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Astral Resources: Gold exploration at promising Western Australian assets

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Top 10 gold producing countries in 2023

So which countries produce the most gold? Investing News Network summarizes the countries that mined the most gold in the world in 2023 as follows: Latest Output Number The announcement was made by the United States Geological Survey. The total amount of gold mined worldwide in 2023 will be 3,000 tonnes, down 60 tonnes from 2022, according to the organization.

1. China

Mine production: 370 MT

China has become the world’s largest gold miner, producing 370 tonnes of gold in 2023. China’s gold production peaked at 455 tonnes in 2016, but has never dipped below 300 tonnes in over a decade. This steady production has helped the Asian country continue to solidify its position as the world’s largest gold producer.

Despite encouraging foreign investment in the late 1990s and early 2000s, China’s gold mining industry is dominated by state-owned enterprises. Major players include China Gold International Resources (TSX:CGG,HKEX:2099), Shandong Gold (HKEX:1787) and Zijin Mining Group (HKEX:2899).

China also has large gold refineries. Belt and Road Initiative As a result, Chinese companies are exploring and developing in other parts of Asia and Africa. Sending raw resources It was sent back to China for upgrading.

In addition to becoming the largest gold producer in 2023, China’s central bank Biggest Buyer Precious metals reserves were boosted by 225 tons of gold added to the treasury during the year, bringing the total to 2,235 tons.

2. Australia

Mine production: 310 MT

Australia’s gold production in 2023 is expected to be 314 tonnes, roughly the same level as the previous year’s 310 tonnes.

Gold is produced at a number of major mines across the country, with the top five gold mines all located in different states. The largest producing mine is Newmont’s (TSX: NGT; NYSE: NEM) Boddington mine in Western Australia, which recorded production of 589,000 ounces in the first three quarters of 2023.

Australia has the world’s largest gold reserves at 12,000 tonnes and plays a key role in the global gold supply. Donated AUD 24 billion This will have a significant impact on the Australian economy in the 2022/2023 financial year.

2. Russia

Mine production: 310 MT

Russia’s gold production for 2023 is expected to be 310 tonnes, unchanged from the previous year. The country’s gold production has increased quite significantly since 2017, when it was just 255 tonnes.

According to the United States Geological Survey, Russia has 11,100 tons of gold reserves, making it the country with the second-largest reserves after Australia. However, despite its high production and reserves, Russia’s gold is Problems of entering the global market Since its invasion of Ukraine in February 2022, Russia Explored alternative marketsEspecially the BRICS countries and other Asian countries like Kazakhstan.

4. Canada

Mine production: 200 MT

Canadian gold production in 2023 is expected to be 200 tonnes, just 6 tonnes lower than 2022.

Ontario and Quebec They are the largest gold-producing provinces in Canada, together accounting for over 70% of Canada’s gold production. The Canadian government considers gold to be the country’s most valuable mined commodity. Domestic exports In 2022, the precious metal will be worth C$22.34 billion.

Additionally, B.C.’s Golden Triangle is a hotbed of exploration. The region is home to Newmont’s Bruce Jack gold mine and Red Chris copper-gold mine, the latter of which is a 70/30 joint venture with Imperial Metals (TSX: III; OTC Pink: IPMLF). Junior companies such as Goliath Resources (TSXV: GOT; OTCQB: GOTRF) are also exploring. important discovery There is growing optimism in the region about its potential.

5. United States

Mine production: 170 MT

The amount of gold produced by the United States in 2023 is estimated to be 170 tonnes, down slightly from 173 tonnes in 2022. While this is a slight decrease, it continues a downward trend in production from 2017, when the United States produced 237 tonnes of gold.

According to the U.S. Geological Survey, Nevada is the top gold producer, accounting for 73% of the nation’s total production, followed by Alaska at 13%. The nation’s top 27 mines will account for 97% of U.S. gold production in 2023.

An assessment of U.S. gold resources indicates that the country has approximately 33,000 tons of gold, including proven and undiscovered resources. The U.S. Geological Survey notes that about one-quarter of the gold in the undiscovered resources is in copper porphyry deposits. U.S. gold reserves are estimated at 3,000 tons.

6. Kazakhstan

Mine production: 130 MT

Kazakhstan’s gold production in 2023 is expected to be 130 tonnes, up from just 69 tonnes in 2016, signaling a continued rise in the country’s gold production. Kazakhstan’s largest gold mining operation is the Altyntau-Kokshetau mine, owned by mining giant Glencore (LSE: GLEN; OTC Pink: GLCNF).

