For a second year in a row, we have worked with Roy Sebag of Natural Resource Holdings to produce an in-depth report of all gold deposits hold be public, private, and government backed companies.
We were able to identify a total of 580 deposits that have over 1,000,000 ounces of gold for a total of 3.72 billion in-situ ounces. The average grade of all deposits is 1.01 g/t Au.
These deposits are owned by 312 entities including public, private, and government sponsored corporations. 261 of the deposits were owned (or partially owned) by independent junior miners.
2013 vs Previous Years
It is our belief that this is by far the most comprehensive report yet. That said, those that compare this report to 2012 will notice significant differences in the final metrics. Most notably:
- Total deposits over 1 million oz increased from 439 to 580 worldwide.
- Total ounces have increased from 3.02 billion oz to 3.72 billion oz of Au.
- Average grade has increased from 0.82 g/t to 1.01 g/t Au.
The chief difference is that this year we decided to include all African deposits and mines, including projects that we believe will never be mined because they did not meet our thresholds of grade or depth. However, by including these projects, which add up to about 350 million oz alone, we believe the report is much more encompassing.
Trends in Size and Grade
The project economics of gold deposits are mostly dependent on two major factors: size and grade. Without a sizeable ore body, a mining operation cannot acquire the economies of scale to bring down the cost of production. Likewise, a project without grade may not have the margins for each ton of ore processed to justify production.
The average grade differed significantly between producing and undeveloped deposits. The average grade of all producing mines is 1.18 g/t Au, which is 32.6% higher than the average of all projects still in the development phase (0.89 g/t Au). This has significant implications on future gold production. In the near term, with significant volatility and the gold price at a three-year low, many of these projects are simply not economically feasible. In the medium to long term, unless major discoveries are made, either gold production must decrease (with a focus on only higher grade deposits) or the price of gold must rise to make these projects economical.
A key take home point of this report each year is the rarity of large, high-grade projects. There are only 51 (8.8%) projects in the world that are more than 5 million oz and have an average grade of higher than 3 g/t Au. Of these, there are only 21 that are not yet in production.
While North America shows the largest amount of contained gold, Africa continues to be home to some of the highest grade (and highest risk) projects on the planet.
The highest grade deposits in the world are in countries such as South Africa, Tanzania, DRC, Mali, Russia, Ghana, Ivory Coast, Ecuador, Kyrgyzstan, and Papua New Guinea.
The Future of Gold Supply
Our figure for in-situ ounces that we have provided (3.72 billion oz Au) is a comprehensive view of what is below ground in terms of reserves and resources.
However, to come up with a clear picture of what is actually recoverable, the reality is that there are several limitations to the amount of gold that will actually become part of the future supply chain:
- Economic pit outlines have not yet been applied.
- Metallurgical recovery rates have not yet been applied.
- Inferred resources have been included in global contained ounces.
- Undeveloped deposits with no clear path towards permitting remain included.
To project an accurate figure, we need to take our 3.72 billion oz number and apply some math:
Total in-situ ounces in database:
70% of total become mines:
70% metallurgical recovery rate:
This number, 1.82 billion oz, becomes really interesting when we look at annual extractable supply. Averaged over 50 years, the supply is equal to 1,134 tonnes (36,464,480 oz) of gold per year.
This figure is equal to only 42.0% of the 2,700 tonnes (86,807,016 oz) of worldwide gold production in 2012.
Led by countries such as Russia and China, central banks have recently become net buyers of gold. Meanwhile, ETF gold outflows have been a temporary source of supply this year, but obviously this cannot persist. It’s also unreasonable to assume that recycling will make up a significantly greater piece of supply without the price of gold increasing substantially.
With the grade of current producing gold mines being 32.6% higher than undeveloped deposits, it makes the supply scenario even more clear. Not only is the current yearly mine supply difficult to sustain, but future mines coming online will be challenged by grade and margins to be economical at today’s prices.
Mathematically, unless we have high-grade, high ounce deposits that are being fast tracked online, it will be very difficult to find a way to get supply to match demand.
The Top 10 Biggest Companies in Brazil
What drives some of the world’s emerging economies? From natural resources to giant banks, here are the top 10 biggest companies in Brazil.
The Top 10 Biggest Companies in Brazil
In 2009, the at-the-time emerging economies of Brazil, Russia, India, and China held their first formal summits as members of BRIC (with South Africa joining in 2010).
Together, BRICS represents 26.7% of the world’s land surface and 41.5% of its population. By GDP ranking, they’re also some of the most powerful economies in the world.
But what drives their economies? We’re highlighting the top 10 biggest companies in each country, starting with Brazil.
What Are the Biggest Public Companies in Brazil?
Brazil isn’t just one of the largest and most diverse countries in the world, it is also an economic powerhouse.
With over 213 million people, Brazil is the sixth most populous country on Earth and the largest in Latin America. It’s also the wealthiest on the continent, with the world’s 12th-largest economy.
Once a colony focused on sugar and gold, Brazil rapidly industrialized in the 20th century. Today, it is a top 10 exporter of industrial steel, with the country’s economic strength coming chiefly from natural resources and financials.
Here are Brazil’s biggest public companies by market capitalization in October 2021:
|Top 10 Companies (October 2021)||Category||Market Cap (USD)|
|Vale||Metals and Mining||$73.03B|
|Petróleo Brasileiro||Oil and Gas||$69.84B|
|Banco Santander Brasil||Financial||$24.70B|
|Rede D’Or Sao Luiz||Hospital||$23.79B|
At the top of the ranking is Vale, a metals and mining giant that is the world’s largest producer of iron ore and nickel. Also the operator of infrastructure including hydroelectricity plants, railroads, and ports, It consistently ranks as the most valuable company in Latin America.
