Ranking of Global Gold Production by Country in 2023

Ranking of Global Gold Production by Country in 2023
Published on: Jun 9, 2024

The latest production data from the United States Geological Survey (USGS) shows that the global gold production in 2023 totaled 3000 metric tons, marking a decrease of 60 metric tons compared to 2022.

In terms of prices, in May 2024, the price of gold hit a historical high of over $2,400 per ounce. The rise was attributed to escalating geopolitical tensions and uncertainty surrounding the United States’ presidential election in November. The driving force behind the increase in gold prices primarily came from the central banks of Turkey, China, and India engaging in gold purchases, as well as strong retail demand in Asia and emerging markets.

Here are the top 10 countries with the highest gold production in 2023:

  1. China (370 metric tons): China’s gold production peaked in 2016 at 455 metric tons, and in the past decade, it has never dropped below 300 tons. The gold mining industry in China is dominated by state-owned operators, including China Gold International Resources (TSX:CGG, HKEX:2099), Shandong Gold (HKEX:1787), and Zijin Mining Group (HKEX:2899). China is also a major gold refining nation, actively exploring and developing gold resources in Asian and African countries under the Belt and Road Initiative.
  2. Australia (310 metric tons): Australia’s gold production in 2023 remained largely unchanged from the previous year. It is also the country with the largest gold reserves globally, totaling 12,000 tons. The highest production comes from the Boddington mine in Western Australia, operated by Newmont Corporation (TSX:NGT) (NYSE:NEM), which produced 589,000 ounces of gold in the first three quarters of 2023. The gold mining industry contributed $24 billion to the Australian economy during the 2022-2023 period.
  3. Russia (310 metric tons): Since 2017 (255 tons), Russia’s gold production has increased significantly, it is also the second-largest gold reserve country globally after Australia, with reserves of 11,000 tons. However, after the outbreak of the Russia-Ukraine war, Russian gold sales faced challenges, prompting active search for alternative markets, particularly BRICS countries and other Asian countries like Kazakhstan.
  4. Canada (200 metric tons): Canada’s gold production in 2023 experienced a slight decrease of 6 tons compared to 2022. The two major gold-producing provinces, Ontario and Quebec, together accounted for over 70% of Canada’s gold production. Gold is Canada’s most valuable mining commodity, and the domestic exports amounted to $22.34 billion in 2022. Additionally, the Golden Triangle in British Columbia is a hotspot for gold exploration, with significant discoveries made by exploration and development companies like Goliath Resources (TSXV:GOT, OTCQB:GOTRF).
  5. United States (170 metric tons): Since 2017 (237 tons), gold production in the United States has continued to decline, with a minor 3-ton decrease in 2023 compared to the previous year. Nevada is the largest gold-producing state, accounting for 73% of the production, followed by Alaska (13%). Furthermore, the top 27 operators accounted for 97% of the gold production in the United States in 2023. The estimated undiscovered gold resources in the U.S. amount to approximately 33,000 tons, with nearly a quarter located within porphyry copper deposits. The estimated gold reserves in the U.S. stand at 3,000 tons.
  6. Kazakhstan (130 metric tons): Since 2016 (69 tons), Kazakhstan’s gold production has continued to increase. The largest gold mine is Altyntau Kokshetau, owned by Glencore (OTCPK:GLCNF). However, in August 2023, due to the Russia-Ukraine war, one of the biggest producers in Kazakhstan, Polymetal International (AIX:POLY), delisted from the London Stock Exchange.
  7. Mexico (120 metric tons): Mexico has a long history of gold mining, with precious metals accounting for 50% of the country’s metal production. The gold mining in Mexico is predominantly controlled by foreign companies. However, the Herradura mine, owned by Fresnillo (LSE:FRES, OTC Pink:FNLPF), produced 355,485 ounces (approximately 10.08 tons) of gold in the 2023 fiscal year, representing over half of Fresnillo’s gold production and approximately one-fourth of the total adjusted revenue.
  8. Indonesia (110 metric tons): In 2023, Indonesia’s gold production saw a slight increase of 5 tons, and the mining industry is also one of the most important sectors in the country. The largest gold mine in the country is the Grasberg Mining District, a joint venture between Freeport-McMoRan Inc (NYSE: FCX) and the Indonesian state-owned company Indonesia Asahan Aluminium. In 2023, this area produced 1.98 million troy ounces of gold, equivalent to approximately 56.1 metric tons, with estimated mineral reserves of 23.9 million troy ounces.
  9. South Africa (100 metric tons): South Africa’s gold production increased from 89 tons in 2022 to 100 tons in 2023. The gold reserves in South Africa account for one-tenth of the global total, with the Witwatersrand Basin being one of the largest gold resource areas in the world. South Africa has been the largest gold-producing country globally for decades, but gold production declined by 85% between 1980 and 2018. In recent years, the mining industry in South Africa has been riddled with conflicts and strikes between mining unions and gold producers, while power shortages have also constrained the industry’s development.
  10. Uzbekistan (100 metric tons): Over the past decade, Uzbekistan’s gold production has remained relatively stable, with the Muruntau mine operated by the Navoi Mining and Metallurgical Company being one of the largest gold mines globally, with reserves of 4,500 tons. The mine produces over 2.5 million troy ounces of gold annually and is expected to operate until the 2030s. With the scheduled upgrade of the Muruntau gold mine set to be completed in 2026, the annual ore production at the mine is expected to increase from 38.5 million tons to 50 million tons.

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