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Global gold production will peak at about 3,250 tonnes (105 million oz.) next year, according to CRU's Oliver Blagden.
In 2012, the top 10 gold producing countries slightly increased their gold output.
According to the United States Geological Survey (USGS) provisional data — updated with the recent official figures for China, Russia and Peru — estimated global gold production rose to 2,700 tonnes in 2012, or 1.4% growth compared to 2011 (2,662 tonnes).
The top 10 gold producing countries mined out about 1,807 tonnes of the precious metal which is 2.4% more than in 2011 (1,765 tonnes).
Among them, four countries — China, Russia, Canada, Ghana — increased their gold output and six — Australia, USA, South Africa, Peru, Indonesia, Uzbekistan — fell in production (Figure 1).
Taking into account the quite borderline provisional data for Indonesia and Uzbekistan with a difference of only one tonne of produced gold in 2011/2012, these countries eventually could be either gainers or losers later, depending on final gold output figures.
Figure 1. Gold production by ten leading countries in 2011/2012, tonnes (USGS data, except China, Russia and Peru).
China is the undisputed leader for a sixth consecutive year with 403 tonnes of gold produced in 2012 (+11.3%) followed by Australia (250 tonnes, -3.1%) and the US (230 tonnes, -1.7%).
Russia increased its gold output by 8.5%, to 217 tonnes (include primary production and by-product), and holds fourth place.
Ranked fifth, South Africa significantly decreased its gold production in 2012 (-6.1%).
Ghana, which shares leadership with China in terms of gold production growth in 2012 (+11.3% compared to 2011), rounds out the list of top 10 producers.
Full data on world gold production in 2011/2012 is presented in the following table.
Table 1. World gold production in 2011/2012, by top producing countries, tonnes of gold (USGS report, except data for China, Russia and Peru).
Unlike previous years, medium and small gold-producing countries decreased their gold output in 2012 by 0.4%, from 897 tonnes of gold in 2011 to 893 tonnes in 2012.
Photo: Shutterstock / PHOTO 999
