By Gbolahan Bose Opeyemi
Gold has always been regarded as a very valuable and respected metal. Because of its consistently shown enduring worth, it is a highly sought-after commodity worldwide.
Gold can be mined through placer mining, panning, sluicing, and dredging. The precious metal can also be produced as a byproduct often with copper mining, according to Statista.
While the first discovery(Who and when) remains unknown, it is believed that the metal was first found by the ancient Egyptians around 2450 B.C.
According to Elements, it’s estimated that roughly 86% of all above-ground gold was extracted in the last 200 years.
In 2010, global gold mining hit 2,560 metric tons and has surpassed three thousand metric tons in each year since 2015.
The United States, Australia, and Russia were (interchangeably) the three largest gold producers until the 1890s when South Africa made a massive discovery in the Witwatersrand Basin, now regarded today as one of the world’s greatest ever goldfields.
However, as of 2022, China, Russia, Australia, and the United States have been ranked top gold producers having outperformed South Africa in terms of gold output and reserves, the country was once known for its enormous gold deposits.
When there is a global crisis, investors frequently look to gold because of its scarcity and capacity to provide a safe haven. Statista added that the global mine production of gold steadily rose following the 2008 economic crisis.
The earth’s crust contains only 0.001 to 0.006 parts per million of the metal gold, making it extremely uncommon. Owing to its strength and beauty, this valuable metal has been sought after for generations. But it’s crucial to consider how much gold is actually mined from the planet each year and which nations are the biggest producers of this priceless commodity.
See the top 10 gold-producing countries in 2023:
China – 420 tons
Australia – 330 tons
Russia – 310 tons
USA – 200 tons
Canada – 180 tons
Indonesia – 160 tons
Peru – 130 tons
Ghana – 130 tons
Mexico – 110 tons
South Africa – 101 tons