Gold Prices Surge Due to Economic Instability Caused by COVID-19 Crisis
The price of gold reached an all-time high in August 2024 and is anticipated to continue to surge as a result of economic instability caused by the COVID-19 (coronavirus) crisis. Companies in the sodium cyanide market for mining industry predict that gold mining volumes and new mining projects will increase in the first quarter of 2024 when the pandemic subsides in various countries. Then trend will help to boost the demand for sodium cyanide.
Analysts at the Transparency Market Research (TMR) opine that replacement and recycling projects for cyanide are under development. This may impede the consumption for sodium cyanide in the long run. Mining and resource industries are playing a key role in recovery of economies. Companies in the sodium cyanide market for mining industry are adapting to the widespread impact of COVID-19. They are increasing efforts to maintain the flow of mining exports and supply chain routes.
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R&D Helps to Contribute in Industry-leading Product Innovations
In order to boost their credibility credentials in the sodium cyanide market for mining industry, manufacturers are offering round the clock emergency response capabilities and awareness programs that educate customers about the safe handling of cyanide. Apart from Asia Pacific, manufacturers are investing in production facilities in Latin America and Africa to enable continuous supply chains.
Companies in the sodium cyanide market for mining industry are spending time onsite with customers to improve their safety and operational performance. For instance, Chemours— a U.S. chemical company, is acquiring expertise to set the benchmark for safety practices and industry-leading innovations in cyanide. Manufacturers are increasing efforts to become a member of the International Cyanide Management Institute (ICMI) to steer innovation in sodium cyanide safety and management.
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Hazardous Cyanide Spills Compel Manufacturers to Adhere to Government Regulations
Sodium cyanide allows profitable mining of much lower ore grades. However, many companies in the sodium cyanide market for mining industry too often spill cyanide, releasing billions of gallons of contamination into the environment. In order to avoid accidents from occurring, companies should adhere to the regulations of the country they conduct business in such as the European Chemicals Agency (ECHA), which manages the administrative aspects of hazardous chemicals such as sodium cyanide.
The sodium cyanide market for mining industry is expected to surpass the valuation of US$ 1.8 Bn by 2027, as the extraction of ores using sodium cyanide is considered as the gold standard for mining operations. Orica— a provider of commercial explosives and blasting systems to the mining industry, is increasing its production capabilities in solid and liquid cyanide by adhering to the ICMC (International Cyanide Management Code) compliance.
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Cyanide- and Mercury-free Alternative Reagents Hinder Market Growth
The sodium cyanide market for mining industry is expected to progress at a modest CAGR of ~4% throughout the assessment period, as the upfront cost of installing the infrastructure of a processing plant that uses cyanide typically requires several million dollars. Environmental and safety concerns have always been barriers to market growth. Moreover, the Commonwealth Scientific and Industrial Research Organization (CSIRO) has newly introduced a cyanide- and mercury-free alternative reagent known as thiosulfate, which is contributing toward a cost-effective and environment-friendly gold recovery process. Hence, companies in the sodium cyanide market for mining industry should increase their involvement with the ICMI to support safe and efficient use of cyanide.
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