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In recent years, African countries have taken significant steps to strengthen their gold reserves, positioning themselves favourably amidst global economic uncertainty. For 2022, gold production in Canada was down a marginal 3 MT from 2021, but the nation still managed to increase its status from the fifth largest producer of the yellow metal. Ghana: With 8.74 metric tons of gold, Ghana maintains a significant position in Africa's gold landscape. Essakane, Burkina Faso. Ghana remains the only African country to appear in the top 10. It was estimated in 2008 that Congo is home to a whopping $24 trillion worth of natural resources. Read about our approach to external linking. Obviously the pandemic contributed to this slowdown last year, but we may also be seeing the consequences ofsteadily shrinking exploration budgets. January 31, 2023. In terms of companies, Barrick Gold's majority-owned Nevada Gold Mines is the single largest gold-mining complex in the world, producing about 3.5 million ounces a year. Uzbekistan is the largest gold mining country among the former Soviet states after Russia and has the fourth largest gold reserves in the world. African Countries Bolster Gold Reserves Amid Global Uncertainty. Germany, Italy, France, China, and Russia are other countries with high gold reserves. This is a very low percentage in comparison to the other top countries' foreign reserves. South Africa produced 142.08 metric tons of gold in the year. One factor gold has on its side though is that, unlike other non-renewable resources like oil, it can be recycled. Gold and gems are the largest sources of the country's exports, which then leaves it at the mercy of global gold markets. Wagner has created other opportunities out of turmoil across Africa, notably in former French colonies such as the Central African Republic (CAR), Mali and Burkina Faso, that have . Ghana is second on the list of largest gold producing countries in Africa, behind South Africa. Where Are Diamonds Mined? Countries That Produce Diamonds - Geology.com Most Counterfeited Gold Coins: What to Look Out For. This was, however, a big drop from the 93 tonnes produced the previous year and the 107 tonnes in 2017. If you are an admin, please authenticate by logging in again. Burkina Fasos 62 metric tonnes of gold produced in 2019 places it in fifth position in our list. As a Premium user you get access to background information and details about the release of this statistic. Alongside gold, Burkina Faso also relies on cotton for its economic growth. While this price rise was driven by gold traders, it begs the question about the supply of the precious metal, and when it will eventually run out. Some central banks were more motivated to sell reserves and inject liquidity into their economies as a result of the COVID-19 pandemic. The Democratic Republic of the Congo is the second largest country in Africa and the 11th largest in the world. Even when peak gold happens, experts say the years immediately after it are not likely to see a dramatic decrease in production. China, Australia, Russia, and Canada are respectively the largest producers of gold in the world, as of 2022. The country has held its top position for more than a decade. It straddles the boundary of the Oudalan and Seno provinces in the Sahel region of Burkina Faso and is approximately 330 km northeast of the capital, Ouagadougou. Owing to its proximity to Egypt and the river Nile, Sudan traces its roots to some of the oldest civilizations in human history. Tunisia: Holding 6.84 metric tons, Tunisia showcases its presence as a country keen on harnessing the value of gold. , Apr 28, 2023. Holdings may change daily. Africa is a major producer of many key mineral commodities, with bountiful reserves of metals and minerals such as gold, diamond, cobalt, bauxite, iron ore, coal, and copper across the. Gold is also scattered along the ocean floor, but is also considered uneconomic to mine. The Sudanese government, however, claims annual gold production in the range of 120-200 tonnes. Gold has a wide variety of uses. Get in touch with us now. Gold production top countries 2022 | Statista Germany has 3,366.8 tons of gold in their vaults. Nigeria: With a respectable gold reserve of 21.37 metric tons, Nigeria demonstrates its growing interest in the precious metal. Read about our approach to external linking. Mining companies estimate the volume of gold that remains in the ground in two ways: Reserves - gold that is economic to mine at the current gold price, Resources - gold that will potentially become economic to mine after further investigation, or at a higher price level. Similarly, there are some known gold deposits in Antarctica that may never be economical to mine, due to the continent's extreme weather conditions. Global Investors as of 3/31/2021. Please create an employee account to be able to mark statistics as favorites. Diamond production in Russia and Canada . Recommendation: Proof vs. Uncirculated Coins: Comparison Analysis. 15 Countries That Produce the Most Gold - Yahoo News How much gold has been found in the world? | U.S. Geological Survey Gold is mined from major mines throughout the country, with the top five gold producing mines being located in five different states. Show publisher information The country with the third most gold in the world is Italy. Mexico produced 124.5 tons of gold in 2021. 8. Sukari, Egypt. The precious metals price gains have come along with the uncertainty borne from the global economic impact of the COVID-19 outbreak, as well as increasing geopolitical turmoil surrounding Russia's war in Ukraine. Gold vs. Stock Market: Investment Comparison, Proof vs. Uncirculated Coins: Comparison Analysis. Unblock notifications in browser settings. In 2020, central banks around the globe purchased 272.9 metric tons of bullion. South Africa (123.5 tonnes) Mexico (121.6 tonnes) Ghana (101.8 tonnes) China is currently the world's largest producer of gold, producing 399.7 tonnes of gold in 2018 and accounting for 12% of the global mine production. Global mine production by country | World Gold Council It currently has 8,133.5 tons of gold which is almost more than the next three countries combined. If the state were its own country, it would be one of the worlds top 10 miners. How much gold is there left to mine in the world? - BBC News Top 10 Gold Producing Countries | USGI The Federative Republic of Brazil, or simply Brazil, is one of the most prosperous nations in South and Latin America. In 2022, South Africa produced 110 MT, up slightly by 3 MT from the previous year. 623 koz. This raises the question whetherpeak gold has finally arrived. The country with the largest central bank gold reserves is the United States with 8,133.5 MT as of September 2022. Only countries of gold holdings above three metric tons are shown. Refining AngloGold Ashanti is the third largest producer of gold in the world. Although much of India is poor and not one of the richest countries, they are the second most purchasers of gold jewelry in the world. The map illustrates that in recent decades diamond production has spread to many parts of the world. Profit from the additional features of your individual account. France has almost as much gold in their vaults as Italy with 2,436.1 tons of gold. The United States ranked fourth in gold production in 2016. Global Investors, World Gold Council. The president of China Gold, Song Xin, also is the chair of the China Gold Association which means he has a vested interest in maintaining the gold reserves for the country. This methodology involves digging deep into the Earth to extract the rocks, and it is also a hazardous process as ventilation becomes key to ensure that miners have breathable air and all toxins are removed. Industry majors such as AngloGold Ashanti and Gold Fields have shifted their focus from South Africa to Ghana where deposits are cheaper and easier to mine. 680 koz. Arguably, the toughest substance known to man, diamond crystals are typically found in countries such as Canada and Russia in the northern band, Botswana, Namibia, South Africa and Australia in the southern, with Sierra Leone, the Ivory Coast, Venezuela and Brazil in the central zone. As geopolitical tensions and inflation concerns persist, the allure of gold as a safe-haven asset has intensified. (March 16, 2022). According to data released this month by the World Gold Council (WGC), global gold mine production in 2020 was 3,478.1 tonnes (122.7 million ounces), down slightly for the second year in a row after rising consecutively for the past few years. Gold prices are also among the most closely watched during economic turmoil, such as the one which has gripped the world throughout 2022. But how much gold is the world digging up each year and what countries produce the most? Miningglobal.com estimates Ghanas gold reserves to be 1,000 metric tonnes. Uzbekistan has been producing from old mines for quite some time, and has not seen much exploration investment. So we will never run out of gold, even when we can no longer mine it. to incorporate the statistic into your presentation at any time. The country with the fifth most gold in the world is Russia. A paid subscription is required for full access. Kazakhstan's 120 MT gold output in 2022 represents the peak in the country's production of the yellow metal in recent years, up from just 69 MT produced in 2016. The Canadian government states that gold is the nations most valuable mined commodity, with C$13.7 billion worth of the precious metal produced in 2021. The United Mexican States, or Mexico, is a North American country. There are relatively few unexplored regions left for gold-mining, although possibly the most promising are in some of the more unstable parts of the world, such as in West Africa. Published by Statista Research Department , Oct 12, 2022. Around the world, central banks shifted from net sellers to net buyers of gold starting in 2010. Other materials mined in Congo include diamonds, copper, tin, and lithium. It's a no-brainer. Most of their gold is bought during their festival and wedding season which happens between October and December. The Republic of Indonesia is a Southeast Asian country that gained its independence from the Japanese in 1945, as Japan fell after losing the second world war. 10. Global gold mine reserves by country 2022 | Statista A huge majority of Europes gold comes from Russia, which has been increasing its production every year since 2010. Ghana is the continent's largest producer of gold, followed by South Africa and Mali. World mine reserves of gold as of 2022, by country (in metric tons) [Graph]. Currently, the leading African gold producing country and sixth in the world is Ghana, with the country's gold production amounting to a total of 117.6 tons in 2021. AngloGold Ashanti is currently working on improving their cash flow improvements and returns while still remaining one of the top gold producers in the world. For years one of Africas top gold producing countries, Sudanese gold is found in the Eriab region of the Nuba mountains, along the alluvial regions of the Nile River and quartz vein formations in Obaidiya, Blue Nile region and North Kurdufan. It currently has 8,133.5 tons of gold which is almost more than the next three countries combined. Is Now a Good Time to Invest in Gold Stocks. 10 Countries in Africa Where You Can Find Great Quantity of Gold Mining Also, the record prices have happened during Covid-19 restrictions, making it harder to mine, as sites were closed or partially shutdown to curb the spread of the virus. To put that in perspective, around 190,000 tonnes of gold has been mined in total, although estimates do vary. Focus on the User provides precious metal retirement resources for investors and retirees. Europe: Largest gold holdings by country 2021 | Statista Statista. China is experiencing a downtrend in production, with 2018's production being 6% less than in 2017. Amazingly, gold recycling accounts for one third of the total production. 480 koz. All opinions expressed and data provided are subject to change without notice. 371 koz. While the traditionally wealthy countries like the United States, China, and Russia lead the world in the size of their gold reserves, some smaller countries such as Italy, France and Germany also have large gold reserves that people may not expect. London has banned all bars from Russian refineries and the U.S. Senate has banned citizens from engaging in any transactions involving Russian gold as a result of sanctions, effectively shutting the Russian Federation out of the global gold trade. Ghana retakes top spot as Africa's largest gold producer Centamins Sukari mine or Alsukari mine is a gold mine located in the Nubian Desert/Eastern Desert near the Red Sea in Egypt. Kibali is the biggest gold mine in Africa, located in the northeast of the Democratic Republic of Congo (DRC), approximately 220 kilometres east of the capital of the Haut Uele province, Isiro, 150 kilometres west of the Ugandan border town of Arua and 1,800 kilometres from the Kenyan port of Mombasa. To use individual functions (e.g., mark statistics as favourites, set Recommendation: Investing in Gold: A Complete Guide. Opinions expressed by Forbes Contributors are their own. The minerals mined in Ghana account for 37% of the countrys total exports, with gold comprising 90% of total mineral exports. Focus on the User. Show sources information A large amount of gold is used in electronic products that are widely viewed as disposable, such as mobile phones. It is predominantly extracted through hard rock mining, which involves removing rock from the mine and then searching for gold later on. 7. Since then, the country has seen multiple military coups, and it changed its name from Upper Volta to Burkina Faso in 1984. The largest gold holding country in Europe as of end 2021 was Germany, with . Gold Fields Tarkwa mine is located near the southern end of what is commonly referred to as The Tarkwa Basin, 300 km by road west of Accra, the capital of Ghana. Due to this change if you are seeing this message for the first time please make sure you reset your password using the Forgot your password Link. Global production of gold reached approximately . The north-east African country of Sudan comes third in this list with gold production of more than 76 metric tonnes in 2019. Although production fell for a fifth straight year, Mexico remains a competitive gold source. Ghana remains the only African country to appear in the top 10. It is one of the largest manufacturing countries in the world, particularly in the area of car production. 