The World’s Most Valuable Substances by Weight
In the field of economics, the laws of supply and demand state that the price of a product and its available supply to the market are interconnected. For example, if a good such as crude oil is produced in excess, the price will drop accordingly.
However, sometimes substances are nearly impossible to produce in the first place – and that means that it can be extremely difficult for the market to respond to increases in demand. The world’s most valuable substances generally fall into this category, and this makes their value per gram very high.
White truffles, for instance, only grow for a couple of months of the year almost exclusively from one part of Italy. They must be foraged by special pigs, and they seem to be worth more every year. The price per gram for white truffles is $5, which means that a pound costs close to $2,000.
Despite this, white truffles barely crack the list of the most valuable substances by weight.
Saffron, a spice that is gathered from the flower of the crocus sativus plant, is another notch higher on the spectrum. To get one pound of dry saffron requires the harvest of 50,000 to 75,000 flowers. There’s only 300 tonnes of production each year, and that annual production is worth around $3 billion.
Higher up on the list of the world’s most valuable substances are some familiar metals. Silver does not make the list, as it is only worth around $0.50 per gram. However, many of the platinum group metals (PGMs) do make the list: platinum, palladium, rhodium, and iridium all range between $16 to $27 per gram. Gold also makes the list, and it has traded for more than an ounce of platinum since early 2015. One gram of gold is worth just under $34 per gram.
At the top of the list we find a combination of extremely rare metals, radioactive isotopes, and gemstones.
The radioactive element Californium, first made in 1950, is the most valuable at $27 million per gram. It is one of the few transuranium elements that have practical applications, being used in microscopic amounts for metal detectors and in identifying oil and water layers in oil wells.
Diamonds are near the top of the list as well at $65,000 per gram, though like many other gemstones, the value depends on the specific crystal in question. Many industrial diamonds are relatively cheap, but the rarest and most beautiful stones can be worth millions.
Iranian beluga caviar and Crème de la Mer are the most expensive non-metals or non-gemstones on the list. Iranian caviar is made from the roe of beluga sturgeons found in the Caspian Sea, and it is valued at about $35 per gram. Crème de la Mer was originally created by a physicist for NASA to heal his burns, but it is now sold as a face cream by Estée Lauder for $70 per gram.
Original graphic by: BullionVault
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Mapped: The 10 Largest Gold Mines in the World, by Production
Gold mining companies produced over 3,500 tonnes of gold in 2021. Where in the world are the largest gold mines?
The 10 Largest Gold Mines in the World, by Production
Gold mining is a global business, with hundreds of mining companies digging for the precious metal in dozens of countries.
But where exactly are the largest gold mines in the world?
The above infographic uses data compiled from S&P Global Market Intelligence and company reports to map the top 10 gold-producing mines in 2021.
Editor’s Note: The article uses publicly available global production data from the World Gold Council to calculate the production share of each mine. The percentages slightly differ from those calculated by S&P.
The Top Gold Mines in 2021
The 10 largest gold mines are located across nine different countries in North America, Oceania, Africa, and Asia.
Together, they accounted for around 13 million ounces or 12% of global gold production in 2021.
|Rank||Mine||Location||Production (ounces)||% of global production|
|#1||Nevada Gold Mines||🇺🇸 U.S.||3,311,000||2.9%|
|#5||Pueblo Viejo||🇩🇴 Dominican Republic||814,000||0.7%|
|#6||Kibali||🇨🇩 Democratic Republic of the Congo||812,000||0.7%|
|#8||Lihir||🇵🇬 Papua New Guinea||737,082||0.6%|
|#9||Canadian Malartic||🇨🇦 Canada||714,784||0.6%|
Share of global gold production is based on 3,561 tonnes (114.5 million troy ounces) of 2021 production as per the World Gold Council.
In 2019, the world’s two largest gold miners—Barrick Gold and Newmont Corporation—announced a historic joint venture combining their operations in Nevada. The resulting joint corporation, Nevada Gold Mines, is now the world’s largest gold mining complex with six mines churning out over 3.3 million ounces annually.
Uzbekistan’s state-owned Muruntau mine, one of the world’s deepest open-pit operations, produced just under 3 million ounces, making it the second-largest gold mine. Muruntau represents over 80% of Uzbekistan’s overall gold production.
Only two other mines—Grasberg and Olimpiada—produced more than 1 million ounces of gold in 2021. Grasberg is not only the third-largest gold mine but also one of the largest copper mines in the world. Olimpiada, owned by Russian gold mining giant Polyus, holds around 26 million ounces of gold reserves.
Polyus was also recently crowned the biggest miner in terms of gold reserves globally, holding over 104 million ounces of proven and probable gold between all deposits.
How Profitable is Gold Mining?
The price of gold is up by around 50% since 2016, and it’s hovering near the all-time high of $2,000/oz.
That’s good news for gold miners, who achieved record-high profit margins in 2020. For every ounce of gold produced in 2020, gold miners pocketed $828 on average, significantly higher than the previous high of $666/oz set in 2011.
With inflation rates hitting decade-highs in several countries, gold mining could be a sector to watch, especially given gold’s status as a traditional inflation hedge.
The 50 Minerals Critical to U.S. Security
This graphic lists all minerals that are deemed critical to both the economic and national security of the United States.
