Real Assets
Mapped: The 10 Largest Gold Mines in the World, by Production
The 10 Largest Gold Mines in the World, by Production
Gold mining is a global business, with hundreds of mining companies digging for the precious metal in dozens of countries.
But where exactly are the largest gold mines in the world?
The above infographic uses data compiled from S&P Global Market Intelligence and company reports to map the top 10 gold-producing mines in 2021.
Editor’s Note: The article uses publicly available global production data from the World Gold Council to calculate the production share of each mine. The percentages slightly differ from those calculated by S&P.
The Top Gold Mines in 2021
The 10 largest gold mines are located across nine different countries in North America, Oceania, Africa, and Asia.
Together, they accounted for around 13 million ounces or 12% of global gold production in 2021.
Rank | Mine | Location | Production (ounces) | % of global production |
---|---|---|---|---|
#1 | Nevada Gold Mines | 🇺🇸 U.S. | 3,311,000 | 2.9% |
#2 | Muruntau | 🇺🇿 Uzbekistan | 2,990,020 | 2.6% |
#3 | Grasberg | 🇮🇩 Indonesia | 1,370,000 | 1.2% |
#4 | Olimpiada | 🇷🇺 Russia | 1,184,068 | 1.0% |
#5 | Pueblo Viejo | 🇩🇴 Dominican Republic | 814,000 | 0.7% |
#6 | Kibali | 🇨🇩 Democratic Republic of the Congo | 812,000 | 0.7% |
#7 | Cadia | 🇦🇺 Australia | 764,895 | 0.7% |
#8 | Lihir | 🇵🇬 Papua New Guinea | 737,082 | 0.6% |
#9 | Canadian Malartic | 🇨🇦 Canada | 714,784 | 0.6% |
#10 | Boddington | 🇦🇺 Australia | 696,000 | 0.6% |
N/A | Total | N/A | 13,393,849 | 11.7% |
Share of global gold production is based on 3,561 tonnes (114.5 million troy ounces) of 2021 production as per the World Gold Council.
In 2019, the world’s two largest gold miners—Barrick Gold and Newmont Corporation—announced a historic joint venture combining their operations in Nevada. The resulting joint corporation, Nevada Gold Mines, is now the world’s largest gold mining complex with six mines churning out over 3.3 million ounces annually.
Uzbekistan’s state-owned Muruntau mine, one of the world’s deepest open-pit operations, produced just under 3 million ounces, making it the second-largest gold mine. Muruntau represents over 80% of Uzbekistan’s overall gold production.
Only two other mines—Grasberg and Olimpiada—produced more than 1 million ounces of gold in 2021. Grasberg is not only the third-largest gold mine but also one of the largest copper mines in the world. Olimpiada, owned by Russian gold mining giant Polyus, holds around 26 million ounces of gold reserves.
Polyus was also recently crowned the biggest miner in terms of gold reserves globally, holding over 104 million ounces of proven and probable gold between all deposits.
How Profitable is Gold Mining?
The price of gold is up by around 50% since 2016, and it’s hovering near the all-time high of $2,000/oz.
That’s good news for gold miners, who achieved record-high profit margins in 2020. For every ounce of gold produced in 2020, gold miners pocketed $828 on average, significantly higher than the previous high of $666/oz set in 2011.
With inflation rates hitting decade-highs in several countries, gold mining could be a sector to watch, especially given gold’s status as a traditional inflation hedge.
Real Assets
Visualizing Mining’s Footprint in British Columbia
Mining represents 7% of British Columbia’s GDP despite only accounting for 0.04% of the land use.

Visualizing Mining’s Footprint in British Columbia
British Columbia is considered a global leader in the development of socially and environmentally responsible resources.
An estimated 54% of the province’s total land is protected, making it one of the world’s greenest mining hubs.
This graphic by the B.C. Regional Mining Alliance (BCRMA) details mining’s footprint in the province.
A Tier 1 Jurisdiction for Mining
British Columbia covers almost 95 million hectares (234 million acres), more than any European country except Russia, and more than any U.S. state except Alaska.
As the largest mining province in Canada, BC registered $18 billion in revenue from the industry in 2022.
British Columbia stands as Canada’s sole producer of molybdenum, which finds applications in metallurgy and chemistry. Additionally, B.C. is the country’s leader producer of copper and steelmaking coal, besides gold and silver.
At the heart of British Columbia’s mining industry lies the Golden Triangle, one of the hottest mineral exploration districts in the world.
More than 150 mines have operated in the area since prospectors first arrived at the end of the 19th century. The region alone is endowed with minerals worth more than $800 billion.
