China, Russia and Australia ranked as the largest gold producing companies in the world during 2021, according to GoldHub.
Each of these nations produced nearly equal amounts: China (332 tonnes), Russia (331 tonnes) and Australia (315 tonnes).
During 2021, the gold price ranged from $1,677 per ounce to a high of $1,959 per ounce.
Likewise, the average market price for the year of $1,799 per ounce represented an all-time annual high and a 2% increase compared to 2020.
Other nations highlighted in gold production in 2021 are: Canada (193 tons), the United States (187 tons), Ghana (129 tons), Peru (127 tons), Mexico (125 tons), Indonesia (118 tons) and South Africa (114 tons).
As for the ranking by companies, Newmont is the leader, followed by Barrick Gold, Agnico Eagle, Gold Fields, Anglogold Ashanti, Newcrest Mining, Kinross Gold, Northern Star Resources, Endeavour Mining and Harmony Gold.
In 2021, the gold price remained strong. This was mainly due to the financial impacts of Covid-19. Global economic uncertainty also played a role. Additionally, the expected long-term effects of fiscal and monetary stimulus measures supported the price. However, the price was tempered by a strengthening U.S. dollar. There was also a reduction in global gold exchange-traded fund holdings.
Gold producing companies
Gold prices recently surpassed $2,000 per ounce for the first time since August 2020, largely driven by inflation concerns and heightened geopolitical risks, particularly due to Russia’s invasion of Ukraine in February 2022.
Barrick Gold, a leading player in the global gold market, refines its gold to meet market delivery standards through various refiners worldwide. The refined gold is then sold to bullion dealers or other refiners at prevailing market prices. Additionally, some of Barrick’s operations generate gold concentrate, which is sold to smelters.
Barrick maintains a diversified network of smelters and refiners, and the company believes that losing any particular smelter or refiner would not have a significant adverse impact on its operations, thanks to the availability of alternative services in the market.
On the other hand, product manufacturing and bullion investment are two major sources of gold demand.
The introduction of more accessible and liquid gold investment vehicles has further facilitated gold investment.
Within the fabrication category, there are a wide variety of end uses, the largest of which is jewelry manufacturing.
Other fabrication purposes include official coins, electronics, various industrial and decorative uses, dentistry, medals and medallions.