mining production of gold in the world

top 10 largest gold producing countries in the world (2018) - bizvibe

top 10 largest gold producing countries in the world (2018) - bizvibe

The global gold market continues to remain highly lucrative through 2018, and the market continues to be dominated by some of the worlds largest gold producing countries who are also some of the worlds largest gold-consuming markets. Despite the ups and downs of global gold demand and gold prices over the recent years, gold is still well-acknowledged as one of the most popular jewelry materials and investment commodities around the world, therefore attracting a huge number of buyers and traders in the global market.

According to the latest report from Thomson Reuters, the global gold market has witnessed a significant growth in both gold production and gold demand over the last several decades gold production surged from just 1,518 tonnes in 1917 to 3,169 tons in 2016 (and peaked in 2015 at 3,217 tons), representing a growth rate of 1.5% per annum by far. Meanwhile, global gold demand was estimated at US$127 billion in 2016.

Gold production is spread all over the world, but China has been maintaining the title of the largest gold producing country in the world since 2006. Today, China accounts for over 15% of the global gold production, while Asia produces 22% of the worlds total gold production; Central and South America together accounts for 17% of the worlds gold output; North America contributes around 15%; Africa produces 20% and the CIS region represents 14% of the global gold production. Apart from mining production, gold recycling also accounts for one-third of the total gold products output every year.

When it comes to price, the global gold price skyrocketed from averagely US$ 696.77 per troy ounce in 2007 to US$1668.69 per ounce in 2012, driven by the global financial crisis. As global economies began to slowly recover from the crisis the price of gold decreased. In 2015, the average price of gold was US$ 1159.8 marking a 30% drop in 4 years. However, it is expected that the gold price will gradually increase again in 2017-2018, due to the uncertainty of the world economy and rising amount of safe haven investments.

The USGS estimates that China mined 455 metric tons of gold in 2016. Since gold began to be mined in the 1970s, gold production in China has rapidly increased. China overtook South Africa in 2007 as the number one in the worlds largest gold producing countries. Chinas major gold production regions are generally located in the east of the country, in the eastern provinces of Shandong, Henan, Fujian, and Liaoning. Most of the gold mined in China is domestically consumed as jewelry. The demand for gold in most of the western countries has decreased over the last decade while Chinas demand has increased dramatically. Today, China is also the largest gold consumer in the world, representing 27.9% of global gold consumption, ahead of Indias share of 26.5%.

Australia is the worlds second-largest producer of gold, mining an estimated 270 metric tons of gold in the same year. Mining is a primary industry in Australia and a major contributor to the countrys economic growth. With the worlds highest gold reserves of 9,500 tons, gold mining is playing an essential part in Australias overall mining industry, since gold is now the countrys third-largest export earner after iron ore and coal.

Russia, which is the worlds third-largest gold producing country, is also one of the top gold buyers in the world. Its production remained steady in 2016, achieving an output of 250 metric tons but the country seeks to expand production in gold to 400 tons by 2030. According to U.S.G.S, Russia holds 8,000 metric tons of gold reserves, making it the worlds second highest gold reserves after Australia.

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lowest cost gold mines in the world for first quarter 2019 - gold telegraph

lowest cost gold mines in the world for first quarter 2019 - gold telegraph

Gold has been a medium of exchange for thousands of years. It is easy to carry, and its very rarity makes it a valuable commodity. While we cant be certain how much gold remains undeveloped, the cost of finding and mining gold is increasing. First, new deposits need to be discovered and explored; then the find must be analyzed. Only then can a mining company bring the equipment to extract the precious ore.

Its a long and expensive process from ore to gold bullion, and the price of gold must keep up with the cost of production. Its important to remember, however, that every ounce of gold produced will be around forever because of its physical properties.

Due to higher production costs, mining companies need to operate efficiently. In 2019, the average all-in sustaining costs (AISC) of mining for gold rose to $1,000 per ounce from $988 per ounce in the last quarter of 2018. Indications are that the major mining companies can control their cost of production and keep their operations cost-efficient. This is excellent news for investors.

Below is a list created by Mining Intelligence of the top primary gold production companies and their production costs. A primary gold operation is a mining company which derives 80 percent of its revenues from gold production.

