Real Assets
Visualizing the $2.9B Money Flow into Gold Exploration
Visualizing the $2.9B Money Flow into Gold Exploration
In 2020, the price of gold reached multi-year highs, in part to the impact of COVID-19 shutdowns. This renewed interest in gold spurred the plans of many gold exploration and development projects around the world.
This infographic uses data from Mining Intelligence which tracked the $2.87 billion from 425 transactions for gold projects in 41 countries between February 1, 2020, and February 28, 2021.
Gold Financings, by Country
Five countries accounted for 75% of the money raised for top gold projects around the world.
Canada attracted the most with $965 million or roughly 34% of all the money raised for gold exploration and development.
Country | Amounts ($USD) | Number of Transactions |
---|---|---|
Canada | $965,066,856 | 180 |
Mexico | $389,087,534 | 25 |
Australia | $291,040,977 | 43 |
United States | $255,563,607 | 82 |
Chile | $253,711,427 | 2 |
Mali | $85,728,402 | 13 |
Guatemala | $75,939,982 | 4 |
Colombia | $71,389,229 | 4 |
Burkina Faso | $58,937,852 | 2 |
Greenland | $54,739,544 | 1 |
Fiji | $44,024,224 | 3 |
Nigeria | $40,660,735 | 1 |
Ivory Coast | $37,608,031 | 4 |
Argentina | $30,678,621 | 5 |
Brazil | $30,292,143 | 9 |
Nicaragua | $29,040,361 | 4 |
Tanzania | $22,215,178 | 2 |
Finland | $2,106,0740 | 2 |
Mongolia | $15,120,700 | 1 |
Ghana | $14,894,336 | 4 |
Kyrgyzstan | $13,651,801 | 1 |
Namibia | $13,041,621 | 1 |
Ecuador | $8,644,975 | 1 |
Bulgaria | $6,879,450 | 1 |
Japan | $6,569,742 | 2 |
Guyana | $6,282,134 | 2 |
United Kingdom | $4,796,983 | 3 |
Dem. Republic of the Congo | $4,528,450 | 1 |
Peru | $4,436,335 | 6 |
Sudan | $4,066,484 | 1 |
Cameroon | $3,252,956 | 4 |
Papua New Guinea | $1,737,903 | 2 |
Serbia | $1,478,579 | 1 |
Kenya | $1,288,041 | 1 |
Spain | $1,074,211 | 1 |
Dominican Republic | $992,252 | 1 |
Guinea | $387,483 | 1 |
Kazakhstan | $334,733 | 1 |
Honduras | $296,096 | 1 |
Indonesia | $213,835 | 1 |
South Africa | $102,959 | 1 |
Total | $2,870,857,503 | 425 |
In second place, Mexico attracted $389 million or 14% of total exploration dollars raised while Australia with $291 million (10%) is in third place.
The United States comes in fourth place with $256 million or 9% of global gold exploration dollars. Chile on the fifth spot received $254 million (9%) with one project attracting the largest amount of any on the list.
Top 10 Financings by Gold Project
Focusing on individual projects, Gold Fields’ Salares Norte project in Chile received $252 million for the largest financing of the period. The company started construction this year, after a delicate operation to remove endangered chinchillas from the site.
Silvercrest’s Las Chispas project in Mexico’s Sonora state received $228.9 million, giving it the second largest sum. According to the company, the property hosts 94.7 million ounces of silver equivalent (AgEq) in proven and provable reserves.
Properties | Location | Amount ($USD) | Company |
---|---|---|---|
Salares Norte | 🇨🇱 Chile | $251,845,426 | Gold Fields Ltd. |
Las Chispas | 🇲🇽 Mexico | $228,858,469 | SilverCrest Metals Inc. |
Windfall Lake | 🇨🇦 Canada | $130,539,783 | Osisko Mining Inc. |
Blackwater | 🇨🇦 Canada | $129,712,140 | Artemis Gold Inc. |
Magino | 🇨🇦 Canada | $108,128,440 | Argonaut Gold Inc. |
Dargues Reef | 🇦🇺 Australia | $96,500,680 | Aurelia Metals Ltd |
Cariboo | 🇨🇦 Canada | $95,460,630 | Osisko Development Corp. |
Marmato | 🇨🇴 Colombia | $66,116,989 | Aris Gold Corp. |
Cerro Blanco | 🇬🇹 Guatemala | $65,632,958 | Bluestone Resources Inc. |
Mount Morgans | 🇦🇺 Australia | $63,179,600 | Dacian Gold Ltd. |
Gold is Canada’s most valuable mined mineral and the next 3 projects on the list show this priority. Osisko Mining’s Windfall Lake project in Quebec is third ($130 million), Artemis Gold’s Blackwater mine ($130 million) in British Columbia is the fourth, and Argonaut’s Magino project in Ontario ($108 million) the fifth.
