Gold Supply - Worldwide Gold Mine Production

Gold Supply: In 2003 the total supply of gold, supplied and republished with the permission of Gold Fields Mineral Services, GFMS, was four thousand, one hundred thirty- three tones, two thousand six hundred-one tones came from the world’s gold mines, five hundred ninety-one tones from the official sector, for example, the central banks, and nine hundred-forty tones from processing old scrap. The mines are the primary source, they supply more than sixty percent of the gold which is used every year, with the official sector and the scrap production playing the secondary source. The mines supply gold in two forms – first in ordinary production, and second, from forward selling.

Worldwide Gold Mine Production: Most of the action in mining exploration nowadays is happening in South and Central America, Western Africa and Russia. China, which is now the fourth largest gold producer, is increasing its production, it presents some interesting possibilities for the future.

According to GFMS figures, South Africa is the world’s leader in producing gold, roughly fifteen percent of the two thousand six hundred-one total tones, and has kept that distinction for as long as most people can remember. The United States produces 11.5 percent and is in second place. Australia which produces ten percent ranks third place, while China, which produces 7.8 percent, recently displaced Russia which produces seven percent in the year 2002 for fourth. Although South Africa has been the dominant producer of gold for quite some time, its production has been in continuous decline due to labor problems and aging mines combined.