Gold is one of the rarest elements in the world, making up roughly 0.003 parts per million of the earth’s crust. But how much gold is the world digging up each year and what countries produce the most? . Prior to 2006, South Africa was the world’s largest gold producer. However, with the country’s declining output in the subsequent years, the global gold production figures have changed dramatically. In 1970, South Africa was the dominant producer digging up over 1000 tons of gold. Production has steadily declined and today they rank 8th in world gold production with 123.5 tons.
There are several factors which impact gold production declines. These include rising costs, environmental issues and the clampdown on illegal mining.
The global output for gold in 2018 was 3,323 tons (about 76 tons more than the previous year). According to Gold Field Mineral Services, a part of Thomson Reuters since 2011, the following is a list of the world’s leading gold-producing countries as of today. World gold production is quoted in metric tonnes which is equal to 2201.62 pounds.
With an annual production of 399.7 tons, China was the largest gold producer in 2018, down from426.1 tons in 2017. Its Zhaoyuan city located in Shandong province is nicknamed “the official city of gold”. Local gold demand in China surged in the early 1990's when the Chinese government passed legislation to make gold buying easier for the public.
The country’s gold production has declined 2018 for the past two years due to the government’s focus on curbing polluting methods of mining gold. However, China still produces about 13% of global gold.
Australia produced 312.2 tons of gold in 2018 to win the second place on the list. Australia is home to one of the largest gold reserves of the world; a majority of which still remains to be accessed. The Boddington gold mine near Perth is the largest gold mine in the country.
Russia produced 281.5 tons of gold in 2018. It is the largest gold producer in Europe. The country aims to increase its gold production to 400 tons annually by 2030. Incidentally, the Russian government is the currently the largest buyer of its own gold production and the largest buyer of world production.
The United States was the fourth largest gold producer in 2018 producing 253.2 tons of gold during 2018, a 10% increase from the previous year. The gold mines of Nevada alone produced 75% of gold and are followed by the gold mines in Alaska in terms of annual output.
Canada produced 193.0 tons of gold in 2018. A few years ago, a gold field was accidentally discovered in the country due to the shift in a glacier at British Colombia. A major part of the Canadian gold comes from the Canadian Shield region. The show Gold Rush is stellar and depicts gold production from the Yukon Provence.
In 2018, Indonesia replaced Peru as the sixth largest producer of gold generating 162.3 tons of gold.. The island nation posted the biggest production increase in 2018 at 23 percent, or 36 tons. A high-grade development in Freeport McMoran’s giant Grasberg open pit operation drove most of the gains, with producing nearly 40 percent of the country’s total gold output. The Indonesian government has been restructuring environmental and taxation policies, which were negatively impacting the mining industry for a few years.
This South American country is the seventh largest producer of gold. It generated 155.4 tons of gold in the year 2018. The gold mining here has declined due to the government’s crackdown on illegal gold mining. This is a major cause of worry in this region because illegal mining leads to deforestation of the Amazon flora.
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About the Company
Ely Gold Royalties Inc. is a Vancouver-based emerging royalty company with development assets focused in Nevada and the Western US. Its current portfolio includes 33 Deeded Royalties and 21 Optioned Properties including two separate royalties on the Isabella Pearl Mine. The portfolio is currently generating significant revenue.
Ely Gold’s royalty portfolio includes producing royalties, fully permitted mines, mines under construction and development projects that are being permitted for mine construction.