gold mining industry

Global mine production. 7 June, 2023 Demand and supply. Gold mining is a global business with operations on every continent, except Antarctica, and gold is extracted from mines of widely varying types and scale. At a country level, China was the largest producer in the world in 2022 and accounted for around 10 per cent of total global production.

The COVID-19 pandemic has affected the gold-mining industry and its workers. Production and costs could hinder what should be near-record profits, and how each company reacts will determine its long-term success.

The 10 largest gold mines are located across nine different countries in North America, Oceania, Africa, and Asia. Together, they accounted for around 13 million ounces or 12% of global gold production in 2021. Rank. Mine.

The gold industry remains one of the most fragmented industries in the mining sector (Exhibit 3). The top five gold producers contribute less than 20 percent of the world's total gold. In contrast, for most other metals, the top five producers make up between one-third and two-thirds of global production.

Gold mine production totalled 3,531 tonnes in 2019, 1% lower than in 2018, according to the World Gold Council. This is the first annual decline in production since 2008.

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...

The gold industry today finds itself at an inflection point between the recent era of cost-out initiatives and balance sheet deleveraging, and an increasing need to focus on growth and the replenishment of depleting gold reserves.

Currently, yearly gold mining produces 2% of the existing above-ground gold which is 158,000 tonnes (as of 2006). In 2008, gold mining produced 2,400 tonnes of gold, official gold sales close to 300 tonnes, and dehedging (physical delivery of metal sold months before by mining companies on terminal markets) close to 500 tonnes.

Gold Mining Operation: 10 - 30 years. The gold mining operation stage represents the productive life of a gold mine, during which ore is extracted and processed into gold. Processing gold involves transforming rock and ore into a metallic alloy of substantial purity – known as doré – typically containing between 60-90% gold.

Gold mining is a global industry with operations on every continent except Antarctica, and gold is extracted from mines of widely varying types and scale. The World Gold Council and our member companies support the responsible mining and trading of gold from all legitimate sources.