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200 Years of Global Gold Production, by Country
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Rank | Country | 2022E Gold Production, tonnes | % of Total |
---|---|---|---|
#1 | 330 | 11% | |
#2 | 320 | 10% | |
#3 | 320 | 10% | |
#4 | 220 | 7% | |
#5 | 170 | 5% | |
#6 | 120 | 4% | |
#7 | 120 | 4% | |
#8 | 110 | 4% | |
#9 | 100 | 3% | |
#10 | 100 | 3% | |
#11 | 90 | 3% | |
#12 | 70 | 2% | |
- | 🌍 Rest of the World | 1,030 | 33% |
- | World Total | 3,100 | 100% |
North American countries Canada, the U.S., and Mexico round out the top six gold producers, collectively making up 16% of the global total. The state of Nevada alone accounted for 72% of U.S. production, hosting the world’s largest gold mining complex(including six mines) owned by Nevada Gold Mines.
Meanwhile, South Africa produced 110 tonnes of gold in 2022, down by 74% relative to its output of 430 tonnes in 2000. This long-term decline is the result of mine closures, maturing assets, and industrial conflict, according to the World Gold Council.
Interestingly, two smaller gold producers on the list, Uzbekistan and Indonesia, host the second and third-largest gold mining operations in the world, respectively.
The Outlook for Global Gold Production
As of April 25, gold prices were hovering around the $2,000 per ounce mark and nearing all-time highs. For mining companies, higher gold prices can mean more profits per ounce if costs remain unaffected.
According to the World Gold Council, mined gold production is expected to increase in 2023 and could surpass the record set in 2018 (3,300 tonnes), led by the expansion of existing projects in North America. The chances of record mine output could be higher if gold prices continue to increase.
Govind graduated from the University of British Columbia with a Bachelor of International Economics before joining Visual Capitalist as a Writer. He is focused on trends in commodities, mining, and energy but occasionally strays into other topic areas. Govind is an avid coffee drinker and loves a flat white.
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