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April 4, 2025Australia may overtake China and Russia in gold production by 2030
Australia could challenge China and Russia as the world’s largest gold producer by the end of the decade. The latest Resources and Energy Quarterly report forecasts that Australian gold output may rise to 377 tonnes a year by 2029–30, up from the 289 tonnes produced in 2023–24.
China produced the most gold for 2023–24 with 378t, ahead of Russia’s 322t. With declining grades and growing environmental and safety pressures impacting small-scale mines, China’s production numbers have been forecast to decline at a compound annual rate of approximately 1% to sit at around 374t in 2030. Russia’s gold production is also expected to fall to around 314t over the same period as a result of political issues and export bans.
While production from both those nations is said to potentially slide in the coming years, at the same time, Australia’s output is expected to climb significantly.
