Wednesday, May 29, 2013

Annual Gold and Silver Production by Country per the US Geological Survey

US Geological Survey statistics for annual world gold and silver production are shown below.  China and Russia are top producers of gold and silver.  Pundits typically ignore gold sourced from China and Russia because their central banks supposedly purchase all domestic production.  That assumption may be true.  But, it is good to know the significance of Chinese and Russian production.  Would they ever lease their gold?  in exchange for Taiwan, perhaps?

World Mine Production and Reserves: Reserve data for Brazil, Chile, Ghana, and Peru were revised based on
information from the respective country Governments.
Mine Production
2011 2012e Reserves7
United States 234 230 3,000
Australia 258 250 7,400
Brazil 62 56 2,600
Canada 97 102 920
Chile 45 45 3,900
China 362 370 1,900
Ghana 80 89 1,600
Indonesia 96 95 3,000
Mexico 84 87 1,400
Papau New Guinea 66 60 1,200
Peru 164 165 2,200
Russia 200 205 5,000
South Africa 181 170 6,000
Uzbekistan 91 90 1,700
Other countries 640 645 10,000
World total (rounded) 2,660 2,700 52,000
World Resources: An assessment of U.S. gold resources indicated 33,000 tons of gold in identified (15,000 tons)
and undiscovered (18,000 tons) resources.8
Nearly one-quarter of the gold in undiscovered resources was estimated
to be contained in porphyry copper deposits. The gold resources in the United States, however, are only a small
portion of global gold resources.
Source: US Geological Survey: Mineral Commodity Summaries 2013 page 67

World silver mine production increased to a new record of 24,000 tons as a result of increased production from mines 
in China, Kazakhstan, and Mexico, as well as increased recoveries from mines in Indonesia and Peru. Production 
also increased in Australia because of the start up of the Wonawinta Mine (lead-zinc) in New South Wales and a 
major expansion for the Mount Isa (copper-lead-zinc), which was processing ore from the newly opened Lady Loretta 
Mine (copper) in Queensland. In 2012, the Sindesar Khurd Mine (lead-zinc) in India was estimated to have produced 
70 tons more of silver than it produced in 2011. Overall, domestic silver production declined, with the temporary 
closure of Lucky Friday Mine, ID, in January 2012, the leading domestic primary silver mine in 2011. The mine was 
ordered closed by the Mine Safety and Health Administration after an accident and rock burst at yearend 2011 that 
led to a buildup of material in the Silver Shaft, the primary access to Lucky Friday. Production was expected to 
resume in early 2013. Output also fell at Bingham Canyon Mine, UT (copper-molybdenum), at the Mission Complex, 
AZ (copper-molybdenum), and at the Midas Mine, NV (gold). Some of the output losses were partially offset by 
production gains at the Rochester Mine (primary silver) and at the Smoky Valley Common Operations (gold), both in 
World Mine Production and Reserves: Reserve data for Chile were revised based on new information from
Government and industry sources.
Mine production 
2011 2012e Reserves
United States 1,120 1,050 25,000
Australia 1,730 1,900 69,000
Bolivia 1,210 1,300 22,000
Canada 572 530 7,000
Chile 1,290 1,130 77,000
China 3,700 3,800 43,000
Mexico 4,150 4,250 37,000
Peru 3,410 3,450 120,000
Poland 1,170 1,170 85,000
Russia 1,350 1,500                               NA
Other Countries 3,600 3,900 50,000
World total (rounded) 23,300 24,000 540,000
Source: US Geological Survey: Mineral Commodity Summaries 2013 page 147

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