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Global Gold Market Trends
Gold continues to be the most popular precious metal commodity by offering long-term store of value and serving as a hedge against inflation. Mining Technology keeps track of the world gold market by analysing gold price trends and country-wise gold production and consumption data. By monitoring the performance of gold mining companies and major gold mines around the world, Mining Technology identifies the top gold producing companies and countries.
Global gold production is bouncing back after COVID-19 hit output in 2020. It is expected to surpass 130 million ounces (Moz) by 2024, according to GlobalData’s estimates.
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GlobalData forecasts data for 15 commodities of 60 leading mining countries, with 70 reports per year covering supply & demand, key projects, activities of major mining companies and fiscal regimes.
Gold Price Trend Chart: Trailing 12 Months
Mining Technology’s gold price trend charts showcase monthly gold prices and the global gold price trend over the last 12 months.
The average gold price was down 0.8% in June. Gold’s role as a safe haven drove the price up from $1,786/oz on 28 January to $2,043/oz on 8 March. However, it fell below $1,900/oz in late April and remained below that level during May and June.
While the continuing conflict in the Ukraine and rising inflation are likely to support high prices, there has been opposite pressure coming from the Federal Reserve’s interest rate increases and an improving US dollar.
Top Gold Mining Companies by Production
Mining Technology has identified the global top ten gold producing companies by comparing the annual production volumes of major gold mining companies in different regions.
Newmont emerged as the biggest among the world’s top gold mining companies by production in 2021, followed by Barrick Gold and Polyus.
The ten biggest gold miners in the world together contributed 23% of the global total gold output in 2021.
| Current Rank | Rank 2020 | Company Name | Headquarters |
|---|---|---|---|
| 1 | 1 | Newmont Corp | United States |
| 2 | 2 | Barrick Gold Corp | Canada |
| 3 | 4 | Polyus | Russia |
| 4 | 3 | AngloGold Ashanti Ltd | South Africa |
| 5 | 6 | Gold Fields Limited | South Africa |
| 6 | 8 | Agnico-Eagle Mines Ltd | Canada |
| 7 | 5 | Kinross Gold Corp | Canada |
| 8 | 7 | Newcrest Mining Ltd | Australia |
| 9 | 9 | Zijin Mining Group Co Ltd | China |
| 10 | 10 | Harmony Gold Mining Co Ltd | South Africa |
Source: GlobalData
Expert Comments and Analysis
Gold Production by Country
Mining Technology ranks the top gold producing countries in the world, based on a comprehensive database of gold production by country that captures the latest gold mine output data across different geographic locations.
China, Russia and Australia were the biggest producers of gold in 2021.
The top ten gold producing countries together accounted for 58% of the global gold output in 2021.
Biggest Gold Mines in the World
Mining Technology closely watches the production of major gold mining projects to identify the world’s biggest gold mines.
With an output of 1.92Moz, Muruntau Mine in Uzbekistan ranked as the world’s biggest gold mine by production in 2021.
The ten biggest gold mining operations in the world together accounted for 8% of the global gold output in 2021.
| Mine Name | Country | State | Owner | Mine Type & Method | Production 2021 (Thousand Ounces) |
|---|---|---|---|---|---|
| Muruntau Mine | Uzbekistan | Navoiy Viloyati | Navoi Mining & Metallurgy Combinat(100%) | Surface & Open Pit | 1929.42 |
| Carlin Mine | United States | Nevada | Barrick Gold Corp(61.5%), Newmont Corp(38.5%) | Surface and Underground & Open Pit/Long Hole Stoping | 1332.86 |
| Olimpiada Mine | Russia | Krasnoyarsk Krai | Polyus(95.1%), Undisclosed(4.9%) | Surface & Open Pit | 1098.3 |
| Shaxi Copper Mine | China | Anhui | Tongling Nonferrous Metals Group Co Ltd(100%) | Underground & To be confirmed | 946.38 |
| Pueblo Viejo Mine | Dominican Republic | Sanchez Ramirez | Barrick Gold Corp(60%), Newmont Corp(40%) | Surface & Open Pit | 876 |
| Kibali Mine | Democratic Republic of the Congo | Orientale | Barrick Gold Corp(45%), AngloGold Ashanti Ltd(45%), Sokimo(10%) | Surface and Underground & Open Pit/Stoping | 803.91 |
| Cadia Mine | Australia | New South Wales | Newcrest Mining Ltd(100%) | Underground & Panel Caving | 764.9 |
| Lihir Mine | Papua New Guinea | New Ireland | Newcrest Mining Ltd(100%) | Surface & Open Pit | 737.08 |
| Cortez Mine | United States | Nevada | Barrick Gold Corp(61.5%), Newmont Corp(38.5%) | Surface and Underground & Open Pit/Long Hole Stoping | 735.28 |
| Loulo-Gounkoto Mine | Mali | Kayes | Barrick Gold Corp(80%), Government Of Mali(20%) | Surface and Underground & Open Pit/Sub Level Stoping | 721.5 |
Source: GlobalData
Major Upcoming Gold Mines
Mining Technology lists the major upcoming gold mines in the world by comparing annual production capacities of upcoming gold mining projects.
The Quebrada Honda I and II Mine in Chile is the biggest upcoming gold mine in the world, with an annual production capacity of 9.01Moz.
The Taldybulak Project in Kyrgyzstan and the Sukhoi Log Project in Russia are the next major upcoming gold mines with capacities of 3.30Moz and 2.30Moz, respectively.
| Mine Name | Country | State | Owner | Mine Type & Method | Annual Production Capacity (Thousand Ounces) |
|---|---|---|---|---|---|
| Quebrada Honda I and II Mine | Chile | Atacama | Barrow Mining SpA(100%) | Surface & Open Pit | 9012.51 |
| Taldybulak Project | Kyrgyzstan | Talas | Socagest SA(100%) | Surface and Underground & Open Pit | 3300 |
| Sukhoi Log Project | Russia | Irkutsk Oblast | Polyus(58.35%), Rostec Corp(41.65%) | Surface and Underground & Open Pit | 2300 |
| Mponeng Expansion Project | South Africa | Gauteng | Harmony Gold Mining Co Ltd(100%) | Underground & Room and Pillar | 1940.91 |
| Donlin Gold Project | United States | Alaska | Barrick Gold Corp(50%), NovaGold Resources Inc(50%) | Surface & Open Pit | 1500 |
| Racaycocha Project | Peru | Ancash | Industrias Penoles SAB de CV(100%) | Surface & Open Pit | 1383.18 |
| La Colosa Project | Colombia | Tolima | AngloGold Ashanti Ltd(100%) | Surface & Open Pit | 1000 |
| KSM (Kerr-Sulphurets-Mitchell) Project | Canada | British Columbia | Seabridge Gold Inc(100%) | Surface and Underground & Open Pit/Block Caving | 933 |
| Pascua-Lama Project | Chile | Atacama | Barrick Gold Corp(100%) | Underground & Block Caving | 850 |
| Kucing Liar Project | Indonesia | Papua | Freeport-McMoRan Inc(90.64%), Government of Indonesia(9.36%) | Underground & Block Caving | 725.2 |
Source: GlobalData Top Global Projects
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