When you hear about massive gold discoveries, like the largest nugget ever found or the recent 2.6-kilogram (5.7-pound) find by an amateur Australian prospector, it’s easy to think that there is a lot of gold on Earth. However, it might surprise you to learn that all the gold ever mined would fit inside a relatively small 23 x 23 meter (75 x 75 foot) cube – about the size of a cricket pitch. Despite its compact size, this gold cube would weigh around eight times more than the Statue of Liberty.
How Much Gold Have We Mined?
People have mined around 187,000 tons of gold throughout history, with the total discovered amount reaching about 244,000 tons. Almost all of this gold still exists today because of its durable nature and ability to be recycled.
Every year, miners extract between 2,756 and 3,307 tons of gold. Over 30% of this comes from the Witwatersrand Basin in South Africa. Currently, China leads global gold production, while Barrick Gold’s Nevada Gold Mines is the largest mining complex, producing an incredible 99,223 kilograms (3.5 million ounces) each year.
How Much Gold Is Still Underground?
Gold is rare in the Earth’s crust, found at only 0.0013 parts per million. In comparison, the rarest precious metal is even scarcer, found at just 0.000037 parts per million.
Experts classify the remaining underground gold into two categories: “reserves” and “resources.” Reserves are economically viable to mine at current prices. Resources need more exploration or higher prices to become profitable.
The US Geological Survey estimates there are around 57,000 tons of gold reserves left. This is about 20% of all known gold. If current mining rates continue, we could mine all known reserves in just over 17 years. However, new technologies help us find more gold and make mining more efficient. This means we likely won’t run out of gold anytime soon.
New Gold Rush in Australia
Mining companies are now flocking to Victoria, Australia, in a “second gold rush.” They use better knowledge of rock formations and modern equipment to find and mine gold more effectively.
Gold in Hard-to-Reach Places
Some gold deposits are too difficult or costly to mine. For example, gold in Antarctica is difficult to access due to harsh conditions. There is also gold on the ocean floor, but extracting it would be too expensive.
Gold Beyond Earth
There are also gold deposits on the Moon. Mining gold there would cost much more than its current value. So, while it’s an interesting thought, lunar gold mining is not practical at this time.
In conclusion, while gold continues to be discovered and mined, its limited supply and extraction challenges ensure its value remains high. So, the next time you see a gold piece, remember that all of it could fit inside a modest cube, but its worth is beyond measure.
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