No. 1688, Gaoke East Road, Pudong new district, Shanghai, China.
No. 1688, Gaoke East Road, Pudong new district, Shanghai, China.
Global reserves of metals and minerals are mined for profit and then used in jewelry-making, industrial applications, and investments. Metals include precious metals such as gold,...
In terms of revenue, the global Gold Mining market size was valued at around USD 198 billion in 2022 and is projected to reach USD 260 billion, by 2030. The market for gold mining is expanding as a result of rising gold demand and rising gold utilization in several sectors.
Gold mining is the extraction of gold by mining. Historically, mining gold from alluvial deposits used manual separation processes, such as gold panning. The expansion of gold mining to ores that are not on the surface has led to more complex extraction processes such as pit mining and gold cyanidation.
Gold mining is a global business with operations on every continent, except Antarctica, and gold is extracted from mines of widely varying types and scale. At a country level, China was the largest producer in the world in 2023 and accounted for around 10 per cent of total global production.
Approximately 3,000 metric tons of gold was produced from mines worldwide in 2023. Currently, China is the world's leading gold mining country, followed by Australia and Russia.
Artisanal and small-scale gold mining occurs in more than 80 countries, sustains the livelihoods of 15m to 20m people and accounts for 20% of annual newly mined gold supply.¹⁵ Mismanagement of its coexistence with the mining ecosystem can significantly impact competitiveness in gold sector.
Gold mining provides around 90% of the total gold supply. Discover the geographical diversity of gold production and the lifecycle of a gold mine.
Global gold mine production will grow strongly in 2023, due to the waning Covid-related disruption and partially due to higher prices. Over the medium term (2023-2027), global mine production growth will remain strong, as high prices by historical standards encourages investment and output.
Our research indicates that only 28 out of 341 deposits were discovered in the past decade, containing just 171.8 Moz, or 6% of all gold discovered since 1990. Multidecade-high inflation rates have had an impact on gold producers' all-in sustaining costs, particularly in 2022, exacerbated by Russia's invasion of Ukraine.
The gold industry remains one of the most fragmented industries in the mining sector (Exhibit 3). The top five gold producers contribute less than 20 percent of the world's total gold. In contrast, for most other metals, the top five producers make up between one-third and two-thirds of global production.
