The world’s ten largest gold mines are found in nine countries, and below is a list of them and how much they produce.
Hundreds of mining companies are digging for gold in dozens of nations, making gold mining a global business.
But where are the world’s largest gold mines located?
The top 10 gold-producing mines in 2021 were highly geographically diverse, as illustrated in the infographic below, which was generated using data from S&P Global Market Intelligence and company reports.
The Top Gold Mines in 2021
Nine countries in North America, Oceania, Africa, and Asia are home to the world’s ten largest gold mines.
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In 2021, they produced roughly 13 million ounces of gold, or around 12% of global gold production.
Barrick Gold and Newmont Corporation, two of the world’s largest gold miners, announced a historic joint venture in Nevada in 2019. Nevada Gold Mines, the resulting joint corporation, is presently the world’s largest gold mining complex, with six mines producing over 3.3 million ounces of gold each year.
The state-owned Muruntau mine in Uzbekistan produced just under 3 million ounces of gold, making it the world’s second-largest open-pit operation. Muruntau accounts for more than 80% of Uzbekistan’s total gold production.
In 2021, only Grasberg and Olimpiada mines produced more than 1 million ounces of gold. Grasberg is the world’s third-largest gold mine, as well as one of the world’s largest copper mines. Olimpiada, which is owned by Russian gold mining tycoon Polyus, has a gold reserve of roughly 26 million ounces.
Polyus was just named the world’s biggest gold miner by reserves, with over 104 million ounces of proven and probable gold held across all deposits.
How Profitable is Gold Mining?
Since 2016, the price of gold has risen by roughly 50%, and it is now hovering near the all-time high of $2,000 per ounce.
That’s excellent news for gold miners, who saw profit margins hit new highs in 2020. Gold miners will earn an average of $828 per ounce of gold mined in 2020, much more than the previous high of $666/oz set in 2011.
With inflation rates in some nations reaching decade highs, gold mining could be a sector to keep an eye on, especially considering gold’s history as a traditional inflation hedge.