Gold is one of the most valuable and sought-after metals on the planet, playing a key role in the global economy. It is used not only in the jewelry industry, but also in electronics, medicine, and as an investment instrument. Gold mining is an important sector for many countries, and its volume can have a significant impact on economic stability.
The purpose of this article is to provide an overview of countries involved in gold mining and consider what factors influence this process. We will look at the top 10 countries in terms of production volumes, and also pay attention to other countries that are actively developing this sector.
By reading this article, you will get a complete picture of the current state of global gold production, and find out which countries are the key ones players in this sector and how this affects the global economy.
Ranking of countries for gold production 2023
According to the US Geological Survey, global gold production in 2022 was at the level of production in 2021 year. But what is the current level of production and which countries produce the most gold? Let's look at which countries mine the most of the yellow metal using the most recent data.
In the table, do not confuse the source reserve with the gold and foreign exchange reserve. The last one is the country's gold reserves, which are kept by Central Banks.
1. China
Production: 330 million tons
In 2016, gold production in China reached a peak of 455 million tons. It has not fallen below 300 million tons already more than ten years. This stable production ensures China's place among the leaders in gold-mining countries, which it has held for more than ten years. It accounts for 10.5% of global production and is the world's leading consumer of gold jewelry.
Despite encouraging foreign investment in the late 1990s and early 2000s, the gold mining industry is dominated by state companies. Some of the largest companies include China Gold International Resources, Shandong Gold and Zijin Mining Group.
In addition to the mining industry, China has large gold smelters. As part of the One Belt, One Road initiative, Chinese companies explore and develop deposits in other countries in Asia and Africa, and then send raw materials for processing to China.
2. Australia
Production: 320 million tons
Gold production in Australia this year was again at a high level and reached 320 million tons, an increase of 5 tons more than in the previous year. Gold mining occurs in large operations throughout the country, with the five largest gold mines located in different states. The most productive is Newcrest Mining's Cadia mine in New South Wales.
Exploration in the Pilbara region of Western Australia has renewed interest in the region and contributed to an increase in the country's stable gold production. Although the Pilbara region is best known as one of the world's largest producers of iron ore, gold exploration and mining is now intensifying here thanks to a major discovery made in 2017 by Novo Resources and Artemis Resources.
3. Russia
Production: 320 million tons
The volume of gold production in Russia has been growing over the past few years: from 255 million tons in 2017 to 320 million tons in 2022. According to Statista forecasts, the country's production will reach almost 400 million tons by 2030.
According to the US Geological Survey, Russia's gold reserves amount to 6,800 million tons, making it the second country in terms of reserves after Australia.
Despite high production and reserves, Russian gold continues to have problems entering world markets following the invasion of Ukraine in February 2022. Leading producers were suspended from trading on the London Bullion Market Association (LBMA), forcing Russian businesses to seek alternative markets, particularly the BRICS countries and other Asian countries such as Kazakhstan.
4. Canada
Production: 220 million tons
In 2022, gold production in Canada decreased by a slight 3 million tons compared to 2021, but the country still However, it managed to improve its status, moving from its former fifth place in the largest producer of the yellow metal. Canada's gold production has been growing in recent years, reaching 175 million tonnes in 2019.
The country's largest gold-producing provinces are Ontario and Quebec, which account for more than 70% of Canada's gold production. According to the Canadian government, gold is the country's most valuable mined commodity, with C$13.7 billion worth of the precious metal mined in 2021.
Additionally, the "golden triangle" British Columbia is a hotbed of geological exploration. This region is home to the Brucejack Company gold mine.
