Global Level Production Analysis

Overview

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 producing mined gold. Between 2020 and 2024, 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.

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 top ten gold producing countries shown below as a tree map:

Gold Changes by Continent

The waterfall chart shows changes in gold production, from 2020 to 2024, between continents.

South American countries anticipated to increase production over this period are: Colombia, Peru, Ecuador and Chile.

In Africa, the biggest changes increases in production are in Guinea, Mauritania and the Ivory Coast.

Asia (excl. China) increases are due largely to mines in Laos and Cambodia ramping up production.

Oceania gold production reductions are largely attributable to the Porgera mine in Papua New Guinea and Fosterville in Australia.

Gold Changes by Mine Type

The increase in production, between 2020 and 2024, is largely accounted for by copper mine production.

Silver

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.

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

The 2023 top ten country’s silver production data shown as a tree map.