World gold production may reach a new high in 2023

According to the Mining. com, although gold mining has a history of thousands of years, approximately 86% of above ground gold mining has been done in the past 200 years.

Modern mining technology has made large-scale production possible, and global gold production has increased significantly since the 1800s.

A Brief History of Gold mining

The most well-known gold rush in modern history occurred in California in 1848, when James Marshall discovered gold in the Sacramento Valley. After the news spread, thousands of immigrants flocked to California in search of gold, and by 1855, miners had already mined about $2 billion worth of gold.

Until the 1890s, the United States, Australia and Russia were the three largest gold producers in the world. However, South Africa jumped to the first place after the discovery of the giant gold basin in Witwatersrand, which is considered to be the gold field with the largest gold production in Human history.

In 1970, South Africa's gold production reached a record high of 1002 tons, making it the country with the highest annual gold production so far..

In the 1980s, as gold prices rose, more and more countries began to mine gold. Currently, there are over 40 countries producing gold on a large scale. In 2007, China replaced South Africa as the world's largest gold producer.

Australian gold production resumed in the 1980s due to the rise in gold prices, which made low-grade mines profitable.

Countries with the Most Gold Production in 2022

In 2022, 31% of world gold production came from three countries: China, Russia, and Australia, each producing over 300 tons.

North American countries Canada, the United States, and Mexico all rank in the top six, accounting for a total of 16% of global production. Nevada alone accounts for 72% of the output of the United States. It has the world's largest Gold mining complex (including six mines), and the owner is Nevada Gold Mines.

In 2022, South Africa produced 110 tons of gold, a decrease of 74% from 430 tons in 2000. The World Gold Council believes that this long-term decline is the result of the combined effect of mine closure, asset aging and industry conflict.

Uzbekistan and Indonesia have the second and third largest Gold mining facilities in the world, respectively, and also entered the list of the largest gold producing countries.

Global Gold Production Prospects

As of April 25th, the international gold price fluctuated around $2000 per ounce, approaching historical highs. For mining companies, if costs remain unchanged, rising gold prices mean more profits.

The World Gold Council predicts that, driven by the expansion of existing mines in North America, the world's mine gold output will increase in 2023 and may exceed the record of 3300 tons set in 2018. If gold prices continue to rise, mining gold production may continue to increase.