How Green is B.C. Mining
Mining represents 7% of the province’s Gross Domestic Product (GDP), despite only accounting for 0.04% of the land use. In comparison, farmland demands 3% of the land, bringing $2.1 billion (0.8%) per year.
Land Use in B.C. | Revenue (2022, CAD $) | |
---|---|---|
Mining | 0.04% | $18.0 billion |
Oil & Gas | 0.4% | $9.5 billion |
Infrastructure | 1% | $25.0 billion |
Farmland | 3% | $2.1 billion |
Forest | 62% | $13.3 billion |
Mining operations are also supported by a stable, transparent, and effective policy environment. The province ranked as the world’s least risky for mining in 2017 and 2018.
In addition, mineral exploration has received ample support from local Indigenous communities. Today, mining accounts for over two-thirds of all indigenous people employed in the extractives sector.
According to the International Energy Agency, up to six times more minerals and metals will be needed by 2040 to accelerate the energy transition.
In this scenario, British Columbia is well positioned to support the transition to a low-carbon future and make a significant contribution to climate action.
The BCRMA is a strategic partnership between indigenous groups, industry, and government representatives that aims to promote B.C.’s mining opportunities internationally.
Real Assets
Mapped: The 10 Largest Undeveloped Silver Deposits in the World
Global silver demand is poised to soar in the next decade, driven by emerging technologies like EVs and solar power.

Ranked: The Largest Undeveloped Silver Deposits in the World
Global silver demand is poised to soar in the next decade, driven by emerging technologies like electric vehicles and solar power.
Silver demand from solar alone has grown from less than 50 million ounces (Moz) a decade ago to an expected 160 Moz in 2023.
So, where will the necessary supply come from to meet this surge? This graphic from Discovery Silver shows the largest undeveloped silver deposits in the world.
Silver in Green Technology
Silver is a vital part of solar cells. The metal is converted into paste and coated onto silicon wafers to make solar arrays.
When sunlight hits the silicon, silver helps to transport the generated electricity for immediate use or store it in batteries. A typical solar panel can contain as much as 20 grams of silver.
Silver’s conductivity and corrosion resistance are vital in electronics, especially electric vehicles where nearly all electrical connections rely on the metal. Over 50 million ounces of silver are used every year to enhance conductivity in powered seats, windows, and other vehicle electronics.
In 2022, 27% of all silver consumption in the U.S. was attributed to electrical and electronics, while 10% was linked to solar technology.
Global Silver Demand Rising
With the increasing demand for new technologies combined with physical investment (bars) demand, the silver market saw a 237.7 Moz deficit in 2022, an all-time record.
2023 silver industrial demand is forecasted to rise by 4% to a new record high.
However, according to the Silver Institute, mined output is expected to decline over the next five years.
In this scenario, new mines are expected to play an important role in meeting the demand.
Currently, the world’s top 10 undeveloped silver deposits contain 984 Moz. Discovery Silver’s Cordero project in Mexico leads the ranking:
Rank | Project | Owner | Country | Contained Silver Reserves (Moz) |
---|---|---|---|---|
1 | Cordero | Discovery Silver | Mexico | 266 |
2 | Corani | Bear Creek Mining Corporation | Peru | 229 |
3 | Prognoz | Polymetal International plc | Russia | 125 |
4 | Bowdens | Silver Mines Limited | Australia | 66 |
5 | Santa Ana | Formerly Bear Creek | Peru | 63 |
6 | Fuwan | Minco Silver Corporation | China | 55 |
7 | Nueva Esperanza | Kingsgate Consolidated Limited | Chile | 48 |
8 | Vares | Adriatic Metals PLC | Bosnia & Herzegovina | 47 |
9 | Terronera | Endeavour Silver Corp. | Mexico | 47 |
10 | Menkechka | GeoProMining Ltd. | Russia | 38 |
Cordero is located in Chihuahua State in Mexico, one of the world’s most prolific silver producing regions.
Once in production, it is expected to become one of the top three silver mines in the world.
As silver demand is expected to soar, Discovery Silver offers direct investment exposure to this paradigm shift through its Cordero Project. Click here to learn more about Discovery Silver.
-
Electrification2 years ago
Ranked: The Top 10 EV Battery Manufacturers
-
Real Assets3 years ago
Visualizing China’s Dominance in Rare Earth Metals
-
Real Assets2 years ago
The World’s Top 10 Gold Mining Companies
-
Electrification1 year ago
The Key Minerals in an EV Battery
-
Misc2 years ago
All the Metals We Mined in One Visualization
-
Misc3 years ago
All the World’s Metals and Minerals in One Visualization
-
Real Assets3 years ago
What is a Commodity Super Cycle?
-
Real Assets3 years ago
How the World’s Top Gold Mining Stocks Performed in 2020