According to the US Geological Survey, identified economic gold reserves currently stand at just 59,000 MT globally in 2023. The majority of these reserves are concentrated in three key countries that dominate the global gold landscape: Australia, Russia, and South Africa. These nations collectively hold a significant portion of the world’s gold reserves.
Australia holds some of the largest gold reserves in the ground, with an estimated 12,000 metric tons. These reserves are primarily concentrated in the states of Western Australia and South Australia, where major mines like Boddington and the Super Pit contribute to significant gold production.
Russia ranks second with 11,100 metric tons of reserves. Its production is largely focused in Siberia, where abundant resources have helped Russia consistently grow its gold stockpiles, even in the face of geopolitical challenges.
South Africa remains a prominent player in gold reserves, though its production has waned due to the increasing difficulty of mining deeper deposits. Despite this, it still possesses substantial underground reserves.
These vast reserves are critical for the future of gold mining, positioning these nations as key suppliers in meeting the growing global demand for gold. Other significant holders of gold reserves are USA, China, Indonesia, Brazil, Peru and Canada:
The United States holds approximately 3,000 metric tons of gold reserves in the ground. The U.S. is a significant player in global gold mining, with major deposits located in Nevada, which contributes the largest share of domestic production, followed by Alaska. Nevada's Carlin Trend remains one of the world’s most productive gold mining regions, hosting key mines like Goldstrike and Cortez.
China holds one of the largest in-ground gold reserves globally, estimated at 3,000 metric tons. China also remains the world's largest gold producer, with an output of around 370 metric tons for the year, despite the declining ore grades in some areas. Major mining companies like China Gold International Resources, Shandong Gold, and Zijin Mining are key players in developing and expanding these reserves.
Indonesia holds substantial gold reserves, largely due to the massive Grasberg mine in Papua, one of the world’s largest gold deposits. Despite shifting to underground operations, Grasberg remains crucial to the nation's gold production. Additionally, exploration projects like the Onto deposit in West Nusa Tenggara show great potential.
Brazil's hold approximately 2,400 tonnes in the ground, their largest gold deposits are mainly located in Minas Gerais. The Paracatu Mine (Kinross Gold) is the biggest, producing over 549,000 ounces annually. Other key sites include Vale’s Salobo Mine (380,000 ounces), alongside the Cuiabá, Jacobina, and Aurizona mines, contributing over 1.4 million ounces in total each year.
Peru's total gold reserves were estimated at around 2,300 tonnes, reflecting strong exploration activities and new discoveries. Major mining companies like Barrick Gold and Newmont are actively exploring and expanding their operations in the region. Barrick, for instance, has been replenishing its reserves and working on several projects, including the Tres Marias project in the Puno district
Canada holds an estimated 2,300 tonnes of gold reserves in the ground. Their largest gold deposits include the Detour Lake and Canadian Malartic mines, producing over 600,000 ounces each in 2023. Other key sites include the Meadowbank and Meliadine complexes in Nunavut.
Country | Reserves (metric tons) | % Of World (Reserves) |
Australia | 12,000 | 20.34% |
Russia | 11,100 | 18.81% |
South Africa | 5,000 | 8.47% |
United States | 3,000 | 5.08% |
China | 3,000 | 5.08% |
Indonesia | 2,600 | 4.41% |
Brazil | 2,400 | 4.07% |
Canada | 2,300 | 3.90% |
Peru | 2,300 | 3.90% |
Uzbekistan | 1,800 | 3.05% |
Mexico | 1,400 | 2.37% |
Ghana | 1,000 | 1.69% |
Kazakhstan | 1,000 | 1.69% |
Mali | 800 | 1.36% |
Tanzania | 420 | 0.71% |
Other countries | 9,200 | 15.59% |
World total | 59,000 |
Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2024
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