The analysis found that more than half of the money raised (57%), went to 63 gold projects to advance economic studies – from scoping studies or preliminary economic assessments through to bankable feasibility studies and permitting.
A total of 71% of the projects were in the early stages of exploration, but they only accounted for about 25% of the total capital raised during the period.
Gold Going Forward
With $2.9 billion in capital going into gold projects around the world, the gold industry has big plans. These financings represent opportunities for host countries’ economies and their workers, along with more gold for investors to buy.
Real Assets
200 Years of Global Gold Production, by Country
Global gold production has grown exponentially since the 1800s, with 86% of all above-ground gold mined in the last 200 years.
Visualizing Global Gold Production Over 200 Years
Although the practice of gold mining has been around for thousands of years, it’s estimated that roughly 86% of all above-ground gold was extracted in the last 200 years.
With modern mining techniques making large-scale production possible, global gold production has grown exponentially since the 1800s.
The above infographic uses data from Our World in Data to visualize global gold production by country from 1820 to 2022, showing how gold mining has evolved to become increasingly global over time.
A Brief History of Gold Mining
The best-known gold rush in modern history occurred in California in 1848, when James Marshall discovered gold in Sacramento Valley. As word spread, thousands of migrants flocked to California in search of gold, and by 1855, miners had extracted around $2 billion worth of gold.
The United States, Australia, and Russia were (interchangeably) the three largest gold producers until the 1890s. Then, South Africa took the helm thanks to the massive discovery in the Witwatersrand Basin, now regarded today as one of the world’s greatest ever goldfields.
South Africa’s annual gold production peaked in 1970 at 1,002 tonnes—by far the largest amount of gold produced by any country in a year.
With the price of gold rising since the 1980s, global gold production has become increasingly widespread. By 2007, China was the world’s largest gold-producing nation, and today a significant quantity of gold is being mined in over 40 countries.
The Top Gold-Producing Countries in 2022
Around 31% of the world’s gold production in 2022 came from three countries—China, Russia, and Australia, with each producing over 300 tonnes of the precious metal.
Rank | Country | 2022E Gold Production, tonnes | % of Total |
---|---|---|---|
#1 | 🇨🇳 China | 330 | 11% |
#2 | 🇷🇺 Russia | 320 | 10% |
#3 | 🇦🇺 Australia | 320 | 10% |
#4 | 🇨🇦 Canada | 220 | 7% |
#5 | 🇺🇸 United States | 170 | 5% |
#6 | 🇲🇽 Mexico | 120 | 4% |
#7 | 🇰🇿 Kazakhstan | 120 | 4% |
#8 | 🇿🇦 South Africa | 110 | 4% |
#9 | 🇵🇪 Peru | 100 | 3% |
#10 | 🇺🇿 Uzbekistan | 100 | 3% |
#11 | 🇬🇭 Ghana | 90 | 3% |
#12 | 🇮🇩 Indonesia | 70 | 2% |
- | 🌍 Rest of the World | 1,030 | 33% |
- | World Total | 3,100 | 100% |
North American countries Canada, the U.S., and Mexico round out the top six gold producers, collectively making up 16% of the global total. The state of Nevada alone accounted for 72% of U.S. production, hosting the world’s largest gold mining complex (including six mines) owned by Nevada Gold Mines.
Meanwhile, South Africa produced 110 tonnes of gold in 2022, down by 74% relative to its output of 430 tonnes in 2000. This long-term decline is the result of mine closures, maturing assets, and industrial conflict, according to the World Gold Council.
Interestingly, two smaller gold producers on the list, Uzbekistan and Indonesia, host the second and third-largest gold mining operations in the world, respectively.
The Outlook for Global Gold Production
As of April 25, gold prices were hovering around the $2,000 per ounce mark and nearing all-time highs. For mining companies, higher gold prices can mean more profits per ounce if costs remain unaffected.
According to the World Gold Council, mined gold production is expected to increase in 2023 and could surpass the record set in 2018 (3,300 tonnes), led by the expansion of existing projects in North America. The chances of record mine output could be higher if gold prices continue to increase.
