According to Metals Focus’s “2026 Gold ESG Focus” report released on Monday, as stronger gold prices boosted fiscal contributions, gold miners’ payments to governments surged 77% last year to a record $18.2 billion. The UK-based consultancy compared the environmental, social and governance performance of 18 major producers. Local procurement rose by $1.7 billion to a record $30.8 billion, achieving annual growth for the eighth consecutive year.
Sarah Tomlinson, Director of Mine Supply at Metals Focus, said in a press release that the financial contributions of the tracked companies remained strong, with payments to governments growing 77% to a record $18.2 billion and local procurement reaching a new peak of $30.8 billion, highlighting the industry’s important role in supporting host country economies. These results demonstrate miners’ growing fiscal contributions to host countries while also revealing a more uneven environmental performance picture. As extreme weather, political instability and community relations pose threats to the continued operation of mines, investors are increasingly evaluating ESG performance alongside risk, capital allocation and long-term value creation.
Energy consumption rose 4.8% to 334 petajoules, with average energy intensity jumping 12% to a record 10.2 gigajoules per gold equivalent ounce, 47% higher than in 2016. Increased energy use and declining production at Newmont (NYSE: NEM), Barrick (NYSE: B), Polyus and Solidcore Resources (AIX: CORE) together drove this increase. This divergence puts miners under pressure to reduce the carbon intensity and energy intensity of production, although most companies in the study still aim for net zero emissions or carbon neutrality by 2050.
Overall, the report presents an industry with record economic contributions and continuously improving safety performance, but one that still faces severe challenges in reducing the environmental intensity of gold production. The substantial growth in government payments and local procurement underscores the supporting role of gold miners in host country economies, while rising emissions intensity and energy intensity indicate that, against the backdrop of production fluctuations and growing energy demand, the industry’s path to achieving net zero targets remains difficult.
