In this article, we discuss the 20 Countries That Produce the Most Gold in the World. If you want to skip our discussion of the gold industry, go directly to 5 Countries That Produce the Most Gold in the World.
Gold has been extremely valuable for ages. According to experts, about 209,000 tons of gold has been mined through out the human history. Gold is virtually indestructible which has led to a vast majority of the gold ever mined, still be in existence today.
The total above-ground stock of gold produced globally till date has been valued at approximately $12 trillion. This stock is distributed across various sectors. Jewelry comprises 46% of the total, amounting to around 95,547 tons valued at $6 trillion. Central banks hold 17%, equivalent to 35,715 tons valued at $2 trillion. Bars and coins represent 21%, totaling about 43,044 tons valued at $3 trillion. Physically backed gold ETFs account for 2%, approximately 3,473 tons valued at $0.2 trillion, and the remaining 15% is primarily allocated to industrial applications and holdings by financial institutions.
About three-quarters of the gold we get comes from mining, while the other quarter is recycled. In terms of mining, it is spread out quite evenly across the globe. No single country accounts for more than a quarter of the total haul. This setup helps keep things steady and lowers the chances of any major supply problems. That’s why gold tends to be less jumpy in price compared to other commodities.
Gold demand is widespread across the globe. Emerging markets, particularly China and India, account for approximately 75% of the annual global demand for gold. Rest of the demand comes from developing countries. Major companies like Newmont Corporation (NYSE:NEM), Barrick Gold (NYSE:GOLD), and Agnico Eagle Mines (NYSE:AEM) have been contributing immensely to these high levels of gold production.
Newmont Corporation (NYSE:NEM)
Newmont (NYSE:NEM) operates largely across North and South America, as well as in Asia, Australia, and Africa. The company’s production stood at a whopping 185.3 metric tons of gold in the year 2022.
With its plan of selling the Akyem golf mine in Ghana in March 2024, many buyers have shown interest given the rising gold prices. Chinese producers, however, have particularly presented keen interest in this sale initiation. Through Citigroup Inc. as its sale facilitator, Newmont has already gotten into talks with potential buyers.
Barrick Gold (NYSE:GOLD)
When it comes to mergers and acquisitions, Barrick Gold (NYSE:GOLD) has been at the forefront for almost last five years. A few of the recent mergers and acquisitions under their belt are the merger of their Nevada Assets with Newmont in 2019 and the acquisition of Randgold Resources in 2018.
Barrick Gold has quite a few top gold producing mines under its name. The Nevada Gold Mines being the most prominent one. Along with Nevada, they also own the Pueblo Viejo mine in the Dominican Republic and the Loulo-Gounkoto mine in Mali. These mines had an output of 22.2 metric tons and 21.3 metric tons of gold, respectively, in 2022.
Agnico Eagle Mines (NYSE:AEM)
In 2022, Agnico Eagle Mines (NYSE:AEM) extracted 97.5 metric tons of gold. They operate 11 mines in Canada, Australia, Finland, and Mexico. Among these, they fully own two of the world’s top gold-producing mines, namely, the Canadian Malartic mine in Quebec and the Detour Lake mine in Ontario. These mines were acquired from Yamana Gold in early 2023.
Furthermore, Agnico Eagle Mines has expanded its gold mineral reserves by 9%, now totaling 48.7 million ounces of gold, with a grade of 1.28 grams per metric ton of gold.
A closeup image of a miner holding a pile of gold nuggets, a representation of the company’s royalty.
Methodology
To identify the Countries That Produce the Most Gold in the World, we referred to data compiled by the World Gold Council, on annual gold production volumes by country in 2022. These 20 nations collectively contribute most of the world’s gold output. Interestingly, many of these countries face economic challenges despite their significant role in gold production, which is one of the most valuable metals globally. Now, let’s delve into the 20 Countries That Produce the Most Gold in the World.
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20. Tanzania
Gold Mining Production Volume: 50.9 Tons
Tanzania ranks as Africa’s fourth-largest producer of gold, following South Africa, Ghana, and Mali. Additionally, it stands as the world’s exclusive source of the unique gemstone, Tanzanite. From 2016 to 2021, Tanzania experienced a consistent decline in gold production, averaging a yearly decrease of 3.6%. However, projections suggest a modest growth is on the horizon, with an anticipated annual increase of 0.5% from 2022 to 2026.
19. Bolivia
Gold Mining Production Volume: 53.4 Tons
In December 2022, Bolivia’s gold production reached 53,386 kg, marking a notable rise from the 42,816 kg reported in December 2021. On average, from December 1990 to 2022, the country produced around 12,001 kg of gold, based on 33 recorded observations.
18. Colombia
Gold Mining Production Volume: 60.4 Tons
Colombia stands out as a major gold producer in South America. Over the years, its gold production has grown due to large-scale mining and artisanal miners. In 2022, Colombia ranked as the eighteenth largest gold producer globally, marking a 2% increase from 2021.
