The biggest gold producer in Australia is the mining company Newcrest Mining Limited ($NCM), which is headquartered in Melbourne. Other major gold producers in the country include Evolution Mining ($EVN) and Northern Star Resources ($NST).
Now fully owned by Newmont Goldcorp, the mine reopened in 2009 after a major expansion project that increased the throughput to become Australia's largest gold mine.
The leading gold mining countries
China, Australia, Russia, and Canada are respectively the largest producers of gold in the world, as of 2022.
The country with the most gold is the United States, with 8,133 metric tons in the American gold reserve. This amounts to a value of $480.84 billion, going by the price of gold at the beginning of January 2023.
Cadia Gold Mine
Cadia Valley Gold has officially remained Australia's most important producer. Newcrest Mining discovered a gold deposit at Cadia Hill and, in the same year, Cadia East was discovered.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes.
Mount Whaleback Mine in Western Australia, was the largest mine in Australia, producing approximately 88.8 million metric tons per annum (mmtpa) of Run-of-Mine (ROM) in 2021. The Mount Whaleback Mine is owned by BHP;Mitsui & Co Ltd;Itochu Corp, and is due to operate until 2037.
In satellite images of central Uzbekistan, a large circular cavity stands out amidst fields of sand and dusty plains. It is Muruntau gold mine, one of the world's largest sources of gold.
Leading markets for gold exports from Australia FY 2022
China was the leading export destination for Australian gold in terms of value.
In Australia this concentration of gold took place in the Earth hundreds of millions of years ago in the eastern states, and thousands of millions of years ago in Western Australia. As well as gold, the fluids can carry other dissolved minerals, such as quartz. This is why gold is often found with quartz.
As part of Australia's official reserve assets, the Reserve Bank holds an amount of gold.
The Perth Mint is the world's largest processor of newly mined gold and highest volume refiner in Australasia.
Australia ranks as the top country with the highest gold reserves at an estimated 10,000 tonnes, followed by Russia with 7,500 tonnes and the US with a distant 3,000 tonnes in gold reserves, according to data by the US Geological Survey.
It's also home to the Golden Triangle, where the richest, purest gold has been found. The Golden Triangle is a region in northeastern Victoria, Australia that is known for the richest gold deposits.
Kalgoorlie and Coolgardie are the famous gold mining centres in Australia. Gold is also available in certain parts of New South Wales, Victoria and Queensland.
The country with the purest gold in the world is Switzerland, a country known for paying attention to quality. Below, the precious metals experts from First National Bullion and Coin, the best place to buy gold in Scottsdale, explain why this particular country has an affinity for pure gold.
999.999—six nines fine: The purest gold ever produced. Refined by the Perth Mint in 1957. 999.99—five nines fine: The purest type of gold currently produced; the Royal Canadian Mint regularly produces commemorative coins in this fineness, including the world's largest, at 100 kg.
Today, many of the world's wealthiest individuals, such as Ray Dalio, John Paulson, Lord Jacob Rothschild and Naguib Sawiris, recognize the benefits of holding gold as part of their investment portfolios.
China may invade Taiwan, or it may not. Either way, there is financial uncertainty. Precious metals are the counterbalance to that uncertainty. Russia, China, Brazil, Egypt, India, Turkey, Qatar, and many other countries are stockpiling gold to overthrow the Dollar and ensure sovereignty.