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%|
|#5||Pueblo Viejo||🇩🇴 Dominican Republic||814,000||0.7%|
|#6||Kibali||🇨🇩 Democratic Republic of the Congo||812,000||0.7%|
|#8||Lihir||🇵🇬 Papua New Guinea||737,082||0.6%|
|#9||Canadian Malartic||🇨🇦 Canada||714,784||0.6%|
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.
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Explainer: What Key Factors Influence Gas Prices?
To help understand what’s happening at the pump, it’s important to first know what key factors dictate the price of gas.
Explainer: What Key Factors Influence Gas Prices?
Across the United States, the cost of gas has been a hot topic of conversation lately, as prices reach record-breaking highs.
The national average now sits at $5.00 per gallon, and by the end of summer, this figure could grow to $6 per gallon, according to estimates by JPMorgan.
But before we can have an understanding of what’s happening at the pump, it’s important to first know what key factors dictate the price of gas.
This graphic, using data from the U.S. Energy Information Administration (EIA), outlines the main components that influence gas prices, providing each factor’s proportional impact on price.
The Four Main Factors
According to the EIA, there are four main factors that influence the price of gas:
- Crude oil prices (54%)
- Refining costs (14%)
- Taxes (16%)
- Distribution, and marketing costs (16%)
More than half the cost of filling your tank is influenced by the price of crude oil. Meanwhile, the rest of the price at the pump is split fairly equally between refining costs, marketing and distribution, and taxes.
Let’s look at each factor in more depth.
Crude Oil Prices
The most influential factor is the cost of crude oil, which is largely dictated by international supply and demand.
Despite being the world’s largest oil producer, the U.S. remains a net importer of crude oil, with the majority coming from Canada, Mexico, and Saudi Arabia. Because of America’s reliance on imports, U.S. gas prices are largely influenced by the global crude oil market.
A number of geopolitical factors can influence the crude oil market, but one of the biggest influences is the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia.
Established in 1960, OPEC was created to combat U.S. dominance of the global oil market. OPEC sets production targets for its 13 member countries, and historically, oil prices have been linked to changes in OPEC production. Today, OPEC countries are responsible for about 60% of internationally traded petroleum.
Oil needs to be refined into gasoline before it can be used by consumers, which is why refining costs are factored into the price of gas.
The exact cost of refining varies, depending on a number of factors such as the type of crude oil used, the processing technology available at the refinery, and the gasoline requirements in specific parts of the country.
In general, refining capacity in the U.S. has not been keeping up with oil demand. Several refineries shut down throughout the pandemic, but even before COVID-19, refining capacity in the U.S. was lagging behind demand. Incredibly, there haven’t been any brand-new refining facilities built in the country since 1977.
In the U.S., taxes also play a critical role in determining the price of gas.
Across America, the average gasoline tax is $0.57 per gallon, however, the exact amount fluctuates from state to state. Here’s a look at the top five states with the highest gas taxes:
|Rank||State||Gas tax (per gallon)|
*Note: figures include both state and federal tax
States with high gas taxes usually spend the extra money on improvements to their infrastructure or local transportation. For instance, Illinois doubled its gas taxes in 2019 as part of a $45 billion infrastructure plan.
California, the state with the highest tax on gas, is expecting to see a rate increase this July, which will drive gas prices up by around three cents per gallon.
Distribution and Marketing Costs
Lastly, the costs of distribution and marketing have an impact on the price of gas.
Gasoline is typically shipped from refineries to local terminals via pipelines. From there, the gasoline is processed further to ensure it meets market requirements or local government standards.
Gas stations then distribute the final product to the consumer. The cost of running a gas station varies—some gas stations are owned and operated by brand-name refineries like Chevron, while others are smaller-scale operations owned by independent merchants.
The big-name brands run a lot of advertisements. According to Morning Consult, Chevron, BP PLC, Exxon Mobil Corp., and Royal Dutch Shell PLC aired TV advertisements in the U.S. more than 44,495 times between June 1, 2020, and Aug. 31, 2021.
How Does the Russia-Ukraine Conflict Impact U.S. Gas Prices?
If only a fraction of America’s oil comes from Russia, why is the Russia-Ukraine conflict impacting prices in the U.S.?
Because oil is bought and sold on a global commodities market. So, when countries imposed sanctions on Russian oil, that put a squeeze on global supply, which ultimately drove up prices.
This supply shock could keep prices high for a while unless the U.S. falls into a recession, which is a growing possibility based on how recent data is trending.
Visualizing U.S. Crude Oil and Petroleum Product Imports in 2021
This visualization breaks down the countries from which the U.S. imported its crude oil and petroleum products in 2021.
U.S. Petroleum Product and Crude Oil Imports in 2021: Visualized
Energy independence is top of mind for many nations as Russia’s invasion of Ukraine has prompted sanctions and bans against Russian coal and crude oil imports.
Despite being the world’s largest oil producer, in 2021 the U.S. still imported more than 3 billion barrels of crude oil and petroleum products, equal to 43% of the country’s consumption.
This visualization uses data from the Energy Information Administration (EIA) to compare U.S. crude oil and refined product imports with domestic crude oil production, and breaks down which countries the U.S. imported its oil from in 2021.
