AISC-based regional cost overview for gold, silver, and platinum entering 2025.
Introduction
The cost of producing precious metals is a key variable shaping global supply, mine profitability, and long-term price dynamics. While gold, silver, and platinum are often grouped together as “precious metals,” their production economics differ substantially due to geology, mining methods, energy intensity, and regional operating conditions.
To allow meaningful comparisons across operations and regions, the mining industry primarily relies on the All-in Sustaining Cost (AISC) metric.
What AISC Includes
AISC represents the total cost required to sustain current production levels at an operating mine. Unlike simple cash costs, AISC includes:
• operating costs (labor, energy, consumables),
• sustaining capital expenditures,
• mine development and infrastructure maintenance,
• royalties, production taxes, and site administration,
• environmental and rehabilitation provisions.
As a result, AISC provides a realistic picture of the true cost of producing one ounce of metal and is widely used by investors, analysts, and mining companies.
Current Average AISC by Metal and Region (2026)
The table below summarizes current industry averages and guidance-based estimates for gold, silver, and platinum production costs, based on the most recent publicly available data, industry reports, and company outlooks entering 2026.
| Metal | Geographic Zone | Average AISC (USD/oz) | Notes |
|---|---|---|---|
| Gold | Global average | ~1,400 – 1,450 | Inflation-adjusted industry average |
| Gold | Africa | ~1,500 – 1,550 | Infrastructure, geopolitical risk, mature assets |
| Gold | North America | ~1,480 – 1,520 | Higher labor & regulatory costs |
| Gold | Oceania | ~1,450 – 1,480 | Sustaining capital intensive |
| Gold | Central & South America | ~1,180 – 1,250 | Generally lower-cost profiles |
| Silver | Global average | ~13 – 15 | Includes primary & by-product production |
| Silver | North America | ~18 – 20 | Energy-intensive underground mines |
| Silver | Central & South America | ~14 – 16 | Major primary silver producers |
| Silver | Asia | ~9 – 11 | Lower labor and energy costs |
| Silver | Oceania | ~9 – 10 | Efficient, mechanized operations |
| Platinum (PGM) | Global average (basket) | ~950 – 1,050 | 3E / PGM basis |
| Platinum | Southern Africa | ~1,000 – 1,100 | Deep underground mining |
| Platinum | Russia | ~850 – 950 | Often linked to nickel production |
| Platinum | North America | ~900 – 1,000 | Smaller scale, mechanized |
Gold Production Costs
Gold mining costs have continued to rise in recent years, driven by inflation in labor, fuel, explosives, and sustaining capital expenditures. Entering 2026, global average AISC levels remain close to USD 1,400 per ounce, with notable regional variation.
Central and South America generally remain among the lowest-cost gold-producing regions, supported by favorable geology and lower operating costs.
Africa and North America tend to show higher AISC values due to infrastructure challenges, labor intensity, and regulatory requirements.
Oceania sits in the middle, with technically advanced operations but higher sustaining capital needs.
Silver Production Costs
Silver cost reporting is more complex than gold, as a large share of global silver supply is produced as a by-product of copper, lead-zinc, and gold mining. This can significantly reduce effective per-ounce costs at polymetallic operations.
The global average silver AISC currently sits around USD 13–15 per ounce.
Primary silver mines in North America tend to have higher costs, often approaching USD 20 per ounce, due to underground mining and energy usage.
Asia and Oceania generally report lower costs, reflecting mechanization, favorable labor economics, and higher grades in some deposits.
Platinum Production Costs
Platinum is mainly produced within the PGM basket and is one of the most capital- and labor-intensive metals to mine.
Global PGM AISC is estimated at USD 950–1,050/oz entering 2026.
Southern Africa has structurally higher costs due to deep mining, power use, and labor intensity.
Russia and North America benefit from nickel and copper by-product credits that lower net costs.
Key Takeaways
• Gold production costs remain elevated globally, with AISC near historical highs.
• Silver costs vary widely by region and mine type, with by-product production playing a critical role.
• Platinum remains the most complex and cost-intensive precious metal to produce, particularly in deep underground operations.
Editorial Note on Data
Precise, fully standardized regional AISC data is not always publicly disclosed for all metals and regions. The figures presented here reflect industry averages, consensus estimates, and company guidance, intended to provide an accurate and current market overview rather than exact operational costs for individual mines.
Date = 5th February 2026. Estimates reflect publicly available industry averages and company outlooks entering 2026.