Sodium Cyanide Market for Mining Industry Growing Trade Among Emerging Economies Opening New Business-Opportunities

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.

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Sodium Cyanide Market for Mining Industry: Introduction

Transparency Market Research delivers key insights on the global sodium cyanide market for mining industry. In terms of revenue, the global sodium cyanide market for mining industry is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global sodium cyanide market for mining industry.

The global sodium cyanide market for mining industry has been positively impacted by the rise in production of gold, silver, and other precious metals across the globe. Thus, increase in production of gold, silver, and other precious metals is propelling the global sodium cyanide market for mining industry.

The price of gold reached an all-time high in August 2020 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 2021 when the pandemic subsides in various countries. Then trend will help to boost the demand for sodium cyanide.

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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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Sodium Cyanide Market for Mining Industry: Prominent Regions

In terms of value, Asia Pacific was the lucrative region of the global sodium cyanide market for mining industry in 2019. The region is expected to remain highly lucrative during the forecast period, due to high gold mining activities and presence of large numbers of sodium cyanide manufacturers. China and Australia are the leading countries in terms of the gold production in Asia Pacific. Gold production in China and Australia stood at more than 380 tons and 325 tons, respectively, in 2019. China and South Korea are the leading manufacturers and exporters of sodium cyanide in the world. 

Middle East & Africa was another key region of the global sodium cyanide market for mining industry in 2019. Ghana and South Africa were the leading countries in terms of gold production in the region in 2019. Ghana and South Africa’s gold production stood at 142.4 tons and 118.2 tons, respectively, in 2019. Furthermore, Africa holds 50% of total gold reserve in the world. Demand for the sodium cyanide is expected to be high in the region during the forecast period.

Latin America is a lucrative region of the global sodium cyanide market for mining industry. Peru, Mexico, and Brazil are the prominent countries in the region in terms of gold production. These countries produced 143 tons, 111 tons, and 106 tons of gold, respectively, in 2019. Latin America has vast mineral wealth and mining-friendly government policies that attract investments from across the world. The region is leading importer of sodium cyanide, as demand for sodium cyanide is much higher than local production. Thus, companies are increasingly investing in the Latin America to tap into the rising demand for sodium cyanide.

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Sodium Cyanide Market for Mining Industry: Key Players

Key players operating in the global sodium cyanide market for mining industry are Cyanco, Australian Gold Reagents Pty Ltd, Orica Limited, Asahi Kasei Corporation, Sasol, The Chemours Company, Evonik, Changsha Hekang Chemical Co., Ltd., Draslovka, Gujarat Alkalies and Chemicals Limited, PJSC LUKOIL, Taekwang Industry Co, Ltd., American Elements, and Wesfarmers Limited.

Increase in Applications of Sodium Cyanide in Gold and Silver Mining

Sodium cyanide is one of few chemical reagents that dissolves gold in water. It is a common industrial chemical that is readily available at a reasonably low cost. For technical and economic reasons, sodium cyanide is the chemical of choice for the recovery of gold from ores. Sodium cyanide has been employed in metal extraction since 1887. Currently, it is safely utilized and managed in gold recovery around the world. Highly diluted solutions of sodium cyanide, typically in the range of 0.01% and 0.05% cyanide (100 to 500 parts per million), are used in gold mining operations.

Sodium cyanide is employed in mining to extract gold (and silver) from ores, particularly low-grade ores and ores that cannot be readily treated through simple physical processes such as crushing and gravity separation. Use of water-based solutions to extract and recover metals, such as gold, is called ‘hydrometallurgy.’

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