Gold mining

Basic concepts

• Gold is found in the nature of the Earth almost everywhere. So, only in the world ocean (only in water) contains several billion tons of this precious metal, but its concentration is so small that it does not allow to recoup the costs of its industrial production.

• The share of gold in earth, stone, sand, ore is so small that to obtain 1 gram of gold, a minimum of 1 ton of ore has to be processed.

• As of 2015, gold is mined from ores of copper, zinc, silver, lead, while gold is not the main mineral in mining. As a result of the development of silver deposits, a significant part of gold is mined. This source is the most reliable, as the demand for silver is steadily growing.

• By 2015, in the entire history of mankind, the accumulated gold production amounted to 175 thousand tons, of which over 35 thousand tons in reserves from governments, about 90 thousand tons in jewelry, over 35 thousand tons in ingots and non-speculative coins. The rest is "dangling" somewhere.

Reserves in countries of the world

2020: Polyus is the largest gold reserves company in the world (104 million ounces)

Polyus became the largest in terms of gold reserves in the world at the end of 2020. The Russian company itself announced this at the end of April 2021. Read more here.

2017

Gold refining

Gold refining is a complex of technological processes for deep purification of gold from impurities.

For 2022 Switzerland , there are four large refineries located in, which collectively process two-thirds of the world's gold.

Gold production in the world

2024

Russia ranked second in gold production in the world

In 2024, global gold production amounted to 3,670 metric tons, and another 1,370 metric tons were obtained through processing.

At the end of 2024, Russia became the second largest gold producer in the world, producing about 330 tons of metal. This was reported in February 2025 by RIA Novosti with reference to data from national ministries and services.

In 2024 China , he retained his leadership in global gold production, increasing production by 0.6% to 377 tons. Australia took third place, continuing to reduce production for USA the third year in a row: according to the Geological Survey, in 2024 production decreased by 2%, amounting to 290 tons. The top five manufacturers also included Canada and the United States. Canada increased production by 1%, reaching 200 tons, while the United States reduced production by 5.9%, to 160 tons.

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Фото: TAdviser

Global gold production in 2024 increased by 0.5%, amounting to 3267 tons. In 2022, the United States, the EU, Switzerland and, Great Britain which have traditionally been one of the largest buyers of gold, imposed an embargo on its imports, which affected the market.

Thus, despite the challenges associated with the global economic situation and sanctions, Russia continues to strengthen its position in world gold mining, occupying a leading position against the background of changing market conditions, the publication says.

According to Rosstat, in 2024 the volume of production increased by 5.3% compared to the previous year. Thus, gold production in Russia returned to growth and amounted to about 330 tons, fully compensating for the reduction in 2023.^[1]

2023

Increase in gold mining by 1% to 3,644 tons. Top 10 Producers

According to the World Gold Council, world gold mining in 2023 increased by 1% and amounted to 3,644 tons. The ten largest companies included two Russian ones - Polyus and Polymetal, which took fourth and tenth places, respectively. The full list is as follows:

1. Newmont (USA) - 172.45 t
2. Barrick Gold (Canada) - 126.08 t
3. Agnico Eagle Mines (Canada) - 106.97 t
4. Pole (Russia) - 90.29 tons
5. AngloGold Ashanti (South Africa) - 80.64 tons
6. Gold Fields (South Africa) - 71.65 t
7. Zijin Mining (China) - 67.73 t
8. Kinross Gold (Canada) - 66.96 t
9. Freeport-McMoRan (USA) - 61.98 tons
10. Polymetal (Russia) - 53.31 tons

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Фото: Freepik

The American company Newmont retained its leadership in the ranking, mining 172.45 tons of gold in 2023. The bulk of production was provided by Nevada Gold Mines (USA) - 36.39 tons, Boddington (Australia) - 23.17 tons and Ahafo (Ghana) - 18.07 tons.

The second place was taken by the Canadian Barrick Gold with a production volume of 126.08 tons. The company's largest enterprises were Nevada Gold Mines (USA) - 58 tons, Loulo-Gounkoto (Mali) - 17.01 tons and Kibali (Democratic Republic of the Congo) - 10.67 tons.

In third place is also the Canadian company Agnico Eagle Mines, which mined 106.97 tons of gold. All of the company's largest mines are located in Canada: Detour Lake - 21.07 tons, Canadian Malartic - 18.78 tons and Meadowbank - 13.42 tons.

