A periodic revisiting of the top ten nations and producers is always illuminating, especially given the low gold price environment we have seen over the last few years. Gold has received a kicker since the beginning of the year, after reaching its nadir right towards the end of 2015 where it sank to around $1 050/oz. But what appeared to be a rapidly deteriorating economic environment characterised by negative interest rates in many developed countries, has led the yellow metal to rise by almost $200/oz or 15% since the start of the year.

Based on information provided by the US Geological Survey’s (USGS) Mineral Commodities Summary, the table of top ten producing countries reveals that China is still the world’s largest producer of gold.

Table 1. Top 10 world gold producing countries 2014-2015 (tonnes)

Rank 2014 2015 estimates Change (%)
1 China 450 490 8,89%
2 Australia 274 300 9,49%
3 Russia 247 242 -2,02%
4 United States 210 200 -4,76%
5 Canada 152 150 -1,32%
6 Peru 140 150 7,14%
7 South Africa 152 140 -7,89%
8 Mexico 118 120 1,69%
9 Uzbekistan 100 103 3,00%
10 Ghana 91 85 -6,59%
11 Brazil 80 80 0,00%
12 Indonesia 69 75 8,70%
13 Papua New Guinea 53 50 -5,66%
14 Other countries 858 855 -0,35%
World Total (Rounded off) 2,900 3,000
Source: U.S. Geological Survey, Mineral Commodity Summaries (Published: January 2016)

The only movement in the table was South Africa’s fall from sixth to seventh, after being displaced by Peru in 2015.

Table 2.World Top 10 gold miners 2014-2015 (million ounces)

Rank Company 2014 2015 Change (%)
1 Barrick Gold 6,5 6,12 -5,8%
2 Newmont 4,8 5 4,2%
3 AngloGold Ashanti 4,4 3,95 -10,2%
4 Goldcorp 2,87 3,46 20,6%
5 Kinross Gold* 2,71 2,59 -4,4%
6 Newcrest Mining 2,33 2,49 6,9%
7 Gold Fields 2,22 2,16 -2,7%
8 Polyus Gold 1,7 1,74 2,4%
9 Agnico Eagle Mines 1,43 1,67 16,8%
10 Sibanye Gold 1,59 1,54 -3,1%
Source: Company Data
*Gold equivalent ounces

Production by company has remained pretty static over the same period – with the only change being that Sibanye was pushed into tenth place by Agnico Eagle. There were a few notable exceptions due to the lack of available data, as Uzbekistan’s Navoi Mining and China’s Zijin Mining would probably both warrant inclusion.

Thomson Reuters GFMS releases its 2016 Gold Survey on Thursday March 31, which should provide more insight into production trends.