In 2012 world production of gold reached a new record, it is estimated at 2 700 tonnes of gold (USGS). A level higher than 2600 tonnes of gold in 2001 (previous highs). This increase hides major changes in the structure of production costs of gold mines worldwide. In 2001, for 2,600 tons, an ounce of gold was at $ 271, it was in 1669 dollars in 2012. For 3.8% of additional production, the price of an ounce of gold has risen 615% ...
China still largest gold producer in 2012, with 370 tons! It remains at the forefront since 2007. Its production has increased threefold since 1991 and since 1980 by fifty. This increase in Chinese gold production is not miraculous. In 1980 production was largely ignored by the rest of the world for 10 years in China made considerable efforts to increase production. China is a major producer of gold for centuries, this increase is the result of a "formalization" of its production and the modernization of its mines.
The second largest producer is Australia with 250 tonnes of gold. Gold production in Australia is slightly higher than its low in 2008 with 233 tons but below its peak in 1998 with 312 tons of gold.
USA, third, with 230 tonnes of gold, their situation is similar to Australia. Their production is slightly above the low of 2008, with 223 tons of gold and below the peak year of 1998 with 366 tonnes of gold.
Russia with an annual production of 205 tonnes of gold is the fourth largest gold producer in the world. Despite steady growth since 1998, the Russian gold production is still below the level of the Soviet Union 80 years.
South Africa is only the fifth largest gold producer in the world with 170 tonnes! 17% of production from 1969 to 1970, which was 1 000 tonnes of gold. This is the historical record, no country in the world has never produced as much gold in a single year and no country produces as much. South Africa has lost its crown as the leading producer of gold in 2007 after a century of rule.
Sixth, the gold production of Peru is close to the South African production with 165 tons of gold produced in 2012.
Gold production in Canada was 102 tonnes, it is the seventh largest producer of gold. Despite a small increase, its level is far from the 166 tonnes of gold in 1998.
Eighth position is the gold production of Indonesia with 95 tons of gold is still below its peak in 2006, 203 tonnes of gold.
From these eight major gold-producing countries in the world gold production continues to decline. They represent more than 59% of world gold production against 92% in 1970. Must be the sum of the gold production of the eight major countries and more than a hundred smaller countries, for the South African production of the 70 ...
The inexorable decline in gold production in South Africa, the stagnation / decline in historical producers (USA, Australia, Canada), Peru and Indonesia lead to a radical change in the structure of production costs. The growing trend towards the fragmentation of world gold production has many consequences as, for example, a decrease in the resilience of gold mines in the lower price per ounce of gold (Translation : The mines less profitable or close faster).
From 2008 to 2012 world gold production increased from 2260 tonnes to 2700 tonnes of gold. Gold production was driven by an increase in demand and a temporary decrease in production costs due to the 2008 crisis. We currently have a reverse situation, the price of an ounce of gold in a weak position (average annual decline in 2013) and production costs increase. Mine closure to high production costs should initiate a further decline in world gold production.
Dr Thomas Chaize