The World's Biggest Gold Mines #infographic

 

The World's Biggest Gold Mines #infographic

The demand levels for gold are now raising concerns about whether the stocks of the metal are being depleted and whether "peak gold" has been reached by humanity. Some experts think that we have now reached that point, a view that is reinforced by annual figures on gold production. In recent years, mining has largely levelled off and since the 3,351 tonnes mined in 2019 was 1 percent lower than 2018, we are currently on an ever-so-slight downward course. This is according to a BBC review of data from the World Gold Council, which also notes that while new gold deposits are being found, large reserves are becoming increasingly scarce, with the majority of production still occurring in older mines that have been in use for decades.

The economic carnage triggered by the pandemic of Covid-19 has led investors to hedge against the continuing uncertainty and has propelled the price of gold to record levels. For the first time ever, the price per ounce in August reached $2,000. In the United States, political instability also contributes to increasing demand, with UBS recently advising its customers to purchase safe-haven assets such as gold in the event that a disputed presidential election contributes to even greater volatility in the stock market.

Which mines, then, produce the most gold each year? The BBC report notes that Nevada's gold mines generate about 116 tons of stuff per year, which is the world's highest quantity conveniently. The Muruntau Gold Mine in the Qizilqum Desert of Uzbekistan is the largest open-pit gold mine in the world and has the second highest level of 66 tonnes of annual output. The Olimpiada gold deposit in Russia's Severo-Yeniseysky district was discovered in 1975, and with 43.2 tonnes per year, its mine is the third largest worldwide.

The World's Biggest Gold Mines #infographic

infographic by: www.statista.com


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