Six of the top 10 lowest cost mines shown have seen their costs decline during Q1 2019, led by Kirkland Lakes Fosterville located in Australia. Fosterville Mine has been the leader in cost efficiency for the past two quarters. Their gold production rose to 356,230 ounces in 2018, with 400,000 ounces anticipated by the end of 2019.

Barricks Pueblo Viejo in the Dominican Republic also tops the charts for worlds lowest gold production cost at below $550 an ounce in 2019. Barrick mined 581,000 ounces of gold in 2018 at a cost of $623 per ounce. The company has announced a billion-dollar expansion project.

A welcome addition to the top-ten list is the Canadian-based Semofas Natougou-Boungo mine located in Burkina Faso. This open pit mine has shown considerable promise while keeping mining operation costs at $534 an ounce.

top 10 gold producing countries

top 10 gold producing countries

Gold is one of the rarest elements in the world, making up roughly 0.003 parts per million of the earths crust. But how much gold is the world digging up each year and what countries produce the most?

In 2019, global gold mine production was a reported 3,463.7 tonnes down one percent from the year prior and the first year-over-year decline in output since 2008. Gold production has remained relatively steady since 2010, raising the question Ive explored over the years have we reached peak gold?

The idea is that all the easy gold has already been discovered and explorers have to dig deeper to find economically viable deposits. For example, South Africa was once the top gold-producing country by far, digging upover 1,000 tonnes in 1970, but annual output has fallen steadily since. On the other hand, several nations have emerged in the last few years as growing gold producers.

As seen in the chart below, China takes the number one spot of global gold producers by a wide margin. The top 10 rankings saw a big shift in 2019 Russia took the lead over Australia to claim second, Indonesia fell off the list and Brazil joined the ranks as the tenth largest producer. Ghana also jumped ahead of South Africa to become the continents top producer.

For many years, China has been the top producing nation, accounting for 11 percent of global mine production. However, production fell from nearly 400 tonnes last year, representing the third consecutive year of declines. The downtrend is largely due to tighter environmental policies imposed by the government. For example, stricter control over the use of cyanide at gold mines forced several operations to cut back production.

A massive 83 percent of European gold comes from Russia, which has been increasing its production every year since 2010. Russia took the lead over Australia to become the worlds second largest producer mining 50 tonnes more in 2019 than the year prior. Who is the largest buyer of Russian gold? The Russian government, of course, which purchases around two-thirds of all gold produced locally.

Australia has posted seven consecutive years of increases in production, up by 4 percent in 2019. The minerals industry produces over half of Australias total exports and generates about 8 percent of GDP. Higher production at several mines and the ramp of projects such as Mount Morgans and Cadia Valley contributed to increased production.

American gold output fell by 11 percent in 2019, ending five consecutive years of growth. Twelve states produced the gold, worth about $8.9 billion and accounting for 6.1 percent of the global total. Around 78 percent of gold produced in the U.S. is from Nevada. If the state was considered a country, it would be number six on this list with 173.6 tonnes mined in 2019.

Canada has held the number five spot for three years now, even with a slight decrease in output in 2019. New projects in Nunavat, Yukon and Quebec are expected to support stronger output in 2020. Canadas gold mine production is estimated to grow by a compound annual growth rate of 2.7 percent from 2019 to 2023 to reach 7.6 million ounces.

Gold output fell for a fourth consecutive year in Peru largely due to crackdowns on illegal mining operations in the La Pampa region and lower grades at existing projects. Mining is a significant portion of Perus economy and accounts for over 28 percent of the regions total output.

Ghana is Africas largest producer of gold, beating out South Africa for the top spot in 2019, and is also known for its reserves of various industrial minerals. Industry majors such as AngloGold Ashanti and Gold Fields have shifted their focus from South Africa to Ghana where deposits are cheaper and easier to mine. The West African nation has around 1,000 metric tons of reserves and moved up to number seven on the list from 10 last year.

Once the top gold-producer in the world by a wide margin, South Africas gold mines have been slowing every year since 2008, with the exception of 2013 when production rose by a few tonnes. The nation is struggling with rising costs for electricity and labor, with many mines closing due to unprofitability. South Africa is, however, still home to the worlds deepest gold mine, the Mponeng mine, extending 2.5 miles underground.

