What is Data Validation
Data validation is performed by cross referencing reports produced by PMM against reports produced by other global reporting bodies. These other reporting bodies include: peak bodies, geological survey organisations, state and national government agencies, intergovernmental organisations (IGO), non-governmental organisations (NGO), royalty companies and most importantly the mining companies themselves. Comparisons require that “apples are being compared with apples”, which necessitates developing a set of definitions which can be found here.
Data Validation Dashboard
The table below shows the Precious Metals Mining (PMM) annual production in troy ounces for silver and gold compared to: the World Gold Council (WGC), the Silver Institute (SI), the United States Geological Survey (USGS), the British Geological Survey (BGS) and World Mining Data (WMD) for the years between 2019 and 2024.
Dashboard Variances
Comparing the figures above, three issues clearly emerge in terms of the quality of output of various reporting systems.
First, countries with poor transparency and reporting histories, appear to show the biggest differences. These countries include: China, Russia, Russian satellite countries, mostly in the Commonwealth of Independent States (CIS) and less developed sub Saharan African countries.
Second, the treatment of ASM production (artisanal and small-scale mining), which is, in many countries, is the largest estimated annual figure, is a key consideration.
Third, silver shows the largest under-reporting. This is because silver is commonly mined as a by-product. Once silver is properly valued, companies should start reporting mined volumes more accurately.
Peak Body Reporting
The World Gold Council (WGC) is the peak body for gold, globally. The Silver Institute (SI) performs the same role for silver.
Geological Surveys Reporting
Global data is provided by the United States Geological Survey (USGS) and the British Geological Survey (BGS). These reports usually lag the peak body reports by a year. World Mining Data (WMD) is another survey which has a global perspective. WMD is an arm of the Austrian Government.
Nation State Reporting
Reporting agencies of individual nation states include: Bureau of Statistics, Government Ministry of Mining, Chamber of Mining, Mining Associations, Geological Surveys and the national Central Bank.
Intergovernmental Organisation (IGO) Reporting
PMM reports are also compared against reporting from IGOs like EITI (Extractive Industry Transparency Initiative), the World Bank and the International Labour Organisation.