In August 2023, the British-Russian joint venture Polymetal International (AIX:PolyKazakhstan is one of the largest producers Delisted from the London Stock Exchange The move comes in response to tensions caused by Russia’s aggression in Ukraine and aims to cut ties between Kazakhstan and its Russian subsidiary, which remains listed on Kazakhstan’s Astana International Exchange and has significant operations in the country.

7. Mexico

Mine production: 120 MT

Mexico has a long history of gold mining. In fact, during the Spanish colonization of Central America in the early to mid-1500s, gold and silver were the primary targets. Today, Mexico is one of the world’s leading gold producers, and is on track to mine 120 tons of gold in 2023. Precious Metals Accounts for 50 percent Percentage of the country’s total metal production.

While much of Mexico’s gold mining is controlled by foreign companies, the Herradura mine, one of the largest operations, is owned by Mexico City-based Fresnillo (LSE: FRES, OTC Pink: FNLPF). 355,485 ounces of goldThe company expects to produce about 10.08 tonnes of gold in fiscal 2023. The mine accounts for more than half of Fresnillo’s gold production and generates about a quarter of the company’s adjusted total revenue.

8. Indonesia

Mine production: 110 MT

Mining is one of Indonesia’s most important sectors and the country is one of the world’s leading producers of nickel, copper and gold. In 2023, Indonesia is expected to produce an estimated 110 million tonnes of gold, up 5 tonnes from the previous year.

Indonesia is home to several large gold mines. The largest is the Grasberg mining area, a joint venture between Freeport-McMoRan (NYSE:FCX) and Indonesian state-owned Indonesia Asahan Aluminium. In 2023, the region is expected to reach 1.1 billion tonnes of gold. Produced 1.98 million oz. Gold reserves are estimated at 56.1 MT and mineral reserves are estimated at 23.9 million ounces.

9. South Africa

Mine production: 100 MT

South Africa is on track to produce 100 tonnes of gold in 2023, up from 89 tonnes in 2022. An estimated one-tenth of the world’s gold reserves are located in South Africa, and the Witwatersrand Basin is one of the world’s largest gold resources.

South Africa has been the top gold producer for decades, but between 1980 and 2018, the country’s gold production fell 85 percent decreaseIn recent years, conflict has raged in South Africa between the Amalgamated Mine Construction Union (AMCU) and gold producers in the region. Protests and strikes It is active in several gold and platinum mines, aiming to win higher wages and block mergers that could lead to job losses.

South Africa’s gold mining industry is facing further hardship from the blackouts, as limited electricity supplies across the country have led to rolling blackouts that include for miners, many of whom are connected to the utility company. National power grid.

10. Uzbekistan

Mine production: 100 MT

Uzbekistan produced 100 tonnes of gold in 2023, the same amount as it produced in the past decade.

The Muruntau Gold Mine in Uzbekistan, operated by the Navoi Mining and Metallurgical Company, is one of the largest gold mining sites in the world. Large gold deposits were first discovered here in the 1950s and today it hosts some of the world’s largest gold deposits. The world’s largest reserves The mine has a reserve of 4,500 tons. This discovery marked the beginning of gold mining in Uzbekistan. Over 2.5 million ounces It produces $120 million in gold annually and is expected to continue operating into the 2030s.

After the collapse of the Soviet Union in 1991, gold mining fell to an all-time low in the mid-1990s. New investments The focus is on development and exploration. Although not yet reflected in annual production figures, the Muruntau upgrade, due for completion in 2026, is expected to increase annual ore production from 38.5 million tonnes to 50 million tonnes.

Frequently Asked Questions about Gold Investment

How is gold mined?

Gold is extracted in a variety of ways, including alluvial mining, hard rock mining, by-product mining, and processing of gold ore. The method a gold mining company chooses will depend on the size, location, geological model, and metallurgy of the deposit in question.

What is the production cost of gold?

The cost of producing gold varies by mining company and is reported as All-In Sustaining Cost (AISC), which was first introduced in 2013. World Gold CouncilOre deposit type, energy costs, and inflation are the factors that most significantly affect AISC. The average AISC for the gold industry as a whole is calculated by averaging the production costs of the largest gold producers. The average AISC fluctuates with changes in energy costs and inflation.

Which country has the largest gold reserves?

The country with the largest central bank gold reserves is the United States, with 8,133.5 tonnes as of May 2024. Most of the US central bank gold is stored in deep vaults at Denver, Fort Knox and West Point.

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Securities Disclosure: I, Dean Belder, do not currently hold any direct investment interests in any of the companies mentioned in this article.

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