Global Level Production Analysis


Global level production analysis looks at the whole data cube from the perspective of the production of gold and silver.


China, Russia and Australia are in the top tier of countries which produce gold. Since 2019, China, Russia and Australia have each consistently produced above nine million ounces (300,000 kgs) of gold per year. Anecdotally, China has been cutting production because of safety and pollution issues. Chinese production has been reducing and now is more in line with Russian and Australian production.

The United States, Canada and Indonesia are in next tier of gold producers with output usually above five million ounces (180,000 kgs)of gold per year.

The third tier of producing countries at over three million ounces (115,000 kgs) of gold per year consists of: South Africa, Ghana, Mexico and Peru.

Combined, these countries make up the top ten gold producing countries.

Top Ten Gold Producing Countries

The 2023 data shown as a tree map:

Gold Changes by Continent

Overall gold production, between 2019 and 2023, has declined by about 1.7 million ounces.

The biggest changes in gold production, between 2019 and 2023, include reductions in North America, Oceania and South America, in that order, totalling over 2.8m ounces.

North American production reductions are largely due specifically to Pueblo Viejo in the Dominican Republic and Nevada Gold Mines operations Cortez and Twin Creeks.

South American reductions are across the board, with Yanacocha/(Chaupiloma) having a notable production decline.

Oceania gold production reductions are largely attributable to the Porgera and Lihir mines in Papua New Guinea and Fosterville in Australia, despite Gold Ridge in the Solomon Islands coming on stream.

Small production increases, between 2019 and 2023, in Africa, Europe (excl. Russia) and Asia (excl. China) amount to just over 1 million ounces and are clearly less than the combined reductions in other continents.

Gold Changes by Mine Type

The reduction in production, between 2019 and 2023, from 110.4m ounces to 108.7m ounces is largely accounted for by reductions from Gold/Silver mines.

This decrease in gold/silver mine production includes mines like: Porgera, Geita, Fosterville, Cadia Valley, Lihir, Pueblo Viejo, Nevada Gold Mines and Muruntau) and was larger than the increased gold production from all other mine types combined.

Gold Changes by Mine Stage

Production from new/restarting mines did not compensate for the reduced production from established mines during the period.


Top Ten Silver Producing Countries

Mexico is by far the largest producer of silver and it’s lead has only been increasing over recent years. Mexico produces over 175 million ounces (6,000,000 kgs) of silver per year.

China and Peru are both large silver producers at around 100 million ounces (3,000,000 kgs) per year. The seven countries, in the third tier, whose production has stayed about the same, all produce less than half of China’s stated annual production.

Rounding out the top ten silver producing countries are: Chile, Poland, Australia, Russia, the United States, Argentina and Bolivia, whose silver production is roughly similar at under 50 million ounces per year.

The 2023 data shown as a tree map.

Silver Changes by Continent

North American increases and South American decreases across the period are the most notable step changes in the chart.

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