The Russian company Polyus took fourth place, increasing production by 13% to 90.29 tons. The main production volume was provided by the Olympiad fields - 46.70 tons, Blagodatnoye - 12.51 tons and Natalka - 12.18 tons. The increase in indicators is associated with an increase in production at the Olympiadinsky and Blagodatny fields.

The Russian company Polymetal closes the top ten largest gold miners with a production volume of 53.31 tons. More than 70% (38.19 tons) were provided by Russian assets - the Vorontsovskoye, Mayskoye, Svetloye and Nezhdaninskoye deposits. The rest of the volume was obtained at Kazakhstani enterprises: Kyzyl - 9.83 tons and Varvarinsky hub - 5.26 tons.

The ten largest companies account for 25% of global gold production, which is 898.06 tons. Compared to 2022, their combined share increased by 1 percentage point.^[2]

Russia retains second place among the largest gold producers in the world

At the end of 2023, Russia retained its second position among the world's largest gold producers, despite the current sanctions restrictions. The volume of production of the precious metal in the country amounted to 322 tons. This result confirms the stability of the Russian gold mining industry in the face of global economic challenges. Such data were released in June 2024.

According to the data, RIA Novosti information on the production of gold in absolute terms has not been disclosed by the Russian side since 2022. However, based on statistics, Rosstat we can conclude that in 2023 production decreased by 2.5% compared to the previous year.

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Фото: Unsplash

According to the agency, estimates of gold production in Russia vary depending on the source. Thus, the World Gold Council cites a figure of 330.7 tons, while the Australian relevant ministry estimates the figure at 332 tons. The U.S. Geological Survey provides a more conservative estimate of 310 tons.

China retained its global leadership in gold production in 2023, producing 370 tons of the precious metal. The third place was taken by Australia at 294 tons, which is 3% lower than the result of the previous year.

The agency notes that the top five gold producers also included Canada and the United States, producing 200 and 170 tons, respectively. Global gold production in 2023 reached 3,039 tons, an increase of 1.3% compared to the previous year.

The agency recalls that in 2022, the United States, the European Union, Switzerland and the United Kingdom, which were previously among the main buyers of Russian gold, imposed an embargo on its imports. Despite this, Russia was able to maintain its position in the world market for the production of precious metal.^[3]

2021: China and Russia lead gold production

2020: China and Russia lead gold production

2017: China the leader, Russia in third place

2016: Reuters expects 3% decline in gold production

In January 2016, Reuters experts expect a 3% drop in global gold production in 2016, which will end the seven-year period of production growth.

2015:1% production growth to record 3.155 tonnes

According to Reuters data, gold mining in 2015 increased by 1% to a record 3.155 tons^[4].

2014: Russia enters second place in the world in gold production

Russian gold producers occupy the second place in the world in terms of production.

In first place in the list of miners is China (465 tons of gold in 2014). During the same period, Russia mined 272 tons^[5].

The third place with a slight lag is occupied by Australia, which previously overtook Russia. Australians mined 269 tonnes of gold in 2014.

2012: Canada and China buy up assets

January 2013: Although Canadian companies topped the list of the most active buyers in the gold mining sector in 2012 (243 deals worth $4.8 billion), Chinese companies are also keeping their finger on the pulse, showing activity in the market. In M&A 2011, the four largest transactions in the gold mining industry were made by Chinese buyers. China In 2012, it again accounted for four of the top ten deals announced in the gold mining industry.

As Alexei Smirnov, head of consulting practice for PwC mining companies in Russia, points out, Chinese state-owned companies remain interested in expanding their gold mining assets outside the country in order to ensure stable access to gold reserves in the future.

Over the past few years, China has been actively investing in the mining industry of African countries, emphasizes A. Smirnov. "There are several examples when Chinese and Indian companies invest in projects with commodities such as platinum, gold and coal in African countries. Chinese investors provide significant financial support, contributing to the development of capital-intensive mining projects, "the^[6] notes^[6].

1872

The largest of the gold nuggets mined. Weight 235.5 kg, and weight of pure gold in it - more than 83 kg. 1872.

Gold production in Russia

Main article: Gold production in Russia

Production in China

On March 29, 2017, it became known that Shandong Gold Group, which ranks second in China in terms of gold production, discovered a deposit in the east of the country, which could become the largest in China, Bloomberg reported.

382.58 tons of gold were found in the Xilin mine in Shandong province. The stockpile could reach more than 550 tons after exploration work is completed in two years. Read more here.

See also

• Investing in gold

Notes