WHO MINED THE MOST GOLD IN 2017?

Gold is one of the rarest elements on Earth. According to estimates, it makes up only 0.003 parts per million of the Earth's crust. Despite the rising costs of extraction, several thousand tons of this precious metal are produced annually. Who topped the list of global producers in 2017?

In 2017, global gold production amounted to 3,247 tons. This represents a decrease of 5 tons compared to the previous year. It is worth noting that this is the first annual decline since 2008. According to experts, the source of this change was environmental issues, including sanctions for illegal mining operations and rising production costs.

In the past, South Africa was the country that mined the most gold. In 1970, over 100 tons of the yellow metal were brought to the surface there. However, since then, production in South Africa has gradually declined, and new players have appeared on the global market. Currently, the most important of these are Russia and China.

1. China – 426 tons

China ranks first, having mined 131 tons more than Australia, which ranks second. This means that as much as 13% of all gold mined worldwide came from China. Although China remained the undisputed market leader, its production fell by 6% compared to 2016. This is due to the government's efforts to combat environmental pollution. To make up for these losses, several mine expansion and modernization projects have been carried out, so this year's production is expected to return to previous levels.

2. Australia – 295.1 t

Although last year's production increased by 5 tons compared to the previous year, forecasts for 2017-2057 indicate a significant decline in production. According to experts, even doubling the funds allocated to the exploration of new deposits will not prevent this. It should be noted that the Australian authorities attach great importance to the development of the minerals industry, which accounts for half of total exports and generates approximately 8% of GDP.

3. Russia – 270.7 t

As much as 83% of gold in Europe came from Russia. Since 2010, the country has been steadily increasing its production. Last year, the increase amounted to as much as 17 tons. Interestingly, at the same time, the ruble strengthened by 13% against the US dollar, which significantly reduced the profits of Russian producers. So where did this market-contrary growth come from? Undoubtedly, the Russian government can take most of the credit for the development of this industry. It is the government that buys about two-thirds of all gold produced in Russia.

4. USA – 230 tons

Last year, gold production in the US increased by 8 tons, marking the fourth consecutive year of growth. Production was largely supported by activities under the Long Canyon project in Nevada, which accounts for as much as 78% of all gold mined in the US.

5. Canada – 175.8 t

However, it is not only Russia and the US that are placing great emphasis on gold production, but also Canada. In the latest ranking, the country moved up two places compared to the previous year. The 10-ton increase in production was mainly generated by Toronto-based Seabridge Gold, which discovered new gold deposits in British Columbia.

6. Peru – 162.3 tons

In Peru, on the other hand, production has fallen for the second year in a row, this time by 6 tons. The reasons for this phenomenon can be found in the recently launched war on illegal mining in the La Pampa region.

7. Indonesia – 154.3 t

8. South Africa – 139.9 t

9. Mexico – 130.5 tons

10. Ghana – 101.7 t

Based on: "Here are the top 10 gold-producing countries," www.BusinessInsider.com