose by $1.7 billion to a record $30.8 billion, marking an eighth consecutive annual increase.

“The financial contributions of the companies we track remained strong, with payments to governments rising 77% to a record $18.2 billion,” Sarah Tomlinson, director of mine supply at Metals Focus, said in a news release. “Local procurement also reached a new peak of $30.8 billion, underscoring the sector’s vital role in supporting host economies.”

The results show the growing financial contribution miners are making to host countries while highlighting a more uneven environmental picture. Investors are increasingly assessing ESG performance alongside risk, capital allocation and long-term value creation as extreme weather, political unrest and community relations pose threats to mine continuity.

Emissions pressures

Combined Scope 1 and 2 greenhouse gas emissions were virtually unchanged in 2025 at 29,898 kilotonnes of carbon dioxide equivalent, but average emissions intensity rose 7% to 0.9 tonnes per gold-equivalent ounce.

Scope 1 emissions increased after two years of declines, with AngloGold Ashanti (NYSE: AU), Barrick Mining (TSX: ABX)(NYSE: B), Gold Fields (NYSE: GFI) and Polyus (MOEX: PLZL) leading the increase. Newmont (NYSE: NEM) cut emissions by 469 kilotonnes following asset sales.

Scope 2 emissions fell for a fourth year as miners expanded renewable power and power purchase agreements, while Scope 3 emissions declined 9%. Metals Focus cautioned that reporting methodology and procurement changes also influenced the Scope 3 result.

Energy consumption rose 4.8% to 334 petajoules as average energy intensity jumped 12% to a record 10.2 gigajoules per gold-equivalent ounce, 47% above 2016. Higher energy use and lower production at Newmont, Barrick, Polyus and Solidcore Resources (AIX: CORE) contributed to the increase.

The divergence leaves miners facing pressure to cut the carbon and energy intensity of production even as most companies in the study target net-zero emissions or carbon neutrality by 2050.

Safer mines

Safety performance improved, with 21 fatalities in 2025, the lowest total since the covid-19 pandemic. Fatal accidents were concentrated at African and underground operations, where ground instability, mobile equipment and material handling remained key risks.

Eight companies reported no fatalities. Northern Star Resources (ASX: NST) extended its fatality-free record to 12 years, while B2Gold (TSX: BTO; NYSE American: BTG) reached 10 years.

Companies have increasingly focused on critical controls, hazard identification and near-miss reporting, while using technology, data analytics and remote monitoring to identify potentially fatal hazards before accidents occur.

“Health and safety continue to be a key focus,” Tomlinson said. “These achievements demonstrate the importance of strong safety systems and risk management as the sector continues to strive toward its ultimate goal of zero harm.”

The report also highlighted how mining spending is spreading through host economies. Gold Fields (NYSE: GFI) spent $1.3 billion with host communities, while Agnico Eagle Mines (TSX: AEM; NYSE: AEM) awarded more than $1.2 billion to Indigenous businesses.

Metals Focus said maintaining a social licence increasingly requires miners to demonstrate tangible benefits for host countries and communities while managing environmental and operational risks. It also highlighted the London Bullion Market Association’s Responsible Gold Guidance and the Gold Bar Integrity programme developed with the World Gold Council.

The findings show an industry generating record economic contributions and improving safety while still struggling to reduce the environmental intensity of gold production.

Mining.com