Australia and Russia hold the largest reserves of gold Australia and Russia hold a large share of the world's gold mine reserves, accounting for 8,400 metric tons and 6,800 metric tons, respectively. Worldwide, the production of gold reached an estimated 3,100 metric tons in 2022.
The leading gold mining countries
China, Australia, Russia, and Canada are respectively the largest producers of gold in the world, as of 2022. Global production of gold reached approximately 3,100 metric tons that year.
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.
Gold mining is a global business with operations on every continent, except Antarctica, and gold is extracted from mines of widely varying types and scale. At a country level, China was the largest producer in the world in 2022 and accounted for around 10 per cent of total global production.
There are both open-cut and underground gold mines in Australia but most of Australia's gold production comes from open-cut mines. Earth-moving equipment is used to remove waste rock from above the ore body and then to mine the ore.
Leading markets for gold exports from Australia FY 2022
China was the leading export destination for Australian gold in terms of value.
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.
While that gold rush saw the extraction of thousands of tonnes of gold from Victorian soil, there is still plenty left.
Some of the veins produce up to one quarter of an ounce of gold per ton of rock. What makes Dahlonega gold so different from other gold found around the world is the purity. Dahlonega has the purest gold in the world, which is 98.7 percent pure.
About 244,000 metric tons of gold has been discovered to date (187,000 metric tons historically produced plus current underground reserves of 57,000 metric tons). Most of that gold has come from just three countries: China, Australia, and South Africa.
As part of Australia's official reserve assets, the Reserve Bank holds an amount of gold.
It is perfectly legal to sell and buy gold in Australia. You can sell a kilo of gold bars, a wedding ring or an old coin. The Australian government has set guidelines for the sale of precious metals. There is no restriction on the weight or value of precious metal.
Australian Property Law
Under this body of law it is absolutely illegal, on both a State and Federal level, for the government to confiscate someone's private property without due process.
The release of the 2023 Forbes list of Australia's 50 richest people has seen major miners take out the top two spots. Hancock Prospecting executive chairman Gina Rinehart took out the top spot with a net worth of $30.6 billion, followed closely by Fortescue Metals executive chairman Andrew Forrest.
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.
Considered by most authorities to be the biggest gold nugget ever found, the Welcome Stranger was found at Moliagul, Victoria, Australia, in 1869 by John Deason and Richard Oates. It weighed gross, over 2,520 troy ounces (78 kg; 173 lb) and returned over 2,284 troy ounces (71.0 kg; 156.6 lb) net.
Kalgoorlie, WA
Located in the WA Goldfields, Kalgoorlie was at the heart of the late 1800s Western Australian gold rush. It remains the largest region of gold mining and export in the country and is home to the massive Super Pit, a huge open-air gold mine with a history stretching back to 1893!
Australia's gold reserves were estimated to total at over 10,000 metric tonnes in December 2020 by the US Geological Survey. Runners up were Russia with 7,500 tonnes and the United States far behind with 3,000 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.
Officially known as the Fimiston open pit mine, the Super Pit gold mine in Western Australia is the country's largest mine in terms of scale, covering 3.5km by 1.5km on the surface, and currently undergoing expansion work to extend to a depth of 700m.
The destination: Mount Isa, the deepest mine in Australia, 5,187 kilometers (3,223 miles) away. The trip involved a four-hour hop across the continent to Brisbane, an overnight stay, followed by a two-and-a-half hour flight deep into Queensland, Australia's great north west.
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.