Top 10: Gold Producing Countries
The global gold mining industry produces approximately 3,000 tonnes of gold annually. China, Australia, and Russia are the top producers. The market for gold is influenced by economic factors such as inflation rates, currency fluctuations and interest rates. During economic uncertainty, gold is often viewed as a safe-haven asset, driving up demand and prices.
Geopolitical factors impact gold production and prices. For example, sanctions on Russia following its invasion of Ukraine in 2022 affected global gold markets. And in Venezuela, political instability has led to decreased gold production and increased illegal mining.
Gold has diverse applications. Central banks hold gold as part of their national reserves. It is used in jewellery, which accounts for about 50% of demand, and the technology sector uses it in electronics, due to its conductivity. The medical research sector also relies on gold in certain treatments and diagnostic tools.
The gold industry is facing challenges that include environmental concerns, resource depletion and increasing production costs. Mining companies are investing in exploration and technological innovations to improve efficiency and sustainability.
Here, we feature the 10 biggest gold producing countries, ranked by annual tonnage.
10 Mali
Annual output: 71.1 tonnes
Biggest Mine: Loulo-Gounkoto
Mali’s gold belt runs from the western to southern regions, with major deposits in Kayes, Koulikoro, and Sikasso. The Loulo-Gounkoto complex, operated by Barrick Gold Corporation, is Mali's largest gold mine. Gold has been mined in Mali since the 13th century, playing a crucial role in the Mali Empire's wealth. Large-scale commercial mining began in the 1990s, transforming Mali's economy.
09 Ghana
Annual output: 90 tonnes
Biggest Mine: Tarkwa
Ghana's annual gold production reaches approximately 90 tonnes. The country's gold belt stretches across the western and central regions, with significant deposits in the Ashanti, Western, and Central regions. The Tarkwa mine, owned by Gold Fields Limited, is Ghana's largest gold producer. Gold mining in Ghana has a long history, dating back to the Ghana Empire in the 7th century. The country was formerly known as the Gold Coast due to its abundant gold resources.
08 Peru
Annual output: 120 tonnes
Biggest Mine: Yanacocha
Peru: Peru produces about 120 tonnes of gold annually. The country's gold deposits are primarily located in the Andes mountains and the Amazon basin, with major mining regions including Cajamarca, La Libertad, and Madre de Dios. The Yanacocha mine, jointly owned by Newmont Corporation and Buenaventura, is Peru's largest gold mine. Gold mining in Peru has ancient roots, with the Incas considering gold sacred. Modern industrial mining began in the early 20th century.
07 South Africa
Annual output: 130 tonnes
Biggest Mine: Mponeng
South Africa's gold production stands at approximately 130 tonnes per year. The country's gold deposits are concentrated in the Witwatersrand Basin, spanning parts of Gauteng, Free State, and North West provinces. The Mponeng mine, owned by Harmony Gold, is South Africa's largest gold mine. Gold mining in South Africa began in earnest after the discovery of the Witwatersrand gold reefs in 1886, leading to the country becoming the world's largest gold producer for much of the 20th century.
06 Mexico
Annual output: 130 tonnes
Biggest Mine: Peñasquito
Mexico's gold deposits are spread across various states, with significant concentrations in Sonora, Chihuahua, and Zacatecas. The Peñasquito mine, owned by Newmont Corporation, is Mexico's largest gold producer. Gold mining in Mexico dates back to pre-Columbian civilisations, with the Aztecs and Maya extracting gold. Modern industrial mining began in the late 19th century, with production increasing significantly in recent decades.
05 Canada
Annual output: 180 tonnes
Biggest Mine: Malartic
Canada's gold deposits are found across various provinces, with notable concentrations in Ontario, Quebec, and British Columbia. The Canadian Malartic mine, jointly owned by Agnico Eagle Mines and Yamana Gold, is Canada's largest gold mine. Gold mining in Canada began in the 19th century, with major discoveries in British Columbia and the Yukon Territory sparking gold rushes. The industry has since evolved into a major contributor to Canada's economy.
04 United States
Annual output: 200 tonnes
Biggest Mine:
The US’s gold deposits are found in several states, with Nevada, Alaska, and Colorado being major producers. The Carlin Trend in Nevada, operated by Nevada Gold Mines (a joint venture between Barrick Gold and Newmont Corporation), is the country's largest gold mining complex. Gold mining in the United States gained prominence with the California Gold Rush of 1848, leading to westward expansion and economic growth.
03 Russia
Annual output: 295 tonnes
Biggest Mine: Olimpiada
Russia's Olimpiada mine in Krasnoyarsk Krai, owned by Polyus, is the country's largest, yielding around 1 million ounces per year. Gold deposits are concentrated in eastern and central Russia, with notable regions including Siberia, the Far East, and the Urals. The industry is dominated by domestic companies, with Polyus, Polymetal, and Kinross Gold being major players.
02 Australia
Annual output: 320 tonnes
Biggest Mine: Boddington
Australia's gold deposits are spread across various states, with Western Australia, New South Wales, and Victoria being significant producers. The Boddington mine in Western Australia, owned by Newmont Corporation, is Australia's largest gold mine. Gold mining in Australia began in the 1850s with gold rushes in New South Wales and Victoria, playing a crucial role in the country's economic development and population growth.
01 China
Annual output: 380 tonnes
Biggest Mine: Shandong
China leads global gold production with approximately 380 tonnes per year. The country's gold deposits are widely distributed, with major mining regions in Shandong, Henan, and Fujian provinces. The Shandong Gold Mine, operated by Shandong Gold Mining Co., is China's largest gold mine. Gold mining in China has a long history dating back thousands of years, with significant expansion in recent decades due to economic reforms and increased exploration efforts.