U.S. Crude Oil Imports, by Country
The U.S. imports more than 8 million barrels of petroleum products a day from other nations, making it the world’s second-largest importer of crude oil behind China.
America’s northern neighbor, Canada, is the largest source of petroleum imports at 1.58 billion barrels in 2021. These made up more than 51% of U.S. petroleum imports, and when counting only crude oil imports, Canada’s share rises to 62%.
|Rank||Country||U.S. Oil Imports (2021, in barrels)||Share|
|#1||🇨🇦 Canada||1,584 million||51.3%|
|#2||🇲🇽 Mexico||259 million||8.4%|
|#3||🇷🇺 Russia||254 million||7.9%|
|#4||🇸🇦 Saudi Arabia||156 million||5.1%|
|#5||🇨🇴 Colombia||74 million||2.4%|
|#6||🇪🇨 Ecuador||61 million||2.0%|
|#7||🇮🇶 Iraq||57 million||1.9%|
|#8||🇧🇷 Brazil||52 million||1.7%|
|#9||🇰🇷 South Korea||48 million||1.6%|
|#10||🇳🇱 Netherlands||46 million||1.5%|
|#11||🇳🇬 Nigeria||45 million||1.5%|
|Other countries||459 million||14.7%|
The second-largest contributor to U.S. petroleum imports was another neighbor, Mexico, with 259 million barrels imported in 2021—making up a bit more than 8% of U.S. petroleum imports.
Russia was the third-largest exporter of crude oil and petroleum products to the U.S. in 2021, with their 254 million barrels accounting for almost 8% of total imports.
U.S. Crude Oil and Petroleum Imports from OPEC and OPEC+
Only about 11% of U.S. crude oil and petroleum product imports come from OPEC nations, with another 16.3% coming from OPEC+ members.
While imports from OPEC and OPEC+ members make up more than a quarter of America’s total petroleum imports, this share is fairly small when considering OPEC members currently control nearly 80% of the world’s oil reserves.
Which Countries are Part of OPEC and OPEC-Plus?
The Organization of Petroleum Exporting Countries (OPEC) is a group of 13 petroleum producing nations that formed in 1960 to provide steady prices and supply distribution of crude oil and petroleum products.
In 2016, OPEC-plus was formed with additional oil-exporting nations in order to better control global oil supply and markets in response to a deluge of U.S. shale supply hitting the markets at that time.
- 🇮🇷 Iran*
- 🇮🇶 Iraq*
- 🇰🇼 Kuwait*
- 🇸🇦 Saudi Arabia*
- 🇻🇪 Venezuela*
- 🇩🇿 Algeria
- 🇦🇴 Angola
- 🇬🇶 Equatorial Guinea
- 🇬🇦 Gabon
- 🇱🇾 Libya
- 🇳🇬 Nigeria
- 🇨🇩 Republic of the Congo
- 🇦🇪 United Arab Emirates
* Founding members
- 🇷🇺 Russia
- 🇲🇽 Mexico
- 🇰🇿 Kazakhstan
- 🇲🇾 Malaysia
- 🇦🇿 Azerbaijan
- 🇧🇭 Bahrain
- 🇧🇳 Brunei
- 🇴🇲 Oman
- 🇸🇩 Sudan
- 🇸🇸 South Sudan
Although OPEC and OPEC+ members supply a significant part of U.S. crude oil and petroleum imports, America has avoided overdependence on the group by instead building strong ties with neighboring exporters Canada and Mexico.
Crude Oil Imports Capitalize on U.S. Refineries
While the U.S. has been a net exporter of crude oil and petroleum products the past two years, exporting 3.15 billion barrels while importing 3.09 billion barrels in 2021, crude oil-only trade tells a different story.
In terms of just crude oil trade, the U.S. was a significant net importer, with 2.23 billion barrels of crude oil imports and only 1.08 billion barrels of crude oil exports. But with the U.S. being the world’s largest crude oil producer, why is this?
As noted earlier, neighboring Canada makes up larger shares of U.S. crude oil imports compared to crude oil and petroleum product imports. Similarly, Mexico reaches 10% of America’s crude oil imports when excluding petroleum products.
Maximizing imports from neighboring countries makes sense on multiple fronts for all parties due to lower transportation costs and risks, and it’s no surprise Canada and Mexico are providing large shares of just crude oil as well. With such a large collection of oil refineries across the border, it’s ultimately more cost-efficient for Canada and Mexico to tap into U.S. oil refining rather than refining domestically.
In turn, Mexico is the largest importer of U.S. produced gasoline and diesel fuel, and Canada is the third-largest importer of American-produced refined petroleum products.
Replacing Russian Crude Oil Imports
While Russia only makes up 8% of American petroleum product imports, their 254 million barrels will need to be replaced as both countries ceased trading soon after Russia’s invasion of Ukraine.
In an effort to curb rising oil and gasoline prices, in March President Joe Biden announced the release of up to 180 million barrels from the U.S. Strategic Petroleum Reserves. Other IEA nations are also releasing emergency oil reserves in an attempt to curb rising prices at the pump and volatility in the oil market.
While the U.S. and the rest of the world are still managing the short-term solutions to this oil supply gap, the long-term solution is complex and has various moving parts. From ramping up domestic oil production to replacing oil demand with other cleaner energy solutions, oil trade and imports will remain a vital part of America’s energy supply.
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