Industry revenue of “precious metals production“ in the United Kingdom 2012-2024

The revenues of the precious metals production industry in the UK are projected to decline an astonishing 13-fold between 2013-2024, owing to a rapid fall in mining related activities and closure of mines & gold refineries. Three decades ago, there were over 20 gold refineries in the UK and as of 2020, there is just one remaining. Moreover, majority of the manufacturing processes in Europe have started shifting to developing markets such as India, Brazil and China since the past decade, owing to the availability of skilled low cost labor, government policies favoring manufacturing and low tariff rates. This has led to a drastic reduction in year-over-year production of metals such as Gold. In fact, there was no gold produced in the UK in 2014. Moreover, export value of mercury hit a decade low of 13 thousand British pounds in 2017, 57-fold less than the value in 2009.

However, the UK’s precious metals production industry is not the only one that has witnessed a drastic fall in revenues. The Spanish and Portuguese industries have been adversely affected as well, owing to the aforementioned reasons. In fact, as per latest estimates, the industry might no longer be operational in these two countries in the medium term.

Industry revenue of “precious metals production“ in the United Kingdom from 2012 to 2024

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (GBP -> USD) = 1.256

The industry classification is based on the NACE Rev.2 - system in the United Kingdom. The industry “precious metals production“ has the code “C2441“.

Details on the methodology can be found here.

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