In response to fierce market demand, the world's gold-producing countries bolstered their output in 2011, producing a total of 2,700 tons of gold, a 5.5 percent increase on 2010, according to the 'Mineral Commodity Summaries 2012' recently released by the U.S. Geological Survey.
The price of gold has surged from US$272 per ounce at the end of 2000 to about US$1,700 per ounce at present, almost a six-fold increase. And last September, as a result of the supply and demand game and speculation, its price hit an all-time high of US$1,920 an ounce.
However, it should not be ignored that there is not an infinite supply of gold. The precious metal is found on all continents except Antarctica, but to date, only about 170,000 tons of gold have been mined. Taking into account the fact that there are currently only about 100,000 tons of explored gold reserves that could be economically extracted in the future, and that the current annual production rate is about 2,500 tons, these reserves could be gone inside four decades.
Also read: Top 10 gold consumers in the world 2011
Here, China.org.cn has ranked the top 10 gold-producing countries in the world for 2011:
Uzbekistan was the world's 10th biggest gold producer in 2011. [proactiveinvestors.co.uk]
Mine Production 2010: 90 tonnes
Uzbekistan was the world's 10th biggest gold producer in 2011. It produced 90 tonnes of gold in 2011, the same as in 2010. Its gold production has remained stable since 2000. There are currently about 2,100 tonnes of explored, proven gold reserves in Uzbekistan. The Muruntau Gold Mine in the Kyzylkum Desert in central Uzbekistan is one of the world's largest open-pit mines, and is responsible for about 70 percent of the country's total gold production.