February 23, 2021 (Investorideas.com Newswire) Data researched by Trading Platforms UK indicates that ten selected gold-rich countries cumulatively mined 1,950 tons of precious metal in 2020. In 2019, the countries mined a total of 2,012 tons.
Gold's new ATH drives more production
For both years, China maintained its gold production at 380 tons to rank top. Australia ranks second after mining 320 tons of gold in 2020, while in 2019, the amount was at 325 tons.
Russian was the third-highest producer last year at 300 tons, dropping from 325 tons mined in 2019.
The United States emerged fourth with 190 tons mined in 2020, while in 2019, the country produced 200 tons. Canada capped the top five spots with 170 tons in 2020, while in 2019, the figure was at 175 tons.
Ghana mined 140 tons last year, a slight drop from 2019's 142 tons. Elsewhere, Indonesia mined 130 tons of gold in 2020, while the previous country produced 139 tons.
Peru ranks eighth, having mined 120 tons in 2020, and in 2019, the country produced 128 tons. Kazakhstan mined 100 tons last year, while in 2019, the amount was at 107 tons. Mexico ranks tenth with 100 tons of mined gold in 2020, while in 2019, the figure was at 111 tons.
The analysis delves into driving factors behind 2020 gold production. According to the report:
"The year was also characterized by gold hitting a record high price in August. The new price level meant that profits for miners would also be high. Possibly, this might be a motivating factor that fuelled more mining activities during Q3 and Q4 as producers made efforts to reap. Although gold prices hit a record high, this doesn't automatically translate into a rise in gold mining activity. Furthermore, a new all-time high price increased the demand for the precious metal as consumers shifted to focus on long-term investments as a store of value."
The full story, statistics, and information can be found here: https://tradingplatforms.com/uk/2021/02/23/ten-gold-rich-countries-mined-1950-tons-of-precious-metal-in-2020/
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com