The evolving picture of global gold production

The significant lag in the detailed data is due to the length of time it takes for various large-scale mining (LSM) data points to be published and collated. Our figures - supplied by Metals Focus - also include estimates for artisanal and small-scale mining (AGSM). Challenges in compiling accurate estimates for this portion of global gold production also contribute to the delay.

According to Metals Focus' latest estimate, global gold production in 2022 was 3,628t.1  This is 1% higher y/y, and commentary on this can be found in our Full Year 2022 Gold Demand Trends report.

The latest country-level data shows no change amongst the five largest gold producing nations compared to 2021. China remains the world's largest gold producer, followed by Russia, Australia, the United States and Ghana. However, extending the analysis to the top 20 gold producers, things look very different compared to 2010. West African nations – such as Ghana, Mali and Burkino Faso –have grown in importance, with several now firmly within the top 20 nations. Also of note is Bolivia, which has seen a tremendous growth in ASGM over the last decade, while South Africa has continued its steady decline.

On a longer-term basis, we see that global gold mine production remains geographically diverse, both at a country and regional level. For example, China accounts for 10% of global production, just below the ten-year average. And global production is also spread across regions, with Africa accounting for the largest share at 27% in 2022. This serves as a reminder that gold benefits from its supply profile, which provides stability to the market by reducing the likelihood of a supply shock.

By Krishan Gopaul

Source: World Gold Council