Vale and second-ranking company Petróleo Brasileiro, Brazil’s largest oil producer, were former state-owned corporations that became privatized in the 1990s.
Finance in Brazil’s Top 10 Biggest Companies
Other than former monopolies, the top 10 biggest companies in Brazil highlight the power of the banking sector.
Five of the 10 companies with a market cap above $20 billion are in the financial industry.
They include Itaú Unibanco, the largest bank in the Southern Hemisphere, and Banco Santander Brasil, the Brazilian subsidiary of Spanish finance corp.
Another well-known subsidiary is brewing company Ambev, which produces the majority of the country’s liquors and also bottles and distributes PepsiCo products in much of Latin America. Ambev is an important piece of Belgian drink juggernaut Anheuser-Busch InBev, which is one of the world’s largest 100 companies.
Noticeably missing from the top 10 list are companies in the agriculture sector, as Brazil is the world’s largest exporter of coffee, soybeans, beef, and ethanol. Many multinational corporations have Brazilian subsidiaries or partners for supply chain access, which has recently put a spotlight on Amazon deforestation.
What other companies or industries do you associate with Brazil?
Correction: Two companies listed had errors in their market cap calculations and have been updated. All data is as of October 11, 2021.
All the Metals We Mined in One Visualization
From iron ore to rare earths, over 3 billion tonnes of metals are mined each year. This chart shows them all on a relative scale.
All the Metals We Mined in One Visualization
Metals are all around us, from our phones and cars to our homes and office buildings.
While we often overlook the presence of these raw materials, they are an essential part of the modern economy. But obtaining these materials can be a complex process that involves mining, refining, and then converting them into usable forms.
So, how much metal gets mined in a year?
Metals vs Ores
Before digging into the numbers, it’s important that we distinguish between ores and metals.
Ores are naturally occurring rocks that contain metals and metal compounds. Metals are the valuable parts of ores that can be extracted by separating and removing the waste rock. As a result, ore production is typically much higher than the actual metal content of the ore. For example, miners produced 347 million tonnes of bauxite ore in 2019, but the actual aluminum metal content extracted from that was only 62.9 million tonnes.
Here are all the metals and metal ores mined in 2019, according to the British Geological Survey:
|Metal/Ore||Quantity Mined (tonnes)||% of Total|
|Technology and Precious Metals||1,335,848||0.04%|
Miners produced roughly three billion tonnes of iron ore in 2019, representing close to 94% of all mined metals. The primary use of all this iron is to make steel. In fact, 98% of iron ore goes into steelmaking, with the rest fulfilling various other applications.
Industrial and technology metals made up the other 6% of all mined metals in 2019. How do they break down?
From construction and agriculture to manufacturing and transportation, virtually every industry harnesses the properties of metals in different ways.
Here are the industrial metals we mined in 2019.
|Metal||Quantity Mined (tonnes)||% of Total|
|Chromium Ores and Concentrates||38,600,000||19%|
|Titanium (Titanium Dioxide Content)||6,300,000||3%|
|Zirconium Minerals (Zircon)||1,337,000||1%|
Percentages may not add up to 100 due to rounding.
It’s no surprise that aluminum is the most-produced industrial metal. The lightweight metal is one of the most commonly used materials in the world, with uses ranging from making foils and beer kegs to buildings and aircraft parts.
Manganese and chromium rank second and third respectively in terms of metal mined, and are important ingredients in steelmaking. Manganese helps convert iron ore into steel, and chromium hardens and toughens steel. Furthermore, manganese is a critical ingredient of lithium-manganese-cobalt-oxide (NMC) batteries for electric vehicles.
Although copper production is around one-third that of aluminum, copper has a key role in making modern life possible. The red metal is found in virtually every wire, motor, and electrical appliance in our homes and offices. It’s also critical for various renewable energy technologies and electric vehicles.
Technology and Precious Metals
Technology is only as good as the materials that make it.
Technology metals can be classified as relatively rare metals commonly used in technology and devices. While miners produce some tech and precious metals in large quantities, others are relatively scarce.
|Metal||Quantity Mined in 2019 (tonnes)||% of Total|
|Rare Earth Elements||220,000||16%|
|Platinum Group Metals||457||0.03%|
Percentages may not add up to 100 due to rounding.
Tin was the most-mined tech metal in 2019, and according to the International Tin Association, nearly half of it went into soldering.
It’s also interesting to see the prevalence of battery and energy metals. Lithium, cobalt, vanadium, and molybdenum are all critical for various energy technologies, including lithium-ion batteries, wind farms, and energy storage technologies. Additionally, miners also extracted 220,000 tonnes of rare earth elements, of which 60% came from China.
Given their rarity, it’s not surprising that gold, silver, and platinum group metals (PGMs) were the least-mined materials in this category. Collectively, these metals represent just 2.3% of the tech and precious metals mined in 2019.
A Material World
Although humans mine and use massive quantities of metals every year, it’s important to put these figures into perspective.
According to Circle Economy, the world consumes 100.6 billion tonnes of materials annually. Of this total, 3.2 billion tonnes of metals produced in 2019 would account for just 3% of our overall material consumption. In fact, the world’s annual production of cement alone is around 4.1 billion tonnes, dwarfing total metal production.
The world’s appetite for materials is growing with its population. As resource-intensive megatrends such as urbanization and electrification pick up the pace, our material pie will only get larger.
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