So which nations are producing probably the most gold? Right here the Investing Information Community outlines which nations mined the many of the yellow steel in 2023 utilizing the newest output numbers from the US Geological Survey. The group notes that international gold manufacturing totaled 3,000 metric tons (MT) final 12 months, down 60 MT from 2022.
1. China
Gold manufacturing: 370 metric tons
China was the world’s high gold mining nation in 2023 with output of 370 metric tons. Whereas China’s gold output peaked at 455 MT in 2016, it hasn’t dipped under 300 MT in additional than a decade. This constant manufacturing continues to make sure the China’s standing because the world’s high gold producer.
China’s gold mining business is dominated by state-owned operators. Among the largest firms embody China Gold Worldwide Sources (TSX:CGG,HKEX:2099), Shandong Gold (HKEX:1787) and Zijin Mining Group (HKEX:2899).
China additionally hosts main gold-smelting operations. Its Belt and Street Initiative has resulted in Chinese language firms exploring and creating websites elsewhere in Asia and Africa, subsequently sending uncooked assets again to China for refinement.
Along with being the highest producer of gold in 2023, China was the most important shopper of gold at 1,089.69 metric tons. China’s central financial institution was the largest purchaser of the valuable steel in 2023, including 225 metric tons of gold to its coffers through the 12 months to deliver its complete to 2,235 MT.
2. Australia
Gold manufacturing: 310 metric tons
Australia’s 2023 gold manufacturing got here in at 310 metric tons, largely on par with the earlier 12 months’s 314 MT.
Gold is mined at a slew of main operations within the nation, with the highest 5 gold mines all positioned in numerous states. The highest-producing mine is high producer Newmont’s (TSX:NGT,NYSE:NEM) Boddington mine in Western Australia, which produced 589,000 ounces by means of the primary three quarters of 2023.
Australia hosts the world’s largest gold reserves at 12,000 MT, and has an essential function within the international provide of gold. It contributed AU$24 billion to the Australian economic system within the 2022/2023 interval.
2. Russia
Gold manufacturing: 310 metric tons
Gold manufacturing from Russia got here in at 310 metric tons in 2023, the identical because the prior 12 months. The nation’s output has risen pretty considerably since 2017, when it produced solely 255 MT of gold.
The US Geological Survey states that Russian gold reserves stand at 11,100 MT, making it the second largest nation for reserves after Australia. Nevertheless, regardless of excessive manufacturing and reserves, Russian gold has had issues reaching world markets for the reason that nation’s invasion of Ukraine in February 2022. In response, Russian operators have sought out different markets, significantly the BRICS nations and different Asian nations like Kazakhstan.
4. Canada
Gold manufacturing: 200 metric tons
For 2023, gold manufacturing in Canada was 200 metric tons, down a marginal 6 MT from 2022.
Ontario and Quebec are the most important gold-producing provinces within the nation; collectively, they characterize greater than 70 p.c of Canada’s gold output. The Canadian authorities states that gold is the nation’s most beneficial mined commodity, with home exports reaching C$22.34 billion price of the valuable steel in 2022.
Moreover, BC’s Golden Triangle is a hotbed for exploration. The area hosts Newmont’s Brucejack gold mine and Crimson Chris copper-gold mine, the latter of which is a 70/30 three way partnership with Imperial Metals (TSX:III,OTC Pink:IPMLF). Junior firms like Goliath Sources (TSXV:GOT,OTCQB:GOTRF) have additionally made vital discoveries within the area, which has additional fueled optimism in regards to the area’s potential.
5. United States
Gold manufacturing: 170 metric tons
In 2023, the Unites States produced 170 metric tons of gold, down barely from the 173 MT it produced in 2022. Whereas that may be a marginal lower, it continues a development of manufacturing declines from 2017, when the US produced 237 MT of gold.
In line with the US Geological Survey, the highest state for manufacturing of the yellow steel was Nevada, which accounted for 73 p.c of complete home manufacturing, adopted by Alaska with 13 p.c. The highest 27 operations within the nation have been chargeable for 97 p.c of American gold output in 2023.
An evaluation of US gold assets reveals that the nation has roughly 33,000 MT of gold in recognized and undiscovered assets. The US Geological Survey notes that near 1 / 4 of the gold in undiscovered assets could be present in copper porphyry deposits. Gold reserves within the US are estimated at 3,000 MT.
6. Kazakhstan
Gold manufacturing: 130 metric tons
Kazakhstan’s 2023 gold output of 130 metric tons represents continued progress within the nation’s manufacturing of the yellow steel, up from simply 69 MT produced in 2016. Kazakhstan’s largest gold-mining operation is the Altyntau Kokshetau mine, which is owned by mining large Glencore (LSE:GLEN,OTC Pink:GLCNF).
