Top 10 gold producing companies and countries in the world

China, Russia and Australia ranked as the largest gold producers in the world during 2021, according to GoldHub.

Each of these nations produced nearly equal amounts: China (332 tonnes), Russia (331 tonnes) and Australia (315 tonnes).

During 2021, the gold price ranged from $1,677 per ounce to a high of $1,959 per ounce.

Likewise, the average market price for the year of $1,799 per ounce represented an all-time annual high and a 2% increase compared to 2020.

Other nations highlighted in gold production in 2021 are: Canada (193 tons), the United States (187 tons), Ghana (129 tons), Peru (127 tons), Mexico (125 tons), Indonesia (118 tons) and South Africa (114 tons).

As for the ranking by companies, Newmont is the leader, followed by Barrick Gold, Agnico Eagle, Gold Fields, Anglogold Ashanti, Newcrest Mining, Kinross Gold, Northern Star Resources, Endeavour Mining and Harmony Gold.

During 2021, the gold price remained strong as a result of Covid-19 financial impacts, including global economic uncertainty, and the expected long-term effects of fiscal and monetary stimulus measures, tempered by a strengthening of the trade-weighted U.S. dollar and a reduction in total global gold exchange-traded fund holdings.

Gold producing companies

Following the year-end close, the gold price has returned to trade above $2,000 per ounce for the first time since August 2020 as a result of inflation concerns and geopolitical risk, highlighted by Russia’s invasion of Ukraine, which began in late February 2022.

In Barrick’s case, gold is refined to market delivery standards by various refiners around the world. The gold is sold to various bullion dealers or refiners at market prices.

Also some of Barrick’s operations produce gold concentrate, which is sold to various smelters.

Barrick believes that, due to the availability of alternative smelters or refiners, there would be no material adverse effect if the Company were to lose the services of any of its existing smelters or refiners.

On the other hand, product manufacturing and bullion investment are two major sources of gold demand.

The introduction of more accessible and liquid gold investment vehicles has further facilitated gold investment.

Within the fabrication category, there are a wide variety of end uses, the largest of which is jewelry manufacturing.

Other fabrication purposes include official coins, electronics, various industrial and decorative uses, dentistry, medals and medallions.