Gold Producers Essay

683 WordsJul 21, 20143 Pages
#1. China Mine production: 403 tons Official gold holdings: 1,054.1 tons China led the world in gold production for the sixth year in a row in 2012. Chinese gold production increased 11.7% that year, which is 100 times their 1949 production level. China has also doubled their gold output since 2003. China's largest gold producer is the Zijin Mining Group, with 2,770,428 ounces of gold in 2011. The country's official gold holdings are 1,054.1 tons, or 1.7% of total foreign reserves. #2. Australia Mine production: 250 tons Official gold holdings: 79.9 tons Australia's primary gold mines are in Western Australia, South Australia and New South Wales. About two-thirds of global gold production comes from Western Australian mines, and the entire continent has gold reserves of 7,400 tons. Australia's official gold holdings amount to 79.9 tons, which is 8.5% of total foreign currency reserves. #3. United States Mine production: 230 tons Official gold holdings: 8,133.5 tons The U.S.'s gold production dropped 4 tons in 2012 compared to 2011, but was still valued at $12.6 billion. US-based Newmont Mining is one of the world's top producers of gold and delivered output of 4.98 million ounces of gold in 2012, through operations on five continents including two in North America. The U.S.'s official gold holdings are the largest in the world at 8,133.5 tons, or 76.3% of total foreign currency reserves. #4. Russia Mine production: 205 tons Official gold holdings: 937.8 tons The Russian gold reserves are believed to be 5,000 tons and production of this precious metal increased by 6.8% in 2012. Russia's official gold holdings are 937.8 tons, which is 9.9%of total foreign currency. #5. South Africa Mine production: 170 tons Official gold holdings: 125 tons 2012 was South Africa's worst year of gold production since 1905 due to gold mine strikes. This caused South

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