Gold Prices Surge Due to Economic Instability Caused by COVID-19 Crisis

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.

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.

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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Analysts’ Viewpoint

Artificial intelligence (AI)-enabled cyanide monitoring solutions are helping companies in the sodium cyanide market for mining industry to deliver due diligence in onsite and offsite operations during unprecedented times of the coronavirus pandemic. Manufacturers are increasing efforts to offer a seamless supply of products with a dedicated support in regulatory needs such as licensing and compliance monitoring. However, cyanide- and mercury-free alternative reagents are likely to affect market growth. Hence, companies should increase their involvement with the ICMI, and comply with regulations of government authorities such as the ICMC to ensure safe handling of cyanide whilst delivering industry-led innovations in products.

Sodium Cyanide Market for Mining Industry: Overview

  • According to Transparency Market Research’s latest research report on the global sodium cyanide market for mining industry for the forecast period of 2020 to 2027, increase in usage of sodium cyanide in mining of gold, silver, and precious metals is expected to boost the global sodium cyanide market for mining industry during the forecast period
  • Sodium cyanide remains stable at high temperatures in complete absence of carbon dioxide, air, and moisture. Furthermore, sodium cyanide is widely used in gold mining, due to its high affinity toward metals.
  • In terms of revenue, the global sodium cyanide market for mining industry is estimated to exceed US$ 1.8 Bn by 2027, expanding at a CAGR of ~4% throughout the forecast period

Lowest Environmental Impact among Alternative Gold Ore Processing Methods: A Key Driver

  • Sodium cyanide leaching process has lower environmental impact vis-à-vis other leaching chemicals available such as bromine, chlorine, and thiourea
  • Several other biological media are under consideration to recover gold from ores; however, a more cost-effective and productive method than leaching with cyanide has not been developed yet
  • In certain circumstances, a few methods may show promise; however, for a good oxide gold ore, sodium cyanide leaching is usually the best leach method for the recovery of yellow precious metal
  • Thiosulfate leaching is a process that extracts gold from gold bearing ores without the use of cyanide. It is not as aggressive a leaching agent as cyanide; however, thiosulfate offers several technological advantages such as lower toxicity and greater efficiency with gold deposits associated with preg-robbing ores. It is still not commercialized to the extent where it can challenge the penetration of the sodium cyanide-based leaching process.
  • Thus, the lowest environmental impact among alternative gold ore processing methods is expected to drive the demand for the sodium cyanide leaching process

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.’
  • Demand for flotation reagents, such as sodium cyanide, has been increasing due to the declining quality of gold and silver ores. Sodium cyanide, being cost-effective, is widely used in the extraction of gold. Prices of gold have been volatile since the last few years. Therefore, manufacturers are focused on the extraction of gold from deeper mines that have been winding down. Consequently, there has been a surge in demand for sodium cyanide.
  • Consumption of sodium cyanide per ton of ore processed has been increasing as the average content of gold has been declining gradually across the globe

Sodium Cyanide Market for Mining Industry: Competition Landscape

  • Detailed profiles of manufactures of sodium cyanide have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • 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
    • Wesfarmers Limited

Sodium Cyanide Market for Mining Industry: Key Developments

  • Key players such as Cyanco, The Chemours Company, Australia Gold Reagents, Orica Chemicals Pty, and Sasol are focusing on geographical expansion to capture untapped markets. Major developments in the global sodium cyanide market for mining industry are highlighted below:
  • On September 26, 2018, Cyanco expanded its manufacturing capacity at its plant in Winnemucca, Nevada, the U.S. The company is likely to expand its production plant of 35,000 metric tons of solid sodium cyanide per annum in U.S. The expansion is anticipated to strengthen the company’s position in the global sodium cyanide market.
  • On February 22, 2017, CyPlus Idesa S.A.P.I de C.V. officially opened its sodium cyanide production plant with an inauguration ceremony in Coatzacoalcos (Veracruz, Mexico). The new sodium cyanide plant has capacity of 40,000 metric tons and uses state-of-the-art hydrocyanic acid and cyanide technologies.
  • In the global sodium cyanide market for mining industry report, we have discussed individual strategies, followed by company profiles of manufacturers of sodium cyanide. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global sodium cyanide market for mining industry.

Sodium Cyanide Market for Mining Industry – Scope of the Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global sodium cyanide market for mining industry to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the sodium cyanide market for mining industry, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the sodium cyanide market for mining industry will progress during the forecast period of 2020 to 2027.

The report offers intricate dynamics about the different aspects of the sodium cyanide market for mining industry that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the sodium cyanide market for mining industry during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the sodium cyanide market for mining industry, and estimate statistics related to the market progress in terms of volume (thousand tons) and value (US$ Mn).

This study covers a detailed segmentation of the sodium cyanide market for mining industry, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the sodium cyanide market for mining industry, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Sodium Cyanide Market for Mining Industry

The report provides detailed information about the sodium cyanide market for mining industry on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the sodium cyanide, so as to help them make successful strategies and take target-driven decisions.

  • Which form of sodium cyanide market for mining industry will emerge as a major revenue generator for the market during the forecast period?
  • How are key market players successfully earning revenue out of the advantages of sodium cyanide?
  • What will be the Y-o-Y growth of the sodium cyanide market for mining industry between 2020 and 2027?
  • What are the winning imperatives of market frontrunners in the sodium cyanide market for mining industry?

Research Methodology – Sodium Cyanide Market for Mining Industry

The research methodology adopted by analysts for combining the sodium cyanide market for mining industry report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the sodium cyanide market for mining industry.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the sodium cyanide market for mining industry.

For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the sodium cyanide market for mining industry.

Sodium Cyanide Market for Mining Industry – Segmentation

TMR’s research study assesses the global sodium cyanide market for mining industry based on form and region. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the sodium cyanide market for mining industry.

Form

  • Solid
  • Liquid

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Sodium Cyanide For Mining Industry Market

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