Data analysed by Finbold indicates that China accounted for the highest 2020 gold production at 380 metric tons. The amount represents 11.9% of the 3,200 total gold production in 2020.
Australia’s production was 320 metric tons, representing 10% of the global share, while Russia ranks third at 9.4% or 300 metric tons. The three countries cumulatively accounted for 31% of all the gold mine production in 2020.
The United States production accounts for 5.9% of the global share at 190 metric tons. Other top gold producers for 2020 include Canada (170 metric tons), Ghana (140 metric tons), Indonesia (130 metric tons), Peru (120 metric tons), Mexico (100 metric tons), and Kazakhstan (100 metric tons).
China’s early recovery from pandemic fuels gold production
The report highlights why China possibly topped 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 tons, followed by Russia at 7,500 metric tons. The United States ranks a distant third at 3,000 metric tons. South Africa has an estimated 2,700 metric tons, followed by Peru, also at 2,700 metric tons.
Other countries with estimated high gold reserves include Indonesia (2,600 metric tons), Brazil (2,400 metric tons), Canada (2,200 metric tons), China (2,000 metric tons), and Uzbekistan (1,800 metric tons).