Real Assets
All the Metals We Mined in One Visualization
This infographic visualizes the 2.8 billion tonnes of metals mined in 2022.
All the Metals We Mined in One Visualization
Metals are a big part of our daily lives, found in every building we enter and all devices we use.
Today, major industries that directly consume processed mineral materials contribute 14% of the United States economy.
The above infographic visualizes all 2.8 billion tonnes of metals mined in 2022 and highlights each metal’s largest end-use using data from the United States Geological Survey (USGS).
Iron Ore Dominance
Iron ore dominates the metals mining landscape, comprising 93% of the total mined. In 2022, 2.6 billion tonnes of iron ore were mined, containing about 1.6 billion tonnes of iron.
Metal/Ore | Quantity Mined in 2022 (tonnes) | % of Total |
---|---|---|
Iron ore | 2,600,000,000 | 93.3% |
Industrial metals | 185,111,835 | 6.6% |
Technology and Precious Metals | 1,500,008 | 0.05% |
Total | 2,786,611,843 | 100% |
Percentages may not add up to 100 due to rounding.
Iron ores are found in various geologic environments, such as igneous, metamorphic, or sedimentary rocks, and can contain over 70% iron, with many falling in the 50-60% range.
Combined with other materials like coke and limestone, iron ore is primarily used in steel production. Today, almost all (98%) iron ore is dedicated to steelmaking.
The ore is typically mined in about 50 countries, but Australia, Brazil, China, and India are responsible for 75% of the production.
Because of its essential role in infrastructure development, iron ore is one of the most crucial materials underpinning urbanization and economic growth.
Industrial Metals
Industrial metals occupy the second position on our list, constituting 6.6% of all metals mined in 2022. These metals, including copper, aluminum, lead, and zinc, are employed in construction and industrial applications.
Aluminum constituted nearly 40% of industrial metal production in 2022. China was responsible for 56% of all aluminum produced.
Industrial Metals | 2022 Mine Production (tonnes) | % of Total |
---|---|---|
Aluminum | 69,000,000 | 37.3% |
Chromium | 41,000,000 | 22.1% |
Copper | 22,000,000 | 11.9% |
Manganese | 20,000,000 | 10.8% |
Zinc | 13,000,000 | 7.0% |
Titanium (mineral concentrates) | 9,500,000 | 5.1% |
Lead | 4,500,000 | 2.4% |
Nickel | 3,300,000 | 1.8% |
Zirconium Minerals (Zircon) | 1,400,000 | 0.8% |
Magnesium | 1,000,000 | 0.5% |
Strontium | 340,000 | 0.2% |
Uranium | 49,355 | 0.03% |
Bismuth | 20,000 | 0.01% |
Mercury | 2,200 | 0.00% |
Beryllium | 280 | 0.00% |
Total | 185,111,835 | 100% |
In the second position is chromium, which plays a primary role in rendering stainless steel corrosion-resistant. South Africa led chromium production, accounting for 44% of the total mined last year.
Technology and Precious Metals
Despite representing less than 1% of all the metals mined, technology metals have been on the news over the last few years as countries and companies seek these materials to reduce carbon emissions and improve productivity.
Technology and Precious Metals | 2022 Mine Production (tonnes) | % of Total |
---|---|---|
Tin | 310,000 | 20.7% |
Rare Earth Oxides | 300,000 | 20.0% |
Molybdenum | 250,000 | 16.7% |
Cobalt | 190,000 | 12.7% |
Lithium | 130,000 | 8.7% |
Vanadium | 100,000 | 6.7% |
Tungsten | 84,000 | 5.6% |
Niobium | 79,000 | 5.3% |
Silver | 26,000 | 1.7% |
Cadmium | 24,000 | 1.6% |
Gold | 3,100 | 0.2% |
Tantalum | 2,000 | 0.1% |
Indium | 900 | 0.1% |
Gallium | 550 | 0.04% |
Platinum Group Metals | 400 | 0.03% |
Rhenium | 58 | 0.004% |
Total | 1,500,008 | 100% |
They include lithium and cobalt, used in electric vehicles and battery storage, and rare earths, used in magnets, metal alloys, and electronics. Many of them are considered critical for countries’ security due to their role in clean energy technologies and dependency on other nations to supply domestic demand.
However, despite increasing interest in these metals, they are still behind precious metals such as gold and silver regarding market size.
The gold market, for example, reached $196 billion in 2022, compared to $10.6 billion for the rare earths market.
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