Gold doré bars cool following a pour. Credit: Henry Lazenby
The ranks of the world’s top 20 gold producers have changed significantly since 1993. The biggest change over those decades is China becoming the number one producer, as its output has more than tripled. Meanwhile, South Africa has lost the top spot and its production plummeted by 83%. South Africa is still a major producer, but other nations on the continent are entering the list. Eight African countries were in last year’s top 20, up from three in 1993.
“In the early years of a freely traded gold price, South Africa dominated the market, producing 79% of ‘free world’ gold in 1970,” said Krishan Gopaul, a senior analyst with the World Gold Council. “This lead in gold production was still in place in 1993, although to a lesser degree. Today, the gold market is more diversified, with no single country…
