Gold leads as Mining Technology lists the top five terms tweeted on commodity markets in Q4 2021, based on data from GlobalData’s Mining Influencer Platform.
The top trends are the most mentioned terms or concepts among Twitter discussions of more than 150 commodity markets experts tracked by GlobalData’s Mining Influencer platform during the fourth quarter (Q4) of 2021.
1. Gold – 2,450 mentions
Western Australia’s Agnew gold mine to be powered by 95% renewable energy, the central bank of Singapore increasing its gold reserves by 20% in 2021, and climate change expected to drive consolidation in the gold mining industry were some of the popular discussions in Q4 2021.
ABC News, a news website, shared an article on South Africa-based gold mining company Gold Fields’ Agnew gold mine being planned to be powered by 95% renewable energy. The Agnew gold mine is one of the first sites globally to combine gas, solar, wind, and battery storage to power its operations, as part of the $112m Agnew Hybrid Renewable Project. The project was delivered by utilities company EDL Energy under a ten-year agreement with Gold Fields and has been operating since 2020.
The mine is currently powered by up to 60% renewable energy. Gold Fields is now working on a solution that will enable the mine as well as underground equipment and processing plant to be operated on 90%-95% renewable energy, the article detailed. The adoption of renewable energy in the private sector will enable the Australian government to achieve its net zero target by 2050, the article highlighted.
Gold was also discussed by Kitco News, an online platform covering precious and base metals information, on Singapore’s central bank Monetary Authority of Singapore (MAS) boosting its gold reserves by 20% in 2021, by purchasing gold for the first time since 2000. The MAS’ International Reserves and Foreign Currency Liquidity report highlighted that 26.35 tonnes (t) of gold was purchased between May and June 2021, which boosted the country’s total gold reserves to 153.76t. The gold acquisition is expected to have been worth $1.5bn, the article noted.
In another tweet, High Grade, a metals and mining sector specialist, shared an article on Newmont Corporation’s CEO Tom Palmer stating that climate change issues will lead to increased consolidation in the gold mining sector. Palmer stated that investments needed to reduce carbon emissions in the sector, such as the deployment of electric trucks and the use of renewable energy, require large scale and longer life mines. Furthermore, one of the biggest challenges facing the gold industry is the presence of too many gold companies compared to other mining sectors. The industry, therefore, needs to collaborate in order to gain the attention of investors who are highly skewed towards climate change targets, reducing emissions, and sustainability metrics. Palmer added that the gold industry needs both life and scale to meet the 2030 emission reduction targets and net zero goals of 2050.