Global gold mine production to recover, with Ghana and the US contributing most

After an estimated 7.6% decline in 2022, gold production is expected to increase by 3.9% to 121.2moz in 2023. Russia, Ghana and the US will be the key contributors to the growth in global supply in 2023. The commencement of the Bibiani mine, alongside increased output from the Edikan, Chirano and Obuasi mines in Ghana, is expected to increase the country’s gold output by 9.9% in 2023. Meanwhile, gold production growth in the US will be supported by increases in output from Newmont’s Cortez and Turquoise Ridge mines.

In contrast, gold production in China, the world’s largest producer, is expected to decrease slightly by 1.1% in 2023, linked to declining ore grades.

Newmont, Barrick Gold, Agnico-Eagle Mines, Jiangxi Copper, AngloGold Ashanti, Polyus, Gold Fields, Newcrest, Kinross and Zijin Mining Group are the world’s largest gold producers, accounting for 26% of global gold production in 2022. Looking ahead, global gold mine production is expected to remain flat during the forecast period (2024-2030), at a CAGR of 0.9%, primarily due to the depletion of its gold resources in China alongside scheduled closures of several mines in China and Ghana.