Although production fell for a fourth consecutive year, Mexico remains a competitive gold source. Output has risen from just 50.8 tonnes in 2008 to over 130 tonnes in 2017, one of the largest increases in a nine-year span. Mexico is an attractive place for mining due to a relatively low cost of regulation. The 2019 slowdown is attributed to disputes between local communities and contractors.

Brazil produced 10 more tonnes of gold than the year prior to make the number 10 spot on this list. Illegal mining activity has risen sharply in the last five years in the heart of the Amazon rainforest. President Jair Bolsonaro has pushed the country to develop the Amazon economically and tap its mineral riches.

ranked: world's top 10 biggest gold mines

ranked: world's top 10 biggest gold mines

Despite being adversely affected by the covid-19 pandemic, global gold production still surpassed 100 million ounces in 2020 and is expected to bounce back this year as economies continue to recover and miners ramp up operations.

To see which mining operations were the biggest contributors to the worlds gold output, and sister company MiningIntelligence collaborated to provide a ranking of the top gold producers based on production for the 2020 calendar year.

All in sustaining costs (AISC) arecalculated from quarterly reported costs and production. AISC takes into account administrative, exploration, reclamation and other sustaining costs not just cash production costs.(Freeport does not report AISC at Grasberg but a Total Cost figure that includes depreciation,depletionandamortizationand other non-cash items).

Taking top spot is Polyus largest mining operation, Olimpiada, located in one ofRussias most prolific gold mining provinces. The mine began production in 1996 and currently accounts for nearly half of the Moscow-based companys total gold output. Even though production in 2020 was impacted by a decline in ore grades processed, resulting in a 14% y-o-y decline, Olimpiada claimed the number 1 spot.

In second place is a Barrick-Newmont joint venture, Pueblo Viejo in the Dominican Republic, located about 100 km northwest of the capital city of Santo Domingo. Project development started in 2009, and reached first production in 2012. Barrick previously announced that it would spend $1.3 billion to extend the mines life and unlock over 11 million ounces of reserves.

Once the worlds top producer, the giant Grasberg mine operated by Freeport McMoRan in the Indonesian province of Papua fell to third place this past year. In 2020, mine production was cut by rising covid-19 infections in the region, which resulted in a reduction in workforce. At its peak in 2001, the mine complex produced more than 3.5 million ounces of gold that year.

In fourth place is Newcrests Cadia Valley operations in New South Wales, Australia, comprising the Cadia East underground panel cave mine and the Ridgeway underground mine, currently under care and maintenance. In October 2020, an expansion of the Cadia mine was approved, which would see output rise by 1.8 million ounces over its mine life. Cadias low all in sustaining costs (AISC) benefited from mined copper and molybdenum production credits as well as the timing of sustaining capital expenditure.

Taking fifth place is the Barrick-operated Kibali mine in the Democratic Republic of the Congo. Kibali, the first underground mine to be built in the African nation, is currently one of the worlds most highly automated underground gold mines. In Q3 2020, Barrick integrated a new battery technology into the mines power grid, further reducing its energy costs and carbon footprint.

Rounding out the rest of the rankings are: Cortez in Nevada (Barrick), the Lihir mine in Papua New Guinea (Newcrest), Loulo Gounkoto in Mali (Barrick), the Boddington open-pit mine in Australia (Newmont), and the Fosterville underground mine (Kirkland Lake Gold), also in Australia.

Notable omissions from the list include the Muruntau mine operated by Uzbekistans Navoi Mining & Metallurgical Combinat. We omitted Murantau because the miner does not disclose production data or AISC to the public. MiningIntelligence estimates gold production to be about 2 million ounces each year, which makes it the biggest gold mine in the world.

Another omission is Barricks Carlin Trend operations in Nevada, jointly owned with Newmont. As the reported production figures from Carlin of 1,665koz in 2020 is an aggregated production number from numerous operations, MiningIntelligence could not determine which of the operations within this large cluster of mines contributed the most gold.

gold production top countries 2020 | statista

gold production top countries 2020 | statista

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gold production in world 2005-2020 | statista

gold production in world 2005-2020 | statista

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gold demand worldwide by industry share 2020 | statista

gold demand worldwide by industry share 2020 | statista

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