Data analysed by Finbold indicates that China accounted for the highest gold production in 2020 at 380 metric tonnes, representing 11.9 per cent of the total gold production in 2020.
Australia’s production was 320 metric tonnes, representing 10 per cent of the global share, while Russia ranked third at 9.4 per cent or 300 metric tonnes. The three countries cumulatively accounted for 31 per cent of all gold mine production in 2020.
The United States production accounts for 5.9 per cent of the global share at 190 metric tonnes.
Other top gold producers for 2020 include Canada (170 metric tonnes), Ghana (140 metric tonnes), Indonesia (130 metric tonnes), Peru (120 metric tonnes), Mexico (100 metric tonnes), and Kazakhstan (100 metric tonnes).
China’s early recovery from pandemic fuels gold production
The report highlights why China possibly topped the gold production in 2020. According to the research report: “China’s margin with second-placed Australia is not big, but the Asian country tops the list potentially due to its pandemic’s handling. The country successfully managed to control the health crisis giving the green light to the resumption of economic activities, including gold mining. The production was also motivated by the country’s high demand for gold through by-products like jewellery and ornaments.”
In terms of remaining gold reserves, as of December 2020, Australia had an estimated 10,000 metric tonnes, followed by Russia at 7,500 metric tonnes.
The United States ranked a distant third at 3,000 metric tonnes. South Africa has an estimated 2,700 metric tonnes, followed by Peru, also at 2,700 metric tonnes.
Other countries with estimated high gold reserves include Indonesia (2,600 metric tonnes), Brazil (2,400 metric tonnes), Canada (2,200 metric tonnes), China (2,000 metric tonnes), and Uzbekistan (1,800 metric tonnes).
