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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-820x461.jpeg" alt="" class="wp-image-477062" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. 
Chalinee Thirasupa | Bloomberg | Getty Images</figcaption></figure>



The gold mining industry is struggling to sustain production growth as deposits of the yellow metal become harder to find, according to the World Gold Council.



“We’ve seen record first quarter mine production in 2024 up 4% year on year. But the bigger picture, I think about mine production is that, effectively, it plateaued around 2016, 2018 and we’ve seen no growth since then,” WGC Chief Market Strategist John Reade said.



According to data from the international trade association, mine production inched up only 0.5% in 2023 compared to a year ago.



In 2022, the growth was 1.35% year on year, the year before it was 2.7%, while in 2020, global gold production logged the first decline in a decade, sliding 1%.



“I think the overwhelming story there is: after 10 years of rapid growth from around 2008, the mining industry is struggling to report sustained growth in production,” said Reade.



New gold deposits are becoming harder to find around the world as many prospective areas have already been explored, he elaborated.



Large-scale gold mining is capital-intensive, and requires significant exploration and development, taking an average of 10 to 20 years before a mine is ready for production, according to WGC.



Even during the exploration process, the likelihood of a discovery progressing into the development of a mine is low, with only about 10% of global gold discoveries containing sufficient metal to warrant mining.



Around 187,000 metric tons of gold has been mined to date, with the majority coming from China, South Africa and Australia. Gold reserves that can be excavated are estimated at around 57,000 tonnes, according to the United States Geological Survey.



Aside from the discovery process, government permits getting harder to secure and requiring more time to come through have made mining more difficult, Reade added. Securing licenses and permits needed before mining companies can start operations can take several years.



Additionally, many mining projects are planned for remote areas that require infrastructure such as roads, power, and water, resulting in added costs in building these mines and financing operations, Reade said.



“It’s getting harder to find gold, permit it, finance it, and operate it,” he said.



Gold prices are taking a breather after rallying to record highs in recent months bolstered by strong demand led by China. Spot gold is currently trading at $2,294.3 per ounce.

107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="675" height="380" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1.png" alt="" class="wp-image-483480" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1.png 675w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1-160x90.png 160w" sizes="auto, (max-width: 675px) 100vw, 675px" /><figcaption class="wp-element-caption">Picture Alliance | Picture Alliance | Getty Images</figcaption></figure>



AI use is fast becoming the norm in the workplace, but some workers are still worried that they’ll receive flak if their colleagues find out.



AI firm Anthropic and work management platform Asana released their new 2024 State of AI at Work report on Wednesday, which surveyed 5,007 knowledge workers in the U.S. and U.K. about their view of AI adoption in the workplace. Knowledge workers can be roughly described as expert white-collar workers who use analytical skills.



It found that over a quarter of workers surveyed were concerned that they’d be perceived as “lazy” if they used AI at work. Another 23% said they were afraid of being labeled “frauds” for using AI at work.



And a third said they’re worried that AI will replace humans altogether.



This is partly because companies are not providing clear guidelines around AI use in the workplace, Rebecca Hinds, head of Asana’s Work Innovation Lab, told CNBC Make It in an interview.



“That’s where we start to see the fear of the perception of laziness, the fear of the perception of feeling like a fraud most significantly, because the organizational context is not conducive to facilitating an environment where people feel empowered to use AI,” Hinds said.



Overall, generative AI adoption in the workplace is up, both in the U.S. and the U.K., according to the survey.



In the U.S., 57% of workers are using generative AI tools weekly, a jump from 46% just nine months ago. In the U.K., 48% of workers are using generative AI tools weekly — compared with 29% nine months ago.



Around 60% of workers across the U.S. and U.K. expect to use generative AI even more in the coming six months.



The high adoption rate is largely because workers are seeing improved productivity with 69% reporting higher productivity gains as a result.



There’s growing enthusiasm among workers to incorporate AI in their work, but they don’t feel particularly supported by their companies.



An overwhelming 82% of workers say their organization hasn’t provided any training for employees on using generative AI. That lack of communication could be driving workers’ worries about whether it’s acceptable for them to use AI at work.



In addition to incorporating policies around AI, companies also need to explain how AI will change workers’ roles, according to Hinds.



“Companies are not looking closely enough at the importance of principles as well, so not just what are you allowed to do with the technology but also, what’s the technology fundamentally aimed at doing, and what is the value of the technology for our specific work?” she said.



“How do we envision our new role as a human alongside this new transformative technology? That gives employees confidence.”



Meanwhile, there’s also a gap between executives and individual workers on perceptions of AI use.



Nearly a quarter of executives said their company has a designated budget for investing in generative AI tools for employees, according to the survey, but only 9% of workers said the same.



Additionally over two-thirds of executives feel enthusiastic about AI use in the workplace but only half of workers say the same — with concerns about being replaced driving these apprehensions.



Hinds explained that these fears are most present in companies in the early stages of incorporating AI.



“The stage four, and stage five companies that have started to implement guidelines have started to position AI as a teammate, not a tool. That’s when we see that the perceived threats really lessen in any organization,” she added.



Ultimately when companies provide more resources and training, workers can use AI in a more “psychologically safe” environment, according to Hinds.

1675956289-63dd4efae33c4000193ae0c2copy-1

Some workers using AI are worried that colleagues will see them as ‘lazy’ and ‘frauds,’ survey finds

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