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Released September 18, 2015 | PERTH, AUSTRALIA
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Researched by Industrial Info Resources Australia (Perth, Australia)--As the price of gold continues to fall, there has been an obvious increase in demand from consumers in emerging markets. Two countries, China and India, dominate the headlines in their quest for gold, having imported more than 360 tonnes of gold jewelry in the first quarter of 2015 alone.
The demand for gold will remain strong in the second half of the year as Festival season for both countries is expected to boost physical purchases of gold from retail consumers, particularly if the price of gold continues to slip. The Indian wedding season and Diwali festival in November are perhaps the best examples of holiday periods where gold purchases increase considerably.
Gold mining is a global industry that employs millions of people and contributes significantly to the economies of many nations. These are the top five gold producers to date:
5. Peru
Peru is the largest gold-producing country in Latin America, but production decreased in 2014 due to government crackdowns on illegal mining and lower-than-expected production from aging mines. It is anticipated that gold output will continue to fall until 2016, as a result of efforts to curb illegal gold mining. Industrial Info Resources is tracking 35 grassroot gold plants in Peru worth $1.78 billion.
4. U.S.
U.S. gold is produced in a number of states, but more than 70% is mined in Nevada. The U.S. holds the highest count of gold reserves, but the official figure is a mystery. Gold production has risen in recent years after the reopening of once-defunct mines in Montana. Industrial Info is tracking 36 grassroot gold plants in the U.S., worth $14.44 billion.
3. Russia
Most gold-producing mines in Russia are located in the eastern regions of Siberia. Recently, Russia's minister of natural resources and environment said more than 270 mineral deposits have been discovered during the past five years. Industrial Info is tracking 13 grassroot gold plants in planning in Russia, worth more than $925 million.
2. Australia
The state of Western Australia is responsible for maintaining the country's position as the world's second-largest gold producer, beating Russia to the spot. The Fimiston-Super Pit is Australia's largest gold mine. It is owned by Kalgoorlie Consolidated Gold Mines Pty Limited, a 50:50 joint-venture owned by Barrick Gold Corporation (NYSE:ABX) (Toronto, Canada) and Newmont Mining Corporation (NYSE:NEM) (Greenwood Village, Colorado). Industrial Info Resources is tracking 40 Australian grassroot gold plants in planning worth more than $3 billion.
1. China
A country that tends to top most lists, China actually mines almost 33% more than its closest competitor, Australia. Despite being the No. 1 consumer of gold, China pulls its weight in being the world's top producer. Most production is located in Shandong and Fujian province. Zijin Mining Company (Shanghang County, Fujian Province) is the country's largest gold producer, operating the Zijinshan gold and copper mine. Industrial Info is tracking 11 grassroot gold plants worth more than $600.29 million.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The demand for gold will remain strong in the second half of the year as Festival season for both countries is expected to boost physical purchases of gold from retail consumers, particularly if the price of gold continues to slip. The Indian wedding season and Diwali festival in November are perhaps the best examples of holiday periods where gold purchases increase considerably.
Gold mining is a global industry that employs millions of people and contributes significantly to the economies of many nations. These are the top five gold producers to date:
5. Peru
Peru is the largest gold-producing country in Latin America, but production decreased in 2014 due to government crackdowns on illegal mining and lower-than-expected production from aging mines. It is anticipated that gold output will continue to fall until 2016, as a result of efforts to curb illegal gold mining. Industrial Info Resources is tracking 35 grassroot gold plants in Peru worth $1.78 billion.
4. U.S.
U.S. gold is produced in a number of states, but more than 70% is mined in Nevada. The U.S. holds the highest count of gold reserves, but the official figure is a mystery. Gold production has risen in recent years after the reopening of once-defunct mines in Montana. Industrial Info is tracking 36 grassroot gold plants in the U.S., worth $14.44 billion.
3. Russia
Most gold-producing mines in Russia are located in the eastern regions of Siberia. Recently, Russia's minister of natural resources and environment said more than 270 mineral deposits have been discovered during the past five years. Industrial Info is tracking 13 grassroot gold plants in planning in Russia, worth more than $925 million.
2. Australia
The state of Western Australia is responsible for maintaining the country's position as the world's second-largest gold producer, beating Russia to the spot. The Fimiston-Super Pit is Australia's largest gold mine. It is owned by Kalgoorlie Consolidated Gold Mines Pty Limited, a 50:50 joint-venture owned by Barrick Gold Corporation (NYSE:ABX) (Toronto, Canada) and Newmont Mining Corporation (NYSE:NEM) (Greenwood Village, Colorado). Industrial Info Resources is tracking 40 Australian grassroot gold plants in planning worth more than $3 billion.
1. China
A country that tends to top most lists, China actually mines almost 33% more than its closest competitor, Australia. Despite being the No. 1 consumer of gold, China pulls its weight in being the world's top producer. Most production is located in Shandong and Fujian province. Zijin Mining Company (Shanghang County, Fujian Province) is the country's largest gold producer, operating the Zijinshan gold and copper mine. Industrial Info is tracking 11 grassroot gold plants worth more than $600.29 million.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
