High Grade Gold Intercepts Confirm Kpali Discovery
New events are adding more fuel to gold’s fire in 2025, most significantly Donald Trump’s return as president of the US. Since he took office, his aggressive trade tactics have sent ripples through the global economy and pushed investors to gold as they seek safe-haven assets.
As uncertainty grips the markets, rising gold prices will benefit gold producers and the countries they operate in. So, which countries produce the most gold?
Here, the Investing News Network outlines the top gold producers by country in 2024 using the latest production numbers from the US Geological Survey. The organization notes that global gold production totaled 3,300 metric tons (MT) last year, up 50 metric tons from 2023. Data for mining production was sourced from Mining Data Online.
1. China
Gold production: 380 metric tons
China was the world’s top gold mining country in 2024 with output of 380 metric tons. While China’s gold output peaked at 455 MT in 2016, it hasn’t dipped below 300 MT in more than a decade. This consistent production continues to ensure China’s status as the world’s top gold producer.
China’s gold mining industry is dominated by state-owned operators. Some of the largest companies include Zijin Mining Group (HKEX:2899), which owns the Shanxi mine, the largest gold mine in the Shanxi province. According to the most recent data from MDO, in 2023 the mine produced 125,000 ounces of gold.
Another of China’s largest companies is China Gold International Resources (TSX:CGG,HKEX:2099), which owns a 96.5 percent stake in the Chang Shan Hao gold mine located in Inner Mongolia. One of China’s largest gold mines, it’s estimated that production in 2024 was between 106,097 and 112,528 ounces.
China also hosts major gold-smelting operations. Its Belt and Road Initiative has resulted in Chinese companies exploring and developing sites elsewhere in Asia and Africa, subsequently sending raw resources back to China for refinement.
In addition to being the top producer of gold in 2024, China was one of the largest consumers of gold. According to data from the World Gold Council, consumers purchased 857.1 metric tons throughout the year. Meanwhile, China’s central bank was among the largest buyers of precious metal in 2024, adding 44 metric tons of gold to its coffers during the year to bring its official gold holdings to 2,280 metric tons.
2. Russia
Gold production: 310 metric tons
Gold production from Russia came in at 310 metric tons in 2024, the same as the prior year. The country’s output has risen fairly significantly since 2017, when it produced only 255 MT of gold.
The US Geological Survey states that Russian gold reserves stand at 12,000 MT, making it the second-largest country for reserves after Australia. However, despite high production and reserves, Russian gold has had problems reaching world markets since the country invaded Ukraine in February 2022. In response, Russian operators have sought out alternative markets, particularly the…
Read More: High Grade Gold Intercepts Confirm Kpali Discovery