China is burning through its gold reserves fastest in the world.
Mines and Metals estimated the world’s gold reserves based on USGS and other data. Overall, global recoverable reserves amounted to about 53,000 metric tonnes in 2019. Australia boasts the largest endowment of gold reserves (10,000 tonnes), followed by Russia (5,300 tonnes) and South Africa (3,200 tonnes).
World’s Gold Reserves, tonnes
As Mines and Metals reported before, China cemented its spot at the top of the list with a 19 tonnes increase in gold produced during the year.
At the same time, China is facing a rapid depletion of its current estimated local gold mineral reserves. Reserves-to-production (R/P) ratio that represents the “burn rate” of proven reserves of mineral commodities when applying current levels of domestic mine production shows that China is in the “red zone” for future supplies of yellow metal.
In fact, China is burning its mine gold reserves fastest in the world.
Gold R/P (“burn rate”) ratio, years.
In order to overcome shortages of essential mineral commodities, as well as to secure long-term sustainable supplies for its ambitious economic development strategy, the Government of China empowered and encouraged a number of domestic state-owned and private companies to actively pursue mining deals throughout the world.
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