Mining
The Gold Series: Mining and Supply (Part 2)
Today, most comes from hard rock deposits where gold is disseminated or associated with other metals and mined either through open pit or underground mining. Deposits form when gold is dissolved in hot pressurized fluids deep in the crust, and then transported upwards on fissures and cracks where it is deposited closer to surface.
90% of gold produced today is recovered through the cyanide leaching process.
There are three distinct streams that make up supply: official sales, recycled gold, and mine production.There has been a 571% increase in gold purchases from central banks from 2011 to 2010. Since the 2008 financial crisis, more people have opted to recycle gold as well. Recycling has increased 93% from 2002 to 2011.
Discoveries are declining and it is becoming more expensive to find gold. Data also shows that the grade of underground and open pit gold mines are decreasing over time.
Mining
Visualizing Copper Production by Country in 2023
Chile and Peru account for one-third of the world’s copper output.
Visualizing Copper Production by Country in 2023
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Copper is considered an essential metal for the clean energy transition because it is a great conductor of electricity.
As a result, governments around the world have been encouraging the construction of new mines, and mining companies have been seeking new projects and acquiring existing mines to meet the growing demand.
In this graphic, we illustrate global copper production in 2023, based on data from the U.S. Geological Survey, Mineral Commodity Summaries, as of January 2024.
Most Copper Comes from South America
Chile and Peru account for one-third of the world’s copper output.
| Country | Region | 2023E Production (Million tonnes) |
|---|---|---|
| 🇨🇱 Chile | South America | 5.0 |
| 🇵🇪 Peru | South America | 2.6 |
| 🇨🇩 Congo (Kinshasa) | Africa | 2.5 |
| 🇨🇳 China | Asia | 1.7 |
| 🇺🇸 United States | North America | 1.1 |
| 🇷🇺 Russia | Europe/Asia | 0.9 |
| 🇦🇺 Australia | Oceania | 0.8 |
| 🇮🇩 Indonesia | Asia | 0.8 |
| 🇿🇲 Zambia | Africa | 0.8 |
| 🇲🇽 Mexico | North America | 0.7 |
| 🇰🇿 Kazakhstan | Asia | 0.6 |
| 🇨🇦 Canada | North America | 0.5 |
| 🇵🇱 Poland | Europe | 0.4 |
| 🌍 Rest of World | -- | 3.1 |
| World total (rounded) | -- | 21.5 |
Chile is also home to the two largest mines in the world, Escondida and Collahuasi.
Meanwhile, African countries have rapidly increased their production. The Democratic Republic of Congo, for example, transitioned from being a secondary copper producer in the late 1990s to becoming the third-largest producer by 2023.
Part of the growth in copper mining in Africa is attributed to high investment from China. Chinese mining companies represent 8% of Africa’s total output in the mining sector.
Within its territory, China has also seen a 277% growth in copper production over the last three decades.
In the U.S., Arizona is the leading copper-producing state, accounting for approximately 70% of domestic output. Copper is also mined in Michigan, Missouri, Montana, Nevada, New Mexico, and Utah.
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