In this list, we will take a look at 15 countries that produce the most gold.
Gold is one of the most valuable metals in the world, due to its rarity and rather attractive physical appearance. It is also one of the most stable metals in the periodic table, particularly when compared to others such as lithium which combusts upon the slightest contact with water.
Gold has a wide variety of uses. Most of these involve its use as jewelry and as a store of value. After the U.S. dollar, gold is thought to be the most safe investment, with the only drawback being that it offers a potential investor return only in the form of price appreciation. Gold prices are also among the most closely watched during economic turmoil, such as the one which has gripped the world throughout 2022. Hawk eyed investors continually eye gold prices when the U.S. dollar is appreciating, with the belief that capital will flood to gold as soon as the dollar weakens.
Gold is used in food, electronics, the engine compartment of the McLaren F1, and medicine, alongside jewelry as we mentioned above. It is predominantly extracted through hard rock mining, which involves removing rock from the mine and then searching for gold later on. This methodology involves digging deep into the Earth to extract the rocks, and it is also a hazardous process as ventilation becomes key to ensure that miners have breathable air and all toxins are removed. Some of the deepest mines in the world are gold mines, such as the Mponeng Mine in South Africa which has a depth of a whopping four kilometers beneath the Earth’s surface.
The global gold market is expected to be worth $189 billion by the end of this year after growing at a compounded annual growth rate of 3% from 2017 and from an initial value of $163 billion. Major players in the industry include Vale S.A. (NYSE:VALE), Kinross Gold Corporation (NYSE:KGC), and AngloGold Ashanti Limited (NYSE:AU).
Our Methodology
We used data from the World Gold Council for our piece today. It is one of the oldest market development organizations in the world, after being set up in 1987, with members including the largest gold companies in the world.
Countries That Produce the Most Gold
15. Democratic Republic of the Congo
Tons of Gold Produced in 2021: 63
The Democratic Republic of the Congo is the second largest country in Africa and the 11th largest in the world. Its economy is worth $121 billion, with a GDP per capita of $1,316. It was estimated in 2008 that Congo is home to a whopping $24 trillion worth of natural resources. The country produced 63 tons of gold last year. Other materials mined in Congo include diamonds, copper, tin, and lithium.
14. Republic of the Sudan
Tons of Gold Produced in 2021: 85
The Republic of the Sudan is an Eastern African country that was the largest country in Africa in terms of land mass before South Sudan seceded from it in 2011. Owing to its proximity to Egypt and the river Nile, Sudan traces its roots to some of the oldest civilizations in human history. The country has a $203 billion GDP with a per capita value of $4,442. Sudan is home to a host of different minerals and metals, such as cement, chromium, gypsum, potassium, and iron ore. The country is also one of the largest gold producers in Africa, but it is plagued with gold smuggling as vast amounts often remain unaccounted for. Sudan produced 85 tons of gold in 2021.
13. Federative Republic of Brazil
Tons of Gold Produced in 2021: 90
The Federative Republic of Brazil, or simply Brazil, is one of the most prosperous nations in South and Latin America. It has a GDP of $3.6 trillion, which is the ninth largest in the world, and the country is also a founding member of the G20. Brazil also had the largest share of wealth in South America in 2010. The country has a vibrant mining industry, and it was the second largest iron ore exporter in 2021. It also mines coal and gemstones, alongside other metals such as copper, tin, aluminum, and manganese. Brazil produced 90 tons of gold in 2021. Some mining companies operating in gold mines in the country are Vale S.A. (NYSE:VALE), Kinross Gold Corporation (NYSE:KGC), and AngloGold Ashanti Limited (NYSE:AU).
12. Republic of Mali
Tons of Gold Produced in 2021: 98.7
The Republic of Mali is an African landlocked country and it gained independence from France in 1960. Mali has seen significant political turmoil in its history, with military coups, resource conflicts, and bloody protests. Gold is one of the primary contributors to Mali’s economy, which was worth $44 billion in 2018. Alongside gold, the African nation also produces diamonds. The Republic of Mali’s gold production, as of 2021, equaled 98.7 tons, making it the fourth largest gold producer in Africa.
11. Burkina Faso
Tons of Gold Produced in 2021: 102.8
Burkina Faso is another African landlocked country that gained its independence from France in 1960. Since then, the country has seen multiple military coups, and it changed its name from Upper Volta to Burkina Faso in 1984. Burkina Faso’s economy was worth $45 billion in 2020, and it had one of the lowest GDP per capita of $926 in the same year. Gold and gems are the largest sources of the country’s exports, which then leaves it at the mercy of global gold markets. Alongside gold, Burkina Faso also relies on cotton for its economic growth. As of 2021, the country had produced 102.8 tons of gold.
10. Republic of Uzbekistan
Tons of Gold Produced in 2021: 104.9
The Republic of Uzbekistan is a central Asian country that gained independence from the Soviet Union in 1991. It traces its roots back to the eighth century BC, in the form of the Persian nomads called the Scythians. Modern day Uzbekistan has a GDP of $335 billion with a GDP per capita of $9,530. Uzbekistan is the largest gold mining country among the former Soviet states after Russia and has the fourth largest gold reserves in the world. Metallurgy is an important domestic industry in the country, and it produced 104.9 tons of gold last year.
