Global gold output reached over 3,000 tonnes in 2023, with China, Australia, and Russia continuing to be the major producers. China was in the lead, generating an estimated 370 tonnes, or almost 12% of the global output. Australia and Russia were in second and third, respectively, with 310 tonnes produced. These three nations firmly established their dominance in the gold business by producing almost one-third of the world’s gold.
The main producers are China (with three mines: Zijinshan Gold & Copper Mine, Shandong Gold Mines (Jiaojia and Xincheng Mines, Linglong Gold Mine), Australia (Super Pit (Fimiston Open Pit) Gold Mine, Boddington Gold Mine, Cadia Valley Gold Mine) and Russia (Olimpiada Gold Mine, Kupol Gold Mine, Blagodatnoye Gold Mine).
Canada and the United States were two other major producers, with 200 and 170 tonnes produced, respectively. This expansion was facilitated by important U.S. mines like Cortez and Turquoise Ridge. prominent mines like Bibiani and Obuasi also made substantial contributions to Ghana, the continent’s largest gold producer, solidifying the country’s standing as a prominent participant.
While some locations saw an increase in gold production, others faced difficulties due to increased costs and diminishing ore grades. For example, decreasing ore grades caused China’s gold production to slightly fall, even though the nation was still the world’s greatest producer. Nevertheless, this did not stop China’s central bank from buying 225 tonnes of gold in 2023, making it the largest buyer in the world.
Gold recycling increased by 9% in 2023 as a result of the metal’s high prices, which were partially caused by inflationary pressures and geopolitical unpredictability. The industry persevered in spite of obstacles including rising energy prices and outdated mines in nations like South Africa (which only produced about 100 tonnes).
Looking ahead, the need for more effective mining methods, environmental initiatives, and changing demand patterns across a variety of sectors, especially in jewellery and investment, will probably change the global gold production landscape.
| Country | Production (metric tons) | % Of World (Production) |
| China | 370 | 12.33% |
| Australia | 310 | 10.33% |
| Russia | 310 | 10.33% |
| Canada | 200 | 6.67% |
| United States | 170 | 5.67% |
| Kazakhstan | 130 | 4.33% |
| Mexico | 120 | 4.00% |
| Indonesia | 110 | 3.67% |
| South Africa | 100 | 3.33% |
| Uzbekistan | 100 | 3.33% |
| Peru | 90 | 3.00% |
| Ghana | 90 | 3.00% |
| Brazil | 60 | 2.00% |
| Mali | 60 | 2.00% |
| Tanzania | 60 | 2.00% |
| Burkina Faso | 60 | 2.00% |
| Other countries | 700 | 23.33% |
| World total | 3,000 |
Source: Mineral Commodity Summaries, January 2024, U.S. Geological Survey
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