Which Countries Have the Largest Gold Reserves? (Updated in November 2024)
Sat Nov 23 2024
For over a thousand years, gold has been one of the most important metals on earth, not only widely used in jewellery, but also as a symbol of wealth and an important safe-haven investment vehicle.
However, it is true that gold is a finite resource, with only 244,000 tonnes having been mined historically, two-thirds of which have been mined since 1950. By contrast, more than 700 million tonnes of copper have been mined.
According to the U.S. Geological Survey, there are currently only 59,000 metric tonnes of confirmed economic reserves of gold worldwide. Based on the fact that one metric tonne of gold equals approximately 35,274 ounces, using $2,600 per ounce gold price, one metric tonne of gold is worth over $92 million.
For investors interested in gold and the companies that mine the metal, it is important to understand global gold reserves. This data can provide important information about the long-term viability of supply and which countries have room to grow.
Below is updated information as of November 2024 on the world’s top 10 gold reserve countries:
1. Australia
Gold reserves: 12,000 tonnes
As the world’s sixth-largest country by land area, Australia has the world’s largest gold reserves at 12,000 tonnes. Since 2017, Australia has produced more than 300 tonnes of gold per year, with more than 60% of its gold deposits located in Western Australia. In 2023, Australia’s Newcrest Mining merged with rival Newmont ( TSX: NGT,NYSE:NEM) to become the world’s largest gold miner, which has Australia’s largest gold mining operations, Boddington and Cadia.
2. Russia
Gold reserves: 11,100 tonnes
Russia’s proven gold reserves currently stand at 11,100 tonnes, well above the 6,800 metric tonnes at the end of 2022. in 2023, Russia’s gold production remained stable, with 310 tonnes mined. However, following the outbreak of the Russian-Ukrainian conflict, Russian gold was restricted from Western markets. In March 2022, the London Bullion Market Association halted trading in Russian gold. However, according to Reuters, a significant portion of Russian precious metals is exported to the United Arab Emirates.
3. South Africa
Gold reserves: 5,000 tonnes
South Africa’s Witwatersrand Basin is one of the world’s top gold jurisdictions. At the turn of the century, South Africa used to be the world’s largest gold producer, producing 431 tonnes of gold in 2000. However, in the decades since, South Africa’s gold production has been slowly declining, and in 2023 it will produce just 100 tonnes of gold. One of the reasons for the decline in production has been declining gold grades, as well as ongoing power outages in recent years and limited investment in exploration outside the Witwatersrand Basin.
4. United States
Gold reserves: 3,000 tonnes
US gold reserves have remained stable at 3,000 tonnes since 2012. The country has a well-developed infrastructure, experienced companies and an advanced workforce. However, gold production and refining in the US has been declining over the past decade, from 230 tonnes in 2012 to 170 tonnes in 2023.
Nevada Gold Mines (NGM), a joint venture between Barrick Barrick Gold (TSX: ABX,NYSE:GOLD) and Newmont, is one of the largest U.S. gold mining operations, with three of the world’s largest mines: Goldstrike, Carlin and Cortez.
5. China
Gold reserves: 3,000 tonnes
China’s gold reserves rise from 1,900 tonnes in 2022 to 3,000 tonnes in 2023. In addition, the country produced 370 tonnes of gold last year, among the highest in the world. In China’s Shandong Province, the Xiling Gold Mine, owned by Shandong Gold Group, has gold reserves of more than 580 tonnes. The mine is expected to process 10,000 tonnes of ore per day over the next 30 years.
6. Indonesia
Gold reserves: 2,600 tonnes
Indonesia’s Grasberg complex is one of the world’s largest gold mines, with recoverable gold reserves of 23.9 million ounces. The mining complex is currently operated by Freeport-McMoRan and includes several underground mines and the Kucing Liar deposit, which is currently under development. Once operational, Freeport expects Kucing Liar to produce an additional 520,000 ounces of gold per year between 2029 and 2041, for a total production of 6 million ounces.
7 Brazil
Gold reserves: 2,400 tonnes
Brazil currently has 2,400 tonnes of gold reserves, but only 60 tonnes will be mined in 2023. Companies like G Mining Ventures (TSXV:GMIN,OTCQX:GMINF), which owns the Tocantinzinho assets, may help boost Brazil’s gold production in the coming years. It’s important to note that illegal mining is rampant in Brazil, and is very damaging to rainforest ecosystems as well as local indigenous communities.
8 Peru
Gold reserves: 2,300 tonnes
Peru’s gold reserves increase from 2,000 tonnes to 2,900 tonnes from 2012 to 2022, falling to 2,300 tonnes in 2023. At the same time, production drops from 160 tonnes to 100 tonnes due to increased crackdowns on illegal mining, instability in the country and others. Large gold miners make up the bulk of Peru’s gold industry, with Newmont owning the country’s largest gold mine, Yanacocha, while illegal mining is also rampant in Peru. To combat illegal mining, the Peruvian government implemented an operation called Operation Mercury in 2019.
9 Canada
Gold reserves: 2,300 tonnes
Canada has abundant gold reserves, which have remained stable at 2,300 tonnes since 2012. It has a long history of gold mining, with 70 per cent of its gold produced in Ontario and Quebec, while other major gold provinces are British Columbia (9 per cent), Yukon (4 per cent) and Manitoba (2 per cent). However, Canada’s gold production has increased from 97 tonnes in 2012 to 220 tonnes by 2022, while the Mining Association of Canada’s (MAC) Moving Towards Sustainable Mining initiative has been adopted by several countries including Finland, Brazil and the Philippines.
10. Uzbekistan
Gold reserves: 1,800 tonnes
Uzbekistan’s gold production has almost doubled from bottom of 65 tonnes in the mid-1990s to 100 tonnes by 2020, with most of the gold produced at the state-owned, Muruntau gold mine in the Kyzylkum Desert. The open-pit mine produced 56.7 tonnes of gold in 2020, with total reserves of over 4,000 tonnes.
Source: https://nai500.com/