The Largest Gold Mine in the World by Production Volume - InvestingChannel

The Largest Gold Mine in the World by Production Volume

In this article, we will take a look at the Largest Gold Mine in the World by Production Volume. We have also compiled a full free list of the 10 Largest Gold Mines in the World by Production Volume.

Exploring the Global Gold Industry

Gold has been one of the most historic investment assets and has since retained its value among investors. This long-standing worth comes from its inflation-hedging ability as compared to paper currency that lacks physical backing. In times of economic uncertainty, investors turn to gold as an investment as it is believed to be able to resist inflationary pressures and serve as a reliable hedge. This is why the demand for this precious metal has been on the rise.

Globally, the demand for gold reached a record high in the year 2023, amounting to 4,899 tons, and showed a year-on-year growth of almost 3%. According to a report by The World Gold Council, this upward trend is projected to continue in 2024 too. Of this total global demand, 75% of it comes from emerging markets like China and India. The rest of the demand is scattered across the developing countries. The increased demand also led to a significant rise in prices in the same year. Gold prices surged by more than 13%, reflecting the heightened global demand and reinforcing gold’s status as a valuable investment.

Given the significant value and demand that gold holds, almost 209,000 tons of gold have been mined throughout human history with the majority still in existence. However, no single country has produced more than a quarter of the total gold mined. Therefore, mining operations are distributed relatively evenly across the globe. Approximately three-quarters of the world’s gold supply comes from mining, while the remaining quarter is sourced from recycled gold.

In annual terms, gold saw a production of 3,644 tons globally in 2023, according to The World Gold Council. With this, the supply recorded a year-on-year growth rate of 3%. China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia. China was not only the biggest supplier but also the largest buyer of gold with the country’s central bank alone buying 225 tons of gold in 2023, as given by Elements. Major companies like Newmont Corporation (NYSE:NEM) and Barrick Gold (NYSE:GOLD) have been contributing immensely to these high levels of gold production and profiting from the increased demand and prices.

Newmont Corporation (NYSE:NEM)

Newmont Corporation (NYSE:NEM), one of the largest global gold mining companies in the world, operates across North and South America, as well as in Asia, Australia, and Africa. The company alone produced a whopping 185.3 metric tons of gold in the year 2022.

For the financial performance of Q1 2024, Newmont Corporation (NYSE:NEM) surpassed Wall Street estimates. The company reported a net income of 55 cents per share, compared with estimates of 36 cents, as given by Reuters, while the revenue rose from $2.68 billion to $4.02 billion.

Barrick Gold (NYSE:GOLD)

As one of the biggest gold-producing companies, Barrick Gold has quite a few top gold mines in its portfolio. These include the Nevada Gold Mines, the Pueblo Viejo mine in the Dominican Republic, and the Loulo-Gounkoto mine in Mali. With these mines, Barrick Gold (NYSE:GOLD) reported gold output of 4.05 million ounces in the year 2023, according to

With its operations spanning across 16 sites in 13 countries, the company reported net earnings of $368 million in the third quarter of 2023. Along with this impressive financial performance, Barrick Gold’s production also increased to 32.4 tons, compared to 31.5 tons in the same period last year.

The Largest Gold Mine in the World by Production Volume A close-up of a hand placing a block of gold into a safe.


For the purpose of this ranking, we used production volumes reported by Global Data for the biggest mines around the world. The values for gold produced by each mine in 2023 were listed in descending order and the top mine with the highest gold volume was picked.

At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).

1. Muruntau Mine

Production Volume: 1.8 million ounces

The Muruntau mine, established in 1969 by Navoi Mining and Metallurgy Combinat, holds a significant place in Uzbekistan’s gold production, accounting for 80% in 2021. With an estimated reserve of 71,400,000 ounces of gold, it continues to be a major producer, according to Mining Technology. The mine is slated to continue operations until 2032, underscoring its enduring role in the country’s mining sector.

With a production volume of 1.8 million ounces, Muruntau Mine is the largest gold mine in the world by production volume.

You can see the full free list by going to the 10 Largest Gold Mines in the World by Production Volume.

At Insider Monkey, we delve into a variety of topics, however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June.

Disclosure: None. This article is originally published on Insider Monkey

Related posts

Carl Icahn Increases His Stake In Take-Two Interactive To 10.68%


iPad Mini Display Outperformed By Kindle Fire HD & Nexus 7


Foxconn Might Open Manufacturing Plants In The U.S. [REPORT]


Peter Cundill Protégé Tim McElvaine on Investing in Japan [VIDEO]


Set Bing Home Page Image As Lock Screen In Windows 8


Morning Market News: JCP, APO, MCHP, ZIP, ENR, LGF, EA, ATVI, COV, LNT