The 50 Minerals Critical to U.S. Security
The U.S. aims to cut its greenhouse gas emissions in half by 2030 as part of its commitment to tackling climate change, but might be lacking the critical minerals needed to achieve its goals.
The American green economy will rely on renewable sources of energy like wind and solar, along with the electrification of transportation. However, local production of the raw materials necessary to produce these technologies, including solar panels, wind turbines, and electric vehicles, is lacking. Understandably, this has raised concerns in Washington.
In this graphic, based on data from the U.S. Geological Survey, we list all of the minerals that the government has deemed critical to both the economic and national security of the United States.
What are Critical Minerals?
A critical mineral is defined as a non-fuel material considered vital for the economic well-being of the world’s major and emerging economies, whose supply may be at risk. This can be due to geological scarcity, geopolitical issues, trade policy, or other factors.
In 2018, the U.S. Department of the Interior released a list of 35 critical minerals. The new list, released in February 2022, contains 15 more commodities.
Much of the increase in the new list is the result of splitting the rare earth elements and platinum group elements into individual entries rather than including them as “mineral groups.” In addition, the 2022 list of critical minerals adds nickel and zinc to the list while removing helium, potash, rhenium, and strontium.
|Mineral||Example Uses||Net Import Reliance|
|Beryllium||Alloying agent in aerospace, defense industries||11%|
|Aluminum||Power lines, construction, electronics||13%|
|Zirconium||High-temparature ceramics production||25%|
|Germanium||Fiber optics, night vision applications||50%|
|Nickel||Stainless steel, rechargeable batteries||50%|
|Tin||Coatings, alloys for steel||75%|
|Cobalt||Rechargeable batteries, superalloys||76%|
|Antimony||Lead-acid batteries, flame retardants||81%|
|Zinc||Metallurgy to produce galvanized steel||83%|
|Titanium||White pigment, metal alloys||88%|
|Bismuth||Medical, atomic research||94%|
|Tellurium||Solar cells, thermoelectric devices||95%|
|Vanadium||Alloying agent for iron and steel||96%|
|Arsenic||Semi-conductors, lumber preservatives, pesticides||100%|
|Cerium||Catalytic converters, ceramics, glass, metallurgy||100%|
|Dysprosium||Data storage devices, lasers||100%|
|Erbium||Fiber optics, optical amplifiers, lasers||100%|
|Europium||Phosphors, nuclear control rods||100%|
|Fluorspar||Manufacture of aluminum, cement, steel, gasoline||100%|
|Gadolinium||Medical imaging, steelmaking||100%|
|Gallium||Integrated circuits, LEDs||100%|
|Holmium||Permanent magnets, nuclear control rods||100%|
|Indium||Liquid crystal display screens||100%|
|Lanthanum||Catalysts, ceramics, glass, polishing compounds||100%|
|Lutetium||Scintillators for medical imaging, cancer therapies||100%|
|Neodymium||Rubber catalysts, medical, industrial lasers||100%|
|Praseodymium||Permanent magnets, batteries, aerospace alloys||100%|
|Rubidium||Research, development in electronics||100%|
|Samarium||Cancer treatment, absorber in nuclear reactors||100%|
|Scandium||Alloys, ceramics, fuel cells||100%|
|Tantalum||Electronic components, superalloys||100%|
|Terbium||Permanent magnets, fiber optics, lasers||100%|
|Thulium||Metal alloys, lasers||100%|
|Ytterbium||Catalysts, scintillometers, lasers, metallurgy||100%|
|Yttrium||Ceramic, catalysts, lasers, metallurgy, phosphors||100%|
|Iridium||Coating of anodes for electrochemical processes||No data available|
|Rhodium||Catalytic converters, electrical components||No data available|
|Ruthenium||Electrical contacts, chip resistors in computers||No data available|
|Hafnium||Nuclear control rods, alloys||Net exporter|
The challenge for the U.S. is that the local production of these raw materials is extremely limited.
For instance, in 2021 there was only one operating nickel mine in the country, the Eagle mine in Michigan. The facility ships its concentrates abroad for refining and is scheduled to close in 2025. Likewise, the country only hosted one lithium mine, the Silver Peak Mine in Nevada.
At the same time, most of the country’s supply of critical minerals depends on countries that have historically competed with America.
China’s Dominance in Minerals
Perhaps unsurprisingly, China is the single largest supply source of mineral commodities for the United States.
Cesium, a critical metal used in a wide range of manufacturing, is one example. There are only three pegmatite mines in the world that can produce cesium, and all were controlled by Chinese companies in 2021.
Furthermore, China refines nearly 90% of the world’s rare earths. Despite the name, these elements are abundant on the Earth’s crust and make up the majority of listed critical minerals. They are essential for a variety of products like EVs, advanced ceramics, computers, smartphones, wind turbines, monitors, and fiber optics.
After China, the next largest source of mineral commodities to the United States has been Canada, which provided the United States with 16 different elements in 2021.
The Rising Demand for Critical Minerals
As the world’s clean energy transitions gather pace, demand for critical minerals is expected to grow quickly.
According to the International Energy Association, the rise of low-carbon power generation is projected to triple mineral demand from this sector by 2040.
The shift to a sustainable economy is important, and consequently, securing the critical minerals necessary for it is just as vital.
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