Top 10 World Gold Mines Production 2015

      Gold is regarded as one of the most precious metals in the world, which accounts for its increasing demand as well as rising prices. Gold mining industry the past year has changed in global gold production rankings, both by country and by company. 

      Gold is mined in around 90 countries worldwide. Some of the countries that historically have been top producers continue to be so, including Australia, Canada, the USA and South Africa. But China is now the world’s top producer, having increased productivity significantly since 2005. 

       It is interesting to see how the major gold mines in world are faring in the grand scheme of things – both nationally and by company, given the continuing lowish gold prices pertaining over the past two to three years. While one may sometimes argue with the methodology, and how to find gold mines

 Here are the world’s top gold-producing countries from 2014, as reported by the USGS

1. CHINA  

China’s gold output continues to grow, and the country kept the top spot for the eighth year in a row, Reuters reported. Last year, China’s production grew over 5 percent, hitting about 450 metric tons. As well as being the world’s largest producer of gold, China represents one of the most significant markets for gold consumption. In 2011, China was second only to India in this regard with demand for 779.8 tonnes of gold, a 22% increase on the previous year and with consumption reaching approximately 886 metric tons​ in 2014. Though that’s a considerable number, it’s actually down 24.7 percent from 2013. ”Although 2014 gold consumption fell by a large margin, the (longer-term) trend of increasing demand has not changed,” the China Gold Association noted. China is also a significant holder of gold reserves, currently behind only USA, Germany, the IMF, Italy and France.

2. AUSTRALIA

Australia’s growth in gold production for 2014 put the country in the number-two spot for the year, reaching approximately 270 metric tons. That represents an increase from the 2013 level and is the highest production rate by the country since 2003. While growth was strong all year, production reached a high of 73 metric tons for the fourth quarter. Australia continues to be at the forefront of world gold production. From being the fourth largest producer of gold in 2008, Australia’s production has surged to secure the country’s position as the world’s second largest producer of gold in both 2009 and 2010. Australia has consistently been one of the world’s largest producers of gold since its first gold rush, centred on Victoria in 1851. During the 1850’s, Australia was producing some 40% of the world’s gold. The immigration sparked by the rush, fuelled further agricultural and industrial development and saw nearly 500,000 people attracted to the state of Victoria.

3. RUSSIA 

Russia saw a significant rise in gold production in 2014, leading the country to surpass the US for the first time in 25 years, RT reported. According to a report from Russia Beyond the Headlines, the country’s production increased 27 percent in the first half of 2014 alone. Sergey Donskoy, minister of Russian Natural Resources and Environment, said 270 mineral deposits were discovered in Russia over the past five years, even though the country is not considered a leader in mineral exploration investment. “This, in our opinion, has negative consequences, including a negative impact on the social and economic development of the regions,” Donskoy said. Russia produced 209 tonnes of gold in 2011, a 3.6% increase on the previous year. Of this, 89% (185.3 tonnes) was mined, the rest from recycled sources or by-products of other mining. Two thirds of Russian gold production is estimated to come from six eastern ‘federal subjects’ in the country: Amur, Irkutsk, Khabarovsk, Krasnoyarsk, Magadan, and Sakha-Yakutia. Russia is both the fourth largest producer of gold and the fourth largest market for gold jewellery. In 2011 the Russian jewellery market absorbed 75.1 tonnes of gold. The largest gold producer in Russia is Polyus, who operate the Olympiada mine, currently the single biggest producer of Russian gold. In 2011 it produced 720 Koz. World Gold Council member Kinross operate the Kupol mine, the second biggest producer, which in 2011 produced 486 Koz

4. UNITED STATES

While gold production dropped about 8 percent from 2013, the US still made the latest list of top 10 gold-producing countries, putting out about 211 metric tons of the yellow metal last year. The country has about 45 lode mines, a few large placer mines in Alaska and numerous small mines in Alaska and other western states. Of these operations, 30 produced more than 99 percent of the total amount mined. Interestingly, Mining Global reported that there’s a trend of gold mining companies earning more money from US -based mines than from operations anywhere else in the world. Historically, three quarters of United States gold has come from just five states: Nevada, Alaska, California, Colorado and South Dakota. Today, despite being known as the ‘Silver State’, Nevada is responsible for some 74% of the United States’ total production of gold, contributing more than 10% of State GDP



