Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
World output of gold in 2011 was 2,789 metric tonnes, up 151 tonnes from 2010’s 2,638 tonnes according to data released on Friday by London-based mining and metals consultants CRU.
China cemented its spot at the top of the list with a 39 tonnes increase in gold produced during the year.
South Africa ranked number one in the world for a century before losing the top spot to China in 2007.
The African country mined 12 tonnes more in 2011 reversing recent declines. At its peak in the late 1960s the gold fields of South Africa produced more than a 1,000 tonnes of the yellow metal per year.
All the countries in the top ten increased production in 2011 except Peru and Indonesia.
Indonesia’s bullion production declined 24% and dropping the country from 7th place in 2010 to 9th in 2011 globally in terms of gold output.
The price of gold averaged $1,571 an ounce in 2011 meaning the South East Asian country missed out on $1,7 billion in potential revenue.
Freeport McMoran’s Grasberg mine in West Papua, a province of Indonesia, is the world largest gold mine and production at the mine fell by some 275,000 ounces (almost 8 tonnes) last year due to labour unrest.
The gold price has been under pressure recently and June contracts ended the holiday shortened week at $1,632 an ounce.
Gold is down from its 2012 high of $1,790 an ounce hit at the end of February and an all-time high of just above $1,900 an ounce reached in September last year.
About 175,000 tonnes of gold have been mined in all of human history.
Country 2011 2010 1. China 380 341 2. Australia 272 260 3. US 243 236 4. South Africa 221 209 5. Russia 205 197 6. Peru 156 163 7. Ghana 102 92 8. Canada 101 91 9. Indonesia 97 128 10. Mexico 82 72 World production 2,789 2,638
Image by AJP / Shutterstock.com.
2 Comments
Whatu_need
This accounts for about 2/3 of the output. Do you have the top 25 or top 50 production numbers as well since they account for another 930 tonnes?
Aruna reddy
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