As of 2023, the global identified economic gold reserves are estimated by the US Geological Survey to be just 59,000 MT. The bulk of these reserves are centred on Australia, Russia, and South Africa, the three major nations that control the world’s gold market. Together, these countries possess a sizeable amount of the world’s gold reserves.
With an estimated 12,000 metric tonnes of gold in the earth, Australia is home to some of the biggest gold reserves worldwide. Major mines like Boddington and the Super Pit contribute significantly to the production of gold, and these deposits are mainly located in the states of Western Australia and South Australia. Russia has reserves of 11,100 metric tonnes, ranking second. Siberia is the primary location for its production, as the region’s rich resources have enabled Russia to steadily increase its gold reserves despite geopolitical obstacles.
Despite the difficulty of extracting deeper deposits, South Africa is still a major player in gold reserves, despite a decline in production. It still has significant subterranean reserves in spite of this.
These enormous reserves will be essential to the future of gold mining and will establish these countries as major suppliers to the world’s expanding gold market. Significant gold reserves are also held by the United States, China, Indonesia, Brazil, Peru, and Canada.
There are about 3,000 metric tonnes of gold deposits under the ground in the United States. Nevada has the highest percentage of domestic production, followed by Alaska, and the United States is a prominent player in the worldwide gold mining industry. With important mines like Goldstrike and Cortez, Nevada’s Carlin Trend continues to be one of the most productive gold mining areas in the world.
At an estimated 3,000 metric tonnes, China has one of the world’s greatest in-ground gold reserves. Despite some regions’ diminishing ore grades, China continues to be the world’s top producer of gold, turning out about 370 metric tonnes annually. Significant mining firms involved in the development and expansion of these reserves include Zijin Mining, Shandong Gold, and China Gold International Resources.
Due in major part to the enormous Grasberg mine in Papua, one of the greatest gold deposits in the world, Indonesia possesses significant gold reserves. Even after moving to subterranean operations, Grasberg is still very important to the country’s gold output. Furthermore, promising exploration prospects exist, such as the Onto deposit in West Nusa Tenggara.
Brazil has about 2,400 tonnes of gold in the earth, with Minas Gerais having the greatest gold resources. With an annual production of nearly 549,000 ounces, the largest mine is Kinross Gold’s Paracatu Mine. Along with the Cuiabá, Jacobina, and Aurizona mines, which together produce over 1.4 million ounces annually, Vale’s Salobo Mine (380,000 ounces) is another important location.
With significant exploration efforts and fresh finds, Peru’s total gold reserves were estimated to be around 2,300 tonnes. Well-known miners like Newmont and Barrick Gold are aggressively investigating the area and growing their businesses there. For example, Barrick has been working on multiple projects, like as the Tres Marias project in the Puno area, and has been restocking its reserves.
An estimated 2,300 tonnes of gold are stored underground in Canada. The Detour Lake and Canadian Malartic mines, which will yield more than 600,000 ounces of gold per in 2023, are their biggest gold discoveries. The Meadowbank and Meliadine complexes in Nunavut are two other important locations.
| Country | Reserves (metric tons) | % Of World (Reserves) |
| Australia | 12,000 | 20.34% |
| Russia | 11,100 | 18.81% |
| South Africa | 5,000 | 8.47% |
| United States | 3,000 | 5.08% |
| China | 3,000 | 5.08% |
| Indonesia | 2,600 | 4.41% |
| Brazil | 2,400 | 4.07% |
| Canada | 2,300 | 3.90% |
| Peru | 2,300 | 3.90% |
| Uzbekistan | 1,800 | 3.05% |
| Mexico | 1,400 | 2.37% |
| Ghana | 1,000 | 1.69% |
| Kazakhstan | 1,000 | 1.69% |
| Mali | 800 | 1.36% |
| Tanzania | 420 | 0.71% |
| Other countries | 9,200 | 15.59% |
| Worlwide reserves | 59,000 |
Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2024
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