Top 10 gold producing countries
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 heads the country list, and accounts for around 11% of total global production.
Despite widespread industry uncertainty following Russia’s invasion of Ukraine, gold is likely to maintain its status as a ‘sought-after safe haven asset’, according to the World Gold Council.
Looking forward, it believes gold may experience price volatility in either direction due to potential tactical positioning but investment demand is likely to be supported longer term by high inflation, geopolitics and overall market pullbacks – especially since many of the simmering tensions that took the back seat during the COVID pandemic are starting to resurface.
Indonesia produces around 4% of global gold production, half of which originates from the giant Grasberg mine. This mine, which is believed to contain the world's largest gold reserves (67.4MnOz), is majority-owned by the American company Freeport-McMoRan Copper & Gold Inc. and makes it the largest taxpayer to the Indonesian government. Its largest gold mines are located in Papua, Sumbawa, East and Central Kalimantan.