17. Guinea
Gold Mining Production Volume: 63.5 Tons
The Republic of Guinea ranked as the seventeenth largest gold producer, showing a 1% rise from 2021. From 2017 to 2021, Guinea’s gold production grew annually by 2%, but it’s projected to decline by 3.54% from 2022 to 2026. Guinea contributes 0.71% to global gold production.
16. Sudan
Gold Mining Production Volume: 80.1 Tons
In 2022, Sudan’s state mining services company, the Sudanese Mineral Resources Company, reported a record-breaking year with over 18 tons of gold produced. The majority of this gold came from the Hassai Gold Mine, located about 50 km northeast of Khartoum.
15. Kazakhstan
Gold Mining Production Volume: 81.9 Tons
As a prominent gold-producing nation, Kazakhstan boasts substantial reserves and ranks fifteenth on our list of 20 Countries That Produce the Most Gold in the World. The country’s central bank holds about $34.5 billion worth of gold domestically, accounting for roughly 56% of its total reserves. With a goal to diversify, the bank aims to reduce this to between 50% and 55%.
14. Brazil
Gold Mining Production Volume: 86.7 Tons
Brazil has a rich history when it comes to gold mining and production. The country has significant reserves and has been a major player in the global gold market. The country is responsible for almost 3% of the global gold production. The Amazon region is a major attraction for all scale operators. For large scale mining to artful mining by small scale miners, the area is popular for its gold deposits.
13. South Africa
Gold Mining Production Volume: 92.6 Tons
South Africa has historically been one of the largest producers of gold, producing 1 million kg in December 2023 alone! Harmony Gold Mining, AngloGold Ashanti, Gold Fields, Sibanye Stillwater and Northam Platinum are the most prominent producers of gold in the country. South Africa is a mineral rich country, with minerals like platinum, diamonds and coal mined throughout the country. Yet, gold remains one of the most important commodities when it comes to exports, which were whopping $22.7 billion in 2022.
12. Burkina Faso
Gold Mining Production Volume: 96.2 Tons
In 2020, gold made up 37% of Burkina Faso’s total exports and also its top export for the year. Mining of minerals is one of the most significant occupations in the country. An approximate of 10-30 tons of gold is mined through small scale mining which employees over one million people.
11. Mali
Gold Mining Production Volume: 101.7 Tons
Mali is one of Africa’s largest gold producers. According to mine minister, Lamine Seydou Traore, 25% of the national budget is accounted for, by gold. While it contributes to 10% of GDP and 75% of export earnings. However, it is also noteworthy that Mali’s mining industry is majorly dominated by foreign companies like Barrick Gold, B2Gold, Australia’s Resolute Mining and the British Hummingbird Resources.
10. Uzbekistan
Gold Mining Production Volume: 110.8 Tons
Uzbekistan ranks among the top ten gold-producing countries globally by volume. According to the latest data from the Uzbek State Committee for Geology, the country boasts 63 large-scale gold mining sites. These sites hold total reserves of over 2,500 tons of gold, with probable reserves (classified as C1 and C2) reaching 5,990 tons. Currently, at least nine of these sites are in the development stage, and there’s a likelihood that this number will increase soon.
9. Mexico
Gold Mining Production Volume: 124 Tons
Mexico has a prominent position in the global gold mining industry, alongside its renowned silver production. The country’s gold mining history dates back centuries, and it continues to be a significant player in the global gold market. In addition to large-scale mining operations, Mexico also has an artisanal and small-scale gold mining sector. In the year 2022, Newmont with its mining unit Peñasquito, stood as the leading gold producer, with a production of almost 566 thousand ounces.
8. Indonesia
Gold Mining Production Volume: 124.9 Tons
At present, Indonesia contributes approximately four percent to the global gold production. Half of this output comes from the massive Grasberg mine situated in the western part of Papua, which happens to be the largest gold mine worldwide. Majority ownership of the Grasberg mine lies with the American company Freeport-McMoRan Copper & Gold Inc.
7. Peru
Gold Mining Production Volume: 125.7 Tons
Peru is abundant in mineral resources, including gold, copper, silver, lead, zinc, and oil. Out of the total 1322 gold mines operational in the world, 127 of them are located in Peru. Apart from gold, on the global scale, Peru owns 12% of copper reserves, 3.9% of gold reserves, and 15.3% of silver reserves!
The mining sector plays a crucial role in Peru’s economy, generating significant foreign exchange and tax revenue that supports the country’s economic stability and growth. Peru ranks as the seventh largest producer of gold on our list of 20 Countries That Produce the Most Gold in the World.
6. Ghana
Gold Mining Production Volume: 127 Tons
Ghana, often referred to as the “Gold Coast,” holds the title as Africa’s largest gold producer. With a history dating back to the 15th century, gold mining remains a cornerstone of Ghana’s economy, accounting for over 40% of its total export earnings. Recent reports from the Ghanaian Times indicate that Ghana has reclaimed its top position in African gold production, overtaking South Africa following a notable decline in South Africa’s output the previous year.
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Disclosure: None. 20 Countries That Produce the Most Gold in the World is originally published on Insider Monkey.