For buyers within the yellow steel and the businesses that mine it, it’s essential to grasp international gold reserves. This knowledge can present essential data on the long-term viability of provide and which international locations have room to develop.
Knowledge for this text comes from the most recent Mineral Commodity Summary from the US Geological Survey in addition to Mining Data Online (MDO).
Though gold is commonly measured and mentioned in ounces, the USGS makes use of metric tons for its gold knowledge, so this text will include a mixture of the 2 measurements. For perspective, 1 metric ton of gold is the same as 35,274 ounces and value US$116 million at a value of US$3,300 per gold ounce.
Based on the US Geological Survey, recognized financial gold reserves at present stand at 64,000 metric tons globally. This can be a vital leap from 59,000 metric tons within the previous report, with reserves for a lot of international locations revised to the upside. Learn on to be taught concerning the prime 10 gold reserves by nation.
1. Australia
Gold reserves: 12,000 metric tons
The sixth largest nation by land space, Australia is tied for essentially the most gold reserves of any nation at 12,000 metric tons, with over 60 % of its gold deposits positioned in Western Australia.
The mining nation can also be one of many prime producers of gold, digging up 290 metric tons of the steel in 2024.
Australia is house to many massive gold mines, together with Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Boddington and Cadia Valley operations, which produced 590,000 ounces and 464,000 respectively in 2024. It additionally hosts the Tropicana mine, a three way partnership between AngloGold Ashanti (NYSE:AU) and Regis Assets (ASX:RRL,OTC Pink:RGRNF) that produced 426,000 ounces of gold.
1. Russia
Gold reserves: 12,000 metric tons
Russia has the biggest land space of any nation, and unsurprisingly is now tied for the highest nation for gold reserves, boasting a powerful 12,000 metric tons of gold. Its reserves had been raised from 11,100 in 2023, however they mark an much more sizeable enhance from the 6,800 metric tons of reserves reported for 2022.
Moreover, Russia’s gold output remained regular in 2024 with 310 MT extracted. Russia has a number of massive gold mines, however none are extra prolific than Polyus’ (MCX:PLZL) Olimpiada mine within the Krasnoyarsk Krai area of Siberia. Based on the corporate’s most recent data, the mine produced 1.48 million ounces in 2024.
Russian gold is having difficulties reaching most markets following the nation’s invasion of Ukraine. The London Bullion Market Affiliation halted trading and eliminated Russian refiners from its accredited checklist in March 2022. Nonetheless, a good portion of the steel was exported to the United Arab Emirates following the sanctions, according to Reuters, and Russian gold has additionally made its means into the country’s stockpiles.
3. South Africa
Gold reserves: 5,000 metric tons
South Africa stays a powerhouse by way of international gold reserves, and the nation’s Witwatersrand Basin is among the many prime gold jurisdictions on this planet.
Though South Africa stays comfortably within the prime three international locations for reserves with 5,000 metric tons, the nation has misplaced a few of its luster relating to manufacturing. On the flip of the century, South Africa was the highest gold-producing nation, with 431 metric tons extracted in 2000. The nation’s output has slowly fallen within the a long time since although, and has hit all-time lows in recent times — South Africa produced simply 100 metric tons of gold in 2024.
One purpose for lowered manufacturing is lowering gold grades, which have led miners working within the nation to maneuver to greater depths. In truth, eight of South Africa’s gold mines are among the many world’s 10 deepest mines for any commodity, with AngloGold Ashanti’s (NYSE:AU,JSE:ANG) Mponeng gold mine topping the checklist at 2.4 kilometers to over 4 kilometers beneath floor. This has made industrial mining operations prohibitively costly and extra harmful.
More durable to achieve sources and excessive electrical energy prices have resulted in limited investment in exploration as corporations appeared to decrease value initiatives in different international locations like Australia and Canada.
4. Indonesia
Gold reserves: 3,600 metric tons
Indonesia is house to three,600 metric tons of gold reserves. The nation jumped considerably from 2023, including greater than 1,000 metric tons to its reserves and climbing to quantity 4 on our checklist.
Indonesia is house to the Grasberg advanced, one of many world’s largest gold operations and host to 23.9 million recoverable gold ounces. Operated by Freeport-McMoRan (NYSE:FCX), Grasberg consists of a number of underground mines and the Kucing Liar deposit, which is at present being developed.
As soon as Kucing Liar is operational, Freeport expects it to ship an extra 520,000 ounces of gold per yr for six million whole ounces between 2029 and 2041.
5. Canada
Gold reserves: 3,200 metric tons
Canada’s gold reserves whole 3,200 metric tons, up 900 metric tons within the newest USGS report. Its gold reserves had beforehand remained fixed since 2012 at 2,300 metric tons. The nation has greater than doubled its gold output in that point, leaping from 97 metric tons in 2012 to 200 metric tons in 2024.
Canada has a wealthy historical past of gold mining because the steel was first found in Québec within the early 1800s. Mining operations can now be discovered throughout Canada, however greater than 70 % of the nation’s gold is produced in Ontario and Québec. Different vital producers are BC with 9 %, the Yukon with 4 % and Manitoba with 2 %.
Canada has quite a lot of very massive gold mines, the biggest of which is Agnico Eagle Mines’ (TSX:AEM,NYSE:AEM) Canadian Malartic Complicated in Québec. The mine produced 689,000 ounces of gold in 2023 and hosts confirmed and possible reserves of seven.92 million ounces.
