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Global gold mining - statistics & facts

Gold has always been one of the world’s most precious and coveted metals. Rarity is the primary reason for its value. Estimates on global mine reserves of gold fluctuate slightly from year to year, but are not much higher than 50,000 metric tons. The countries with the largest estimated reserves are Australia, Russia, and the United States. Approximately 3,200 metric tons of gold was produced worldwide in 2020. Currently, China is the world’s leading gold mining country , followed by Australia and Russia.

The world's top gold miners

Among gold mining companies, Newmont from the U.S. is the global leader, with a production output of nearly six million ounces in 2020. Newmont's revenue amounted to 11.5 billion U.S. dollars in 2020. Barrick Gold from Canada, and AngloGold Ashanti from South Africa are the world's next largest gold producers, respectively. M&A activity in the gold mining sector is vibrant. In April 2019, for example, Newmont and Goldcorp completed a merger which rendered the newly formed Newmont Goldcorp the largest gold mining company in the world. There were a total of 50 global gold mining industry merger and acquisition deals in 2020.

The United States' global position within the gold industry has prevailed long after the California Gold Rush

As the third-largest global gold producing country, the United States produced about 190 metric tons in 2020. Nevada is by far the U.S. state with the highest gold production volume. Seven out of the top ten U.S. gold mines are located in Nevada. The United States reported that its gold consumption came to some 160 metric tons in 2020. The country also has the largest gold holdings of any country worldwide by far: as of March 2021, approximately 8,134 metric tons of gold was held by the United States.

Gold industry dynamics and the impact of COVID-19

Over the last decade, global demand for gold has remained stable, sitting at 4,386 metric tons in 2019. As a result of the COVID-19 pandemic, however, several aspects of the gold industry were noticeably impacted. Gold demand, as one example, decreased to 3,760 metric tons, which was the lowest demand since 2009. This has also influenced the global price of gold. Due to a variety of factors, including interruptions in gold mining operations as a result of the pandemic, gold reached a record-high annual average price of almost 1,770 U.S. dollars per troy ounce in 2020. To put that figure into context, the price stood at 271 U.S. dollars per troy ounce in 2001. This makes it clear that gold is still one of the world’s most coveted commodities and one of the most rewarding investments.

Interesting statistics

In the following 6 chapters, you will quickly find the 30 most important statistics relating to "Gold mining worldwide".

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