First published by Money Metals here:
https://www.moneymetals.com/news/2018/01/25/gold-mining-energy-consumption-001386
While the gold mining industry reports energy as only 15-20% of its total production costs, the total amount consumed by the industry is much higher. The market underestimates the amount of energy consumed by the gold mining industry because of the way it is listed in their financial statements. Thus, it takes a great deal more energy to produce gold than the market realizes.
