Emerging Market Gold Producers Compared by Output

Among emerging economies, Ghana mines the most gold in the USGS table: an estimated 150 tonnes in 2025, followed by Mexico (140), Uzbekistan and Kazakhstan (130 each) and Peru (110). The world total was about 3,300 tonnes (USGS Mineral Commodity Summaries, February 2026). This guide ranks eight emerging-market producers by output, then looks at five country stories where the numbers differ by source: Ghana, Peru, Mongolia, Mauritania and Guyana.

It is written for mining consultants and project teams who need to brief a client on where gold output is growing, what the figures really measure, and what changes when a government rewrites its rules. