Throughout 2024, the price of gold has skyrocketed, hitting new all-time highs multiple times. The last occurred on July 15, when it increased to $2,468.40 USD. Gains for the precious metal have occurred despite a turbulent backdrop of high interest rates as countries attempt to combat inflation, geopolitical crises, and a highly charged US presidential contest.
Due to these conditions, several investors have included gold as a safe-haven asset to their portfolios. The price of the yellow metal has been supported, in part, by the central banks’ emergence as significant purchasers.
Which nations are therefore producing the most gold? Here, the US Geological Survey’s most recent output figures are used by Investing News Network to show which countries extracted the greatest yellow gold in 2023. The group reports that, compared to 2022, the world’s gold production decreased by 60 metric tons (MT) to 3,000 MT last year.
1. China
Gold production: 370 metric tons
China produced 370 metric tons of gold in 2023, making it the leading gold-mining nation in the world. China’s gold production hasn’t fallen below 300 MT in for than ten years, despite reaching a peak of 455 MT in 2016. China remains the world’s largest producer of gold because to this steady output.
State-owned companies dominate China’s gold mining sector. Among the biggest are Zijin Mining Group (HKEX:2899), Shandong Gold (HKEX:1787), and China Gold International Resources (TSX:CGG, HKEX:2099).
Big operations for smelting gold are also located in China. Chinese enterprises have been investigating and developing locations across Asia and Africa as a result of its Belt and Road Initiative, and they are then returning raw materials to China for further processing.
China was not only the world’s largest producer of gold in 2023, with 1,089.69 metric tons consumed, but it was also the biggest consumer. China’s central bank, which added 225 metric tons of gold to its reserves throughout the year to increase its total to 2,235 MT, was the biggest purchaser of the metal in 2023.
2. Australia
Gold production: 310 metric tons
Australia produced 310 metric tons of gold in 2023, roughly equal to the 314 MT produced the year before.
Numerous significant enterprises across the nation mine gold; the top five mines are spread across multiple states. The leading producer is the Boddington mine in Western Australia, operated by Newmont (TSX:NGT,NYSE:NEM), which produced 589,000 ounces during the first three quarters of 2023.
With 12,000 MT of gold reserves, Australia leads the world’s gold supply and plays a significant role in the global gold market. In 2022–2023, it made AU$24 billion in economic contributions to Australia.
3. Russia
Gold production: 310 metric tons
Russia produced 310 metric tons of gold in 2023, the same amount as the year before. The nation produced just 255 MT of gold in 2017, a considerable increase in output.
According to the US Geological Survey, Russia has 11,100 MT of gold reserves, which makes it the second-largest reserve nation behind Australia. But since the nation’s invasion of Ukraine in February 2022, Russian gold has struggled to find a home in international markets, despite the country’s large production and reserves. As a result, Russian companies have started looking for other markets, especially in the BRICS and other Asian states like Kazakhstan.
4. Canada
Gold production: 200 metric tons
Canada produced 200 metric tons of gold in 2023, a little decrease of 6 MT from 2022.
The two provinces that produce the most gold in Canada are Ontario and Quebec combined, accounting for almost 70% of the nation’s total gold production. According to the Canadian government, gold is the most valuable mineral that is mined in the country; in 2022, domestic gold exports will total C$22.34 billion.
The Golden Triangle in British Columbia is also a hotspot for exploration. The Brucejack gold mine operated by Newmont and the Red Chris copper-gold mine, which is a 70/30 joint venture with Imperial Metals (TSX:III,OTC Pink:IPMLF), are located in the region. Significant finds have also been discovered in the area by junior firms like Goliath Resources (TSXV:GOT,OTCQB:GOTRF), which has increased confidence in the region’s prospects.
5. United States
Gold production: 170 metric tons
The United States produced 170 metric tons of gold in 2023 as opposed to 173 MT in 2022, a little decrease. Even though it is only a slight drop, it carries on a downward production pattern that began in 2017 when the US produced 237 MT of gold.
As to the US Geological Survey, Nevada was the state with the highest production of yellow metal, accounting for 73 percent of the total domestic production. Alaska came in second with 13 percent. In 2023, the top 27 operations in the nation produced 97% of the gold produced in the United States.
According to an evaluation of US gold resources, the nation contains 33,000 MT of known and unknown gold reserves. According to the US Geological Survey, over a quarter
6. Kazakhstan
Gold production: 130 metric tons
With 130 metric tons of gold produced in 2023, Kazakhstan has continued to increase its output of the yellow metal, having produced just 69 MT in 2016. Owned by mining behemoth Glencore (LSE:GLEN,OTC Pink:GLCNF), the Altyntau Kokshetau mine is Kazakhstan’s largest gold-mining facility.
One of Kazakhstan’s biggest producers, the Anglo-Russian Polymetal International (AIX:POLY), delisted from the London Stock Exchange in August 2023 in an attempt to cut ties with its Russian subsidiaries. The company took this action in response to tensions brought on by Russia’s invasion of Ukraine. It continues to have significant operations in Kazakhstan and is listed on the Astana International Exchange.
7. Mexico
Gold production: 120 metric tons
Mexico has a lengthy history of gold mining; in fact, gold and silver were the main targets of Spanish colonization of Central America in the early and middle of the sixteenth century. Mexico is currently one of the top producers of gold in the world, with 120 metric tons expected to be extracted in 2023. Half of the metal produced in the nation is made up of precious metals.
Although foreign companies control a significant portion of Mexico’s gold mining industry, one of the biggest operations, the Herradura mine, is held by Mexico City-based Fresnillo (LSE:FRES,OTC Pink:FNLPF). In the company’s fiscal year 2023, 355,485 ounces of gold, or approximately 10.08 MT, were produced. About 25% of Fresnillo’s total adjusted revenue and over half of the company’s gold production come from this mine.
8. Indonesia
Gold production: 110 metric tons
One of Indonesia’s most significant economic sectors is mining, and the nation leads the world in nickel, copper, and gold production. With a 5 MT increase over 2022, Indonesia produced an anticipated 110 MT of gold.
Numerous sizable gold operations are located in Indonesia. The largest is the joint venture between Indonesia’s state-owned Indonesia Asahan Aluminium and Freeport-McMoRan (NYSE:FCX), called the Grasberg Mining District. The region produced 1.98 million ounces of gold, or 56.1 MT, in 2023; the estimated amount of gold in its mineral reserves is 23.9 million ounces.
9. South Africa
Gold production: 100 metric tons
From 89 MT in 2022 to 100 MT in 2023, South Africa produced gold. The nation is home to one of the greatest gold resources in the world, the Witwatersrand Basin, which is estimated to contain ten percent of all gold reserves worldwide.
Although South Africa has been a leading producer of gold for many years, the country’s gold output decreased by 85% between 1980 and 2018. Conflicts between the Association of Mineworkers and Construction Union (AMCU) and local gold producers have occurred in South Africa in recent years. In an effort to demand higher pay and prevent mergers that would result in job losses, the AMCU has staged numerous strikes and rallies at a number of gold and platinum mines.
There have been power outages
10. Uzbekistan
Gold production: 100 metric tons
In 2023, Uzbekistan produced 100 metric tons of gold, which is consistent with what it produced ten years prior.
One of the biggest gold mines in the world is located in Uzbekistan and is administered by Navoi Mining and Metallurgical Company. At 4,500 MT, the site still has some of the world’s greatest gold reserves, which were first discovered there in the 1950s. With this discovery, Uzbekistan’s gold mining industry got underway. The mine is anticipated to run into the 2030s and generates more than 2.5 million ounces of gold annually.
The mid-1990s saw the lowest levels of yellow metal mining since the Soviet Union’s collapse in 1991. The nation’s government declared in 2019 that it will be increasing funding for exploration and development. Its yearly production hasn’t yet shown that, but improvements at Muruntau, which are planned to be finished in 2026, should boost it from 38.5 million to 50 million MT metric tons of ore annually.