9. Republic of South Africa (RSA)
Tons of Gold Produced in 2021: 113.6
The Republic of South Africa (RSA) is a prosperous African nation that is also the only African country that is part of the G20. Its economy is worth $924 billion with a per capita GDP of $15,361. South Africa was one of the first countries to gain independence from the United Kingdom, in the form of the Statute of Westminster in 1931. The country has a large mining industry which has fueled its economic growth in the past but has gotten smaller over time. South Africa mines chrome, manganese, platinum, zirconium, rutile, and coal. Its gold production was 113.6 tons in 2021.
8. Republic of Indonesia
Tons of Gold Produced in 2021: 117.5
The Republic of Indonesia is a Southeast Asian country that gained its independence from the Japanese in 1945, as Japan fell after losing the second world war. It has a $1.3 trillion economy with a GDP per capita of $14,638. Indonesia is also the only Southeast Asian country that is a member of the G20. The country is a global tourism hub due to its beautiful beaches and welcoming culture. Indonesia is home to copper, nickel, gold, tin, asphalt, petroleum, natural gas, diamond, and gold mines. It produced 117.5 tons of gold last year.
7. United Mexican States
Tons of Gold Produced in 2021: 124.5
The United Mexican States, or Mexico, is a North American country. It is one of the largest manufacturing countries in the world, particularly in the area of car production. This is due to its border with the United States of America – which provides companies an opportunity to use low manufacturing costs and sell at a premium in America. The Mexican economy is worth $2.9 trillion with a GDP per capita of $22,440 and the country is also one of the world’s largest corn producers. Its mining production was worth $16.68 billion in 2021, with precious metals accounting for more than half of the pie. Mexico produced 124.5 tons of gold in 2021.
6. Republic of Peru
Tons of Gold Produced in 2021: 127.3
The Republic of Peru is a South American company touching the Pacific Ocean. The country traces its history to some of the oldest civilizations of the world, dating as far as 10,000 BCE. It was once home to the Inca Empire, one of the largest empires in America before Christopher Columbus landed on its shores. Peru produced 124.5 tons of gold last year, and the country ranks among the largest producers of copper and silver as well.
As demand for gold increase, major companies like Brazil are Vale S.A. (NYSE:VALE), Kinross Gold Corporation (NYSE:KGC), and AngloGold Ashanti Limited (NYSE:AU) are expected to profit in the future.
5. United States of America
Tons of Gold Produced in 2021: 186.8
If there’s one list that isn’t led by the United States of America, it’s gold mining. While having the largest nominal economy in the world and the highest defense and astronautics budget, alongside the biggest stock markets and corn production, America is the fifth largest gold producer in the world. The country produced 186.8 tons of gold last year, and it also mines coal, cement, and copper.
4. Canada
Tons of Gold Produced in 2021: 192.9
Canada is one of the most developed countries in the world that relies on natural resources and trade networks for its economy. The Canadian economy was worth $2.2 trillion in 2022, and its GDP per capita stood at $56,794. Canada is also one of the largest countries in terms of land mass. Unlike other developed nations, the country continues to operate a vibrant mining industry. It ranks among the largest producers of potash, iron, copper, nickel, zinc, gypsum, lithium, and other metals. Canada is also the fifth largest gold producer in the world, after having produced 192.9 tons in 2021.
3. Commonwealth of Australia
Tons of Gold Produced in 2021: 315
The Commonwealth of Australia, or simply Australia, is the world’s sixth largest country in terms of land mass. It is also home to one of the oldest civilizations in the world, with the Australian Aboriginals arriving in the country during the ice age more than 60,000 years ago. The Australian economy was worth $1.6 trillion this year, and it had a GDP per capita of $66,408. Mining continues to be a strong part of the economy, with Australia leading the world in the production of crucial minerals such as uranium, iron, lithium, copper, and coal. As is evident through its inclusion in our list, Australia is also one of the largest gold producers in the world, having churned out a massive 315 tons last year.
2. Russian Federation
Tons of Gold Produced in 2021: 330.9
The Russian Federation is the world’s largest country in terms of land mass. It is also rich in mineral resources, and exports petroleum, natural gas, aluminum, palladium, and copper among other minerals. Tracing its roots back to the Soviet era, mining in Russia is concentrated in the hands of a few key and large players. The bulk of its gold deposits is located in Siberia and the Russian Far East. Additionally, the Russian gold industry is unique in the sense that foreign companies hold large stakes in it. The country produced 330.9 tons of gold in 2021.
1. People’s Republic of China (PRC)
Tons of Gold Produced in 2021: 332.9
The People’s Republic of China (PRC), or China, is the world’s most populous country and the largest economy in terms of purchasing power parity (PPP). Chinese civilization is one of the oldest and richest, as it dates back to the 21st century BCE and is thought to have contributed to the invention of mathematics and gunpowder. It mines metals such as iron, gold, copper, mercury, tungsten and platinum.
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Disclosure: None. 15 Countries That Produce the Most Gold is originally published on Insider Monkey.
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