In this article, we will take a look at the Largest Gold Mine in the World by Production Volume. We have also compiled a full free list of the 10 Largest Gold Mines in the World by Production Volume.
Exploring the Global Gold Industry
Gold has been one of the most historic investment assets and has since retained its value among investors. This long-standing worth comes from its inflation-hedging ability as compared to paper currency that lacks physical backing. In times of economic uncertainty, investors turn to gold as an investment as it is believed to be able to resist inflationary pressures and serve as a reliable hedge. This is why the demand for this precious metal has been on the rise.
Globally, the demand for gold reached a record high in the year 2023, amounting to 4,899 tons, and showed a year-on-year growth of almost 3%. According to a report by The World Gold Council, this upward trend is projected to continue in 2024 too. Of this total global demand, 75% of it comes from emerging markets like China and India. The rest of the demand is scattered across the developing countries. The increased demand also led to a significant rise in prices in the same year. Gold prices surged by more than 13%, reflecting the heightened global demand and reinforcing gold’s status as a valuable investment.
Given the significant value and demand that gold holds, almost 209,000 tons of gold have been mined throughout human history with the majority still in existence. However, no single country has produced more than a quarter of the total gold mined. Therefore, mining operations are distributed relatively evenly across the globe. Approximately three-quarters of the world’s gold supply comes from mining, while the remaining quarter is sourced from recycled gold.
In annual terms, gold saw a production of 3,644 tons globally in 2023, according to The World Gold Council. With this, the supply recorded a year-on-year growth rate of 3%. China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia. China was not only the biggest supplier but also the largest buyer of gold with the country’s central bank alone buying 225 tons of gold in 2023, as given by Elements. Major companies like Newmont Corporation (NYSE:NEM) and Barrick Gold (NYSE:GOLD) have been contributing immensely to these high levels of gold production and profiting from the increased demand and prices.
Newmont Corporation (NYSE:NEM)
Newmont Corporation (NYSE:NEM), one of the largest global gold mining companies in the world, operates across North and South America, as well as in Asia, Australia, and Africa. The company alone produced a whopping 185.3 metric tons of gold in the year 2022.
For the financial performance of Q1 2024, Newmont Corporation (NYSE:NEM) surpassed Wall Street estimates. The company reported a net income of 55 cents per share, compared with estimates of 36 cents, as given by Reuters, while the revenue rose from $2.68 billion to $4.02 billion.
Barrick Gold (NYSE:GOLD)
As one of the biggest gold-producing companies, Barrick Gold has quite a few top gold mines in its portfolio. These include the Nevada Gold Mines, the Pueblo Viejo mine in the Dominican Republic, and the Loulo-Gounkoto mine in Mali. With these mines, Barrick Gold (NYSE:GOLD) reported gold output of 4.05 million ounces in the year 2023, according to Mining.com.
With its operations spanning across 16 sites in 13 countries, the company reported net earnings of $368 million in the third quarter of 2023. Along with this impressive financial performance, Barrick Gold’s production also increased to 32.4 tons, compared to 31.5 tons in the same period last year.
A close-up of a hand placing a block of gold into a safe.
Methodology
For the purpose of this ranking, we used production volumes reported by Global Data for the biggest mines around the world. The values for gold produced by each mine in 2023 were listed in descending order and the top mine with the highest gold volume was picked.
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1. Muruntau Mine
Production Volume: 1.8 million ounces
The Muruntau mine, established in 1969 by Navoi Mining and Metallurgy Combinat, holds a significant place in Uzbekistan’s gold production, accounting for 80% in 2021. With an estimated reserve of 71,400,000 ounces of gold, it continues to be a major producer, according to Mining Technology. The mine is slated to continue operations until 2032, underscoring its enduring role in the country’s mining sector.
With a production volume of 1.8 million ounces, Muruntau Mine is the largest gold mine in the world by production volume.
You can see the full free list by going to the 10 Largest Gold Mines in the World by Production Volume.
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