Gold is impressive in that it makes up around 0.003 parts per million of earth’s crust. Even so, how much of that gold is the world unearthing per year? Also, which countries dig up the most gold? Below is a list of countries which import the most gold on a global scale.
China – 9,391,69 LBS
China, for some time, has been producing the most gold. The country accounts for 13 percent of mine production globally. Due to government efforts on fighting pollution, their production went down 6 percent. Be that as it may, production is looking to pick up during 2018.
Australia- 650,584.14 LBS
Australia, the production of gold went up 11,023.1lbs in 2017. However, Investing companies expect there to be a drop in the next 40 years. That is if the spending amount doubles before then.
Russia – 596,791.34 LBS
A whopping 83 percent of gold in Europe comes from Russia. The country has upped its production every year for the past eight years. Their output increased by 37,478 pounds last year, even with the ruble appreciating 13 percent. This hurts producers with weak revenue growth relative to the price of production. The largest buyer of Russian gold is the Russian government itself. The government buys about two-thirds of their locally mined gold.
The United States – 507,063 LBS
The output of gold rose 17,636 LBS last year in the U.S. This made it four years in a row of annual increases. Project ramp-ups supported production at the Nevada Long Canyon project as well as the Haile project in South Carolina. Nevada produces nearly 78 percent of America’s gold.
Canada – 387,572 LBS
In 2017, Canada made its way up two spots on the list. The country produced 22046 more pounds of gold than the year previous. Seabridge Gold of Toronto came across a large goldfield in the north of British Colombia in the wake of a glacier. The goldfield is estimated to have an insane amount of gold that could be a source of increased output in the next few years. 1,719,605 pounds of it.
Peru – 357,810 LBS
The output of gold fell for the second year in a row for Peru by 13,227 pounds. This was mainly due to their crackdowns on illegal mining operations in La Pampa. Peru’s economy leans heavily on its mining. It is also the third highest producer of copper in the world.
Indonesia – 340,173 LBS
The archipelago’s production decreased by 11.7 percent. This dropped it to number seven on the top global producer’s list. The government of Indonesia introduced a tax amnesty program that they hope will repatriate money from overseas. This should lead to production falling at new main sites since traders were reluctant to stay in the mining industry.
South Africa – 308,426 LBS
South Africa used to be the top gold-producer in the world with little to no contest. However, their gold mines have slowly decreased every year since 2008 save for 2013 when production rose around 6,613 or so pounds. They do still hold the record for the deepest gold mine, extending 2.5 miles under the surface in Mponeng.
Mexico – 287,703 LBS
Even though production fell nearly 7,000 pounds from 2016 to 2017, Mexico is still a competitive source of gold. The Output rose from a mere 111,994 pounds in 2008 to well over 286,600 pounds last year. This is one of the most significant increases in a nine-year span. Mexico is also a great place for mining due to the low cost of regulation.
Ghana – 224,210 LBS
Africa’s second largest producer of gold, Ghana, is known for its reserves of various industrial minerals as well. The production of bullion rose 15,432 pounds over the previous year. It also accounts for more than 20 percent of the nation’s exports.