Due to its well-established pure useful resource sector, Canada is main the best way in sustainable initiatives to guard the atmosphere and communities. The Mining Affiliation of Canada’s Toward Sustainable Mining initiative has been adopted by organizations all over the world, together with these in Finland, Brazil and the Philippines.
6. China
Gold reserves: 3,100 metric tons
China’s significance as a gold miner has been rising over latest years and made vital positive factors, transferring from quantity 9 on our checklist with 1,900 metric tons in 2022, to quantity six with 3,100 metric tons in 2024. Moreover, China’s gold output ranks first general globally with 380 metric tons of gold final yr.
China’s gold-mining business is dominated by state-owned operators. A few of the largest corporations embrace Zijin Mining Group (HKEX:2899), which owns the Shanxi mine, the biggest gold mine within the Shanxi province. The mine produced 107,700 ounces of gold in 2024.
One other of China’s largest corporations is China Gold Worldwide Assets (TSX:CGG,HKEX:2099), which owns a 96.5 % stake within the Chang Shan Hao gold mine positioned in Interior Mongolia, one among China’s largest gold mines. Chang Shan Hao produced 108,188 ounces of gold final yr.
Along with its excessive gold reserves and manufacturing, China additionally has a powerful impression on the gold market by means of significant purchases by the Individuals’s Financial institution of China in recent times. As of April 2025, the Chinese language central financial institution holds an estimated 2,280 metric tons of gold.
7. United States
Gold reserves: 3,000 metric tons
Gold reserves within the US have remained regular at 3,000 metric tons since 2012. The nation is house to well-developed infrastructure, extremely skilled corporations and a complicated workforce. Nonetheless, over the past decade, manufacturing and refinement of the yellow steel within the US has been in decline, dropping from 230 metric tons in 2012 to 160 metric tons in 2024.
The most important gold-mining belongings within the US are all owned by Nevada Gold Mines, a three way partnership between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont, and include Turquoise Ridge, the Cortez Complicated and the Carlin Complicated. Between them, the mines produced 3.03 million ounces of gold in 2023.
8. Peru
Gold reserves: 2,500 metric tons
Gold has been an essential a part of Peru’s economic system for hundreds of years. The nation has a well-documented mining business, and it ranks as one of many prime nations on this planet relating to gold reserves. Its gold reserves peaked in 2022 with 2,900 metric tons earlier than falling to 2,300 metric tons in 2023. Peru’s gold reserves had been again up barely on this report, serving to it to land at quantity eight on our checklist with 2,500 metric tons.
Peru’s gold manufacturing has remained constant over the previous two years at 100 metric tons.
Massive gamers make up the majority of Peru’s gold business, with main miner Newmont main the best way at Yanacocha, the largest gold mine in Peru. In 2024, output from the mine reached 354,000 ounces of gold, a big leap from 2023’s 276,000 ounces.
There are additionally artisanal operations within the nation, together with operations being run by criminal organizations. Whereas environmental considerations are widespread within the mining business, unlawful and small-scale gold miners usually make use of mercury in the course of the extraction course of, which could be very damaging to the atmosphere.
To counteract unlawful mining operations, the Peruvian authorities instituted Operation Mercury in 2019, which concerned navy interventions at unlawful mine websites and the destruction of mining operations. For small-scale and artisanal mining, applications such because the Fairmined Ecological Gold certification exist to encourage environmentally pleasant mining strategies by introducing premium costs for gold that meets specific necessities. This additionally permits gold patrons to determine gold from authorized operations that scale back using poisonous remedies like mercury in the course of the extraction course of.
9. Brazil
Gold reserves: 2,400 metric tons
House to the primary fashionable gold rush over 300 years ago, Brazil at present has 2,400 metric tons of financial gold reserves. Brazil has an plain historical past with the dear steel, though its extracted solely 70 metric tons in 2024.
The most important gold mine in Brazil is AngloGold Ashanti’s AGA Mineracao Operaation in Minas Gerais. In 2024, the mine produced 271,000 ounces of gold. New manufacturing additionally got here on-line final yr. G Mining Ventures (TSX:GMIN,OTCQX:GMINF) declared industrial manufacturing at its Tocantinzinho mine in September 2024, and the mine produced 63,566 ounces of gold by the yr’s finish.
Very like Peru, gold mining in Brazil has a darker facet as properly. Unlawful operators, lots of which have discovered their into mining by means of social media websites like YouTube and TikTok, are impacting each delicate rainforest ecosystems and native Indigenous communities. Regardless of authorities crackdowns, new operations proceed to pop up all through the Amazon.
10. Kazakhstan
Gold reserves: 2,300 metric tons
Kazakhstan’s gold reserves whole 2,300 metric tons, up a sizeable 1,300 metric tons in comparison with the prior yr, a large enough enhance to interrupt into this prime 10 gold reserve checklist.
The leap is owed to a significant increase in exploration, which noticed 23 new deposits, together with 20 metric tons of gold, added to the nation’s subsoil registry. Launched in 2023, the registry has helped to streamline the exploration course of and allowed fashionable expertise to be utilized to historic knowledge units.
Kazakhstan’s largest gold-mining operation is the Altyntau Kokshetau mine, owned by mining big Glencore (LSE:GLEN,OTC Pink:GLCNF).
In its 2024 production report, Glencore said that it produced 603,000 ounces of gold throughout all its Kazakhstan belongings, the vast majority of which got here from the Altyntau Kokshetau mine.
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Securities Disclosure: I, Dean Belder, maintain no direct funding curiosity in any firm talked about on this article.
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