1. Exploration activity in the Pilbara region of Western Australia has renewed interest and helped increase the countrys consistent gold output. Former Italian PM Silvio Berlusconi dies at 86, Berlusconi, the belly dancer and the bunga bunga parties, How children survived 40 days in Colombian jungle, The women fighting Japans sexual violence stigma, Inside the UKs conspiracy theory paper that shares hate, Iran women defy car confiscation threat over hijabs, Top Belgian museum rethinks its Africa relationship, Fighting to dispel the sickle cell 'curse', The painful story of India's rice-loving elephant, How an advanced civilisation vanished 2,500 years ago. The Republic of Mali's gold production, as of 2021, equaled 98.7 tons, making it the fourth largest gold producer in Africa. IAMGOLDs Essakane mine is located in north-eastern Burkina Faso, West Africa. Hawk eyed investors continually eye gold prices when the U.S. dollar is appreciating, with the belief that capital will flood to gold as soon as the dollar weakens. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Research lead covering energy, chemicals & resources, Profit from additional features with an Employee Account. Australia and Russia. 808 koz. The US Geological Survey reports that Russias gold reserves stand at 6,800 MT, the second largest gold reserves after Australia. AISC was first introduced in 2013 by the World Gold Council. Ghana has reclaimed its position as Africa's leading gold producer, after having lost it to South Africa in 2021. Germany brought their gold holdings up to this level again in 2017 by completing a four year repatriation operation in which they moved 674 tons of gold back from French and American banks. The United States is the country with the most gold in the world. Profit from the additional features of your individual account. New technologies may make it possible to extract some known reserves that aren't currently economical to access. Loulo Gounkoto, Mali. It traces its roots back to the eighth century BC, in the form of the Persian nomads called the Scythians. statistic alerts) please log in with your personal account. This is due to its border with the United States of America - which provides companies an opportunity to use low manufacturing costs and sell at a premium in America. Some believe we may have already reached that point. The North African country was followed by South Africa, with official gold reserves reaching 125 metric tons. It is one of the oldest market development organizations in the world, after being set up in 1987, with members including the largest gold companies in the world. Once again, China was the largest producer of gold in the world, mining 330 MT in 2022, nearly on par with 2021's 329 MT. Comprising roughly 90% of the West African country's total mineral exports and 49% of its total export value, Ghana is considered one of the most prolific . You need at least a Starter Account to use this feature. Its economy is worth $924 billion with a per capita GDP of $15,361. Morocco: Boasting 22.12 metric tons of gold, Morocco solidifies its status as a noteworthy contender in the African gold scene. Malis gold mining operations not only involve large mining companies, but also artisanal miners, who have also produced a sizeable chunk of gold and made a significant contribution to the countrys economy. This means that in addition to mining the gold, they also work to process and refine the gold into gold bars that can be bought by investors. Mar 16, 2022. The leading gold mining countries. To use individual functions (e.g., mark statistics as favourites, set Its gold production was 113.6 tons in 2021. 452 koz. We value your opinion - The World Gold Council would like to contact professional investors like yourself to participate in focus groups, surveys and share your feedback on the World Gold Council website experience. Largest reported gold holdings in Europe 2021, by country. Mexico is an attractive place for mining due to a relatively low cost of regulation. Metals Focus, World Gold Council, USGI. Russias output has been rising over the past few years, increasing from 255 MT in 2017 to 320 MT in 2022. Australia holds the world's largest gold reserves at 8,400 MT, followed by Russia at 6,800 MT. Which Country Has the Largest Gold Reserves? The country was at one time the global leader in gold output, digging up over 1,000 tonnes in 1970, but since then its volume has rapidly declined. The Tarkwa mine operates under mining leases covering a total area of approximately 20,800 ha. Some of these opinions may not be appropriate to every investor. Mapping Africa's natural resources | Maps News | Al Jazeera The majority of Canada's gold is from Ontario, specifically Red Lake gold mine. [1][2], Until 2006, South Africa was the world's largest gold producer. Which Country Has The Most Diamonds In Africa? - Stockxbeats The Fekola deposit and Anaconda area are hosted in Birimian Supergroup rocks within the eastern portion of the Paleo-Proterozoic KdougouKniba inlier, which covers eastern Senegal and western Mali. Although gold prices hit a record high in August, this doesn't automatically translate into a rise in gold mining activity. 