Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
Global gold mining - statistics & facts
Gold has always been one of the world’s most precious and coveted metals, and the primary reason for its value is its rarity. Estimates on the global mine reserves of gold fluctuated slightly from year to year during the past decade, and in 2023 increased to 59,000 metric tons. The countries with the largest estimated reserves are Australia, Russia, and South Africa. Approximately 3,000 metric tons of gold was produced from mines worldwide in 2023. Currently, China is the world’s leading gold mining country, followed by Australia and Russia.
The world's top gold miners
Among gold mining companies, Newmont from the U.S. is the global leader, with a production output of 2.5 million ounces in the first half of 2023. Newmont's revenue amounted to 11.8 billion U.S. dollars in 2023. Barrick Gold and Agnico Eagle, both from Canada, were the world's next largest gold producers, respectively at that time. M&A activity in the gold mining sector is vibrant. In 2023, for example, Newmont acquired Newcrest Mining for 16.8 billion U.S. dollars.The United States' global position within the gold industry has prevailed long after the California Gold Rush
As the third-largest global gold producing country, the United States produced about 170 metric tons in 2023. Nevada is by far the U.S. state with the highest gold production volume, with seven out of the top ten U.S. gold mines located in the state. The United States reported that its gold consumption came to 250 metric tons in 2023. The country also has the largest gold holdings of any country worldwide by far: as of the second quarter of 2023, approximately 8,134 metric tons of gold was held by the United States.Gold industry dynamics
Over the last decade, global demand for gold has remained stable, sitting at 4,448 metric tons in 2023. As a result of the COVID-19 pandemic, however, several aspects of the gold industry were noticeably impacted, with gold demand having decreased to 3,760 metric tons in 2020, the lowest demand volume since 2009. This also influenced the global price of gold. Gold reached a record-high annual average price of 1,800 U.S. dollars per troy ounce in 2022. To put that figure into context, the price stood at 271 U.S. dollars per troy ounce in 2001. This makes it clear that gold is still one of the world’s most coveted commodities and one of the most rewarding investments.