In August 2023, Anglo-Russian firm Polymetal Worldwide (AIX:POLY), one in every of Kazakhstan’s largest producers, delisted from the London Inventory Trade in a transfer geared at severing the hyperlink between its Kazakhstan and Russian subsidiaries; it did so in response to tensions ensuing from Russia’s invasion of Ukraine. It stays listed on the Astana Worldwide Trade in Kazakhstan and has main operations within the nation.
7. Mexico
Gold manufacturing: 120 metric tons
Mexico has a protracted historical past of gold mining; the truth is, the Spanish colonization of Central America within the early and mid-1500s was largely concentrating on gold and silver. As we speak, Mexico is among the many international leaders in gold manufacturing, extracting 120 metric tons in 2023. Valuable metals account for 50 p.c of the nation’s complete steel output.
Whereas a lot of Mexico’s gold mining is managed by international entities, one of many largest operations, the Herradura mine — owned by Mexico Metropolis-based Fresnillo (LSE:FRES,OTC Pink:FNLPF) — produced 355,485 ounces of gold, or about 10.08 MT, within the firm’s 2023 fiscal 12 months. The mine represents greater than half of Fresnillo’s gold manufacturing and generates a few quarter of the corporate’s complete adjusted income.
8. Indonesia
Gold manufacturing: 110 metric tons
The mining business is one in every of Indonesia’s most essential sectors, and the nation is among the many world’s high producers of nickel, copper and gold. In 2023, Indonesia produced an estimated 110 metric tons of gold, up 5 MT over the prior 12 months.
Indonesia is dwelling to a number of massive gold operations. The most important is the Grasberg Mining District, a three way partnership between Freeport-McMoRan (NYSE:FCX) and Indonesia’s state-owned Indonesia Asahan Aluminium. In 2023, the realm produced 1.98 million ounces of gold, or 56.1 MT; it has an estimated 23.9 million ounces contained in mineral reserves.
9. South Africa
Gold manufacturing: 100 metric tons
In 2023, South Africa produced 100 metric tons of gold, up from 89 MT in 2022. An estimated one-tenth of worldwide gold reserves are positioned within the nation, and its Witwatersrand Basin is likely one of the largest gold assets on this planet.
South Africa has been a high gold producer for many years, however between 1980 and 2018 the nation’s gold output fell by 85 p.c. Lately, South Africa has been the location of conflicts between the Affiliation of Mineworkers and Building Union (AMCU) and gold producers within the space. The AMCU has held many protests and strikes at a number of gold and platinum mines within the hopes of garnering extra wages and stopping any mergers that would trigger job losses.
Energy outages have been creating additional strife for South Africa’s gold business. Restricted energy technology within the nation has brought about rolling blackouts, together with for miners, nearly all of that are related to the nation’s energy grid.
10. Uzbekistan
Gold manufacturing: 100 metric tons
Uzbekistan produced 100 metric tons of gold in 2023, consistent with its output over the past decade.
Operated by Navoi Mining and Metallurgical Firm, Uzbekistan’s Muruntau gold mine is likely one of the largest gold operations on this planet. Huge deposits of gold have been first found on the website within the Nineteen Fifties, and it nonetheless holds a number of the largest reserves on this planet at 4,500 MT. The invention marked the start of gold mining in Uzbekistan. The mine produces greater than 2.5 million ounces of gold per 12 months and is anticipated to proceed working into the 2030s.
Following the autumn of the Soviet Union in 1991, mining for the yellow steel fell to its all-time lows within the mid-Nineties. In 2019, the nation’s authorities introduced renewed funding into growth and exploration. Whereas that hasn’t but been mirrored in its annual manufacturing, upgrades at Muruntau scheduled to be accomplished in 2026 are anticipated to extend its output from 38.5 million to 50 million MT metric tons of ore per 12 months.
FAQs for gold investing
How is gold mined?
Gold is mined by a number of completely different strategies, together with: placer mining, hard-rock mining, by-product mining and by processing gold ore. The strategy a gold-mining firm chooses relies upon upon the dimensions, location, geological mannequin and metallurgy of the deposit in query.
What’s the manufacturing price of gold?
The price of producing gold varies from one miner to the subsequent, and is reported because the all-in sustaining price (AISC). AISC was first launched in 2013 by the World Gold Council. Deposit kind, vitality prices and inflation are the components which have the most important affect on AISC. The typical AISC for all the gold business is calculated by averaging the manufacturing prices of the most important gold producers. The typical AISC fluctuates with modifications in vitality prices and inflation.
Which nation is the most important proprietor of gold?
The nation with the most important central financial institution gold reserves is the US, which had 8,133.5 metric tons as of Could 2024. Most US central financial institution gold is held in deep storage in Denver, Fort Knox and West Level.
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Securities Disclosure: I, Dean Belder, at present maintain no direct funding curiosity in any firm talked about on this article.