6. Most of that gold has come from just three countries: China, Australia, and South Africa. President Jair Bolsonaro has pushed the country to develop the Amazon economically and tap its mineral riches. 15 Countries That Produce the Most Solar Energy, 20 Countries That Produce the Most Electric Power. Some mining companies operating in gold mines in the country are Vale S.A. (NYSE:VALE), Kinross Gold Corporation (NYSE:KGC), and AngloGold Ashanti Limited (NYSE:AU). Robotics are already being used at some sites, and are expected to increasingly become standard technologies in mine exploration. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. In November 2018, Subika, a new underground mine which was completed on schedule and within budget, achieved commercial production, adding higher-grade, lower cost gold production at Ahafo south. Most of these involve its use as jewelry and as a store of value. However, you can find trace amounts of gold almost anywhere you look, even in seawater and within the human body. [3], Production figures are for primary mine production. By continuing to browse the site, you agree to our use of cookies. Could the Government Confiscate Your Gold? The Democratic . Privacy Policy | Terms & Conditions. Since the 1870s, most of the world's gem-quality diamonds have been mined in Africa. Sukari is Egypts sole gold-exporting mine and the first large-scale modern gold operation in the North African nation. Today, around 60% of the world's mining operations are surface mines, while the remainder are underground ones. Gold keeps its value, so it is good for protecting the value of their money. In 2017, gold output had totaled 237 MT. Let's explore the top 10 African countries with the largest gold holdings in 2023. Chart. 1. Top five diamond mining countries of Africa profiled - NS Energy Akyem, Ghana. Sukari is a low cost, bulk tonnage open pit and a high-grade underground operation, with significant exploration upside at depth and regionally, within the 160km2 tenement. We bring you daily editor picks from the best Business Insider news content so you can stay updated on the latest topics and conversations on the African market, leaders, careers and lifestyle. Accessed June 12, 2023. https://www.statista.com/statistics/1229073/african-countries-with-highest-gold-reserves/, Trading Economics. The plant expansion to accommodate a substantial increase of hard rock, was completed on time at the end of 2013. Africas gold mining industry traditionally dominated by South Africa has seen a shift in focus with countries such as Ghana, Suda, Mali, and Burkina Faso entering the fray. South Africa closely follows, with official gold reserves reaching an impressive 125 metric tons. Get Our Exclusive Guide and Safeguard Your Precious Metal IRA from Hidden Fees and Scams Don't Let Your Hard-Earned Wealth Slip Away! United States. The United States also has 76% of its foreign reserves in gold. The mine is owned by Kibali Goldmines SA (Kibali) which is a joint venture company effectively owned 45% by each of Barrick and AngloGold Ashanti, and 10% by Socit Minire de Kilo-Moto (SOKIMO). However, production fell from nearly 400 tonnes last year, representing the third consecutive year of declines. The North African country was followed by South Africa, with official gold reserves reaching 125 metric tons. There is also gold on the moon. Global mine production decreasing since 2018, U.S. Mine production . Peru also disappeared, making room for Uzbekistan, while Brazil advanced a few spots. The top producing gold mine in the world is Uzbekistan's Muruntau which dependably pours more than 2 million ounces per year. The gold reserves in South Africa have remained stable as it is at 125 tonnes in the first and second quarter of 2021. Libya: With a commendable gold holding of 117 metric tons, Libya secures the third spot on the list. Language links are at the top of the page across from the title. Click to continue reading and see 5 Countries That Produce the Most Gold. IAMGOLD commenced management of the Essakane project following the acquisition of Orezone Resources in February 2009. . To put that in perspective, around 190,000 tonnes of gold has been mined in total, although estimates do vary. Ontario and Quebec are the largest gold-producing provinces in the country; together, they represent more than 70 percent of Canadas gold output. The AMCU has held many protests and strikes at several gold and platinum mines within the last few years in the hopes of garnering more wages and stopping any mergers that could cause job losses. The Geita gold deposit is mined as a multiple open-pit and underground operation (since 2016) and will continue to operate as such until the entire economic open-pit Mineral Resource is exhausted.

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