5. CANADA

Canada gold production rose about 35 metric tons from 2013 to reach 160 metric tons, according to the USGS. After a year of losses, the Canadian gold production industry shifted its focus from production growth to mining cost reductions and capital spending cuts. Those reductions were able to push Canada into a largely stable year, according to the Financial Post

6. PERU 

Peru’s history is inextricably linked with gold from the Inca days to the time of the Spanish Empire. It is now the largest South American gold producer and benefits significantly from large scale gold mining. Peru’s gold production decreased slightly in 2014, totaling 150 metric tons. This drop was due to several factors, including lower-than-expected production from aging mines as well as government crackdowns on illegal mining operations, Reuters reported. In fact, Peru’s deputy mines minister, Guillermo Shinno, told the publication that gold output will continue to drop until 2016 as a result of that effort — the county will require an estimated 200,000 informal gold miners to register and be regulated.

7. SOUTH AFRICA 

There are 35 large-scale gold mines currently operating in South Africa, including the record setting TauTona mine, which extends 3.9km (approximately 2.5 miles) underground. TauTona means ‘great lion’ in Setswanan. Cape Town, South Africa, plays host to the annual Indaba Mining Conference, one of the largest gathering of mining stakeholders, which attracts nearly 10,000 people representing more than 1000 companies. South African gold production has been on the decline for some time. The country produced 150 metric tons in 2014, down 10 metric tons from 2013, as per the USGS. However, according to Forbes, this decline is not surprising. South Africa produced roughly 64 percent of the world’s gold in 1983, but currently the country accounts for about 6 percent. Labor strikes, a lack of new discoveries and older, deeper mines are some of the factors accounting for the country’s drop in production.

8. UZBEKISTAN 

The Muruntau in Uzbekistan, part of the Navoi Mining and Metallurgical Combine, is one of the world’s largest single open pit gold mines. It accounts for some 70% of the country’s production. Since discovery in 1958 it has produced more than 1,600 tonnes, with remaining reserves expected to last until 2032. Gold production in Uzbekistan increased 4.1 percent from 2013 to 2014. The country has long been producing from old mines, and has not seen much exploration investment. However, investments in gold and uranium exploration increased 25 percent in 2013.

9. MEXICO
 

Goldcorp’s Los Filos mine holds the largest reserves within Mexico (an estimated 7.7Moz), whilst the single most productive mine is the La Herradura, which in 2011 produced some 484 Koz of gold, more than double the amount it had produced in 2008. Between 2008 and 2011, gold production in Mexico increased by 55%, from 41.4 tonnes per year, to 64.2 tonnes per year. Mexico dipped slightly in gold production for 2014, producing 92 metric tons of the metal. However, this decrease went against the trend that Mexico has seen over the past decade — there have been numerous discoveries and mine developments that have attracted a great deal of attention and have led to a more than four-fold increase in production in Mexico.

10. GHANA
 

Known during colonial days, as the Gold Coast, with independence in 1957 the country opted for the name Ghana. Gold production accounts for more than 90% of Ghana’s current total mineral output. Ghana is the second largest African gold producer and the eighth largest globally. Gold overtook cocoa as Ghana’s principal export in 1991 and the IMF estimates that by 2014, gold mining will contribute around $3.8bn to Ghana’s balance of payments . However, by this time, gold’s status as Ghana’s principal export may have been displaced by oil and gas production. Rounding out the list, Ghana’s production stayed stable over the course of 2014, totaling 90 metric tons. To be sure, there were concerns that production in the country would drop significantly, as according to Bloomberg, falling prices caused several mines to suspend operations. However, the country’s year-end output was slightly higher than expected. Still, the story may be different for 2015. “We will definitely record lower volumes this year,” Daniel Krampah, assistant manager of financial analysis for Ghana’s Minerals Commission, told the news outlet. “Some companies have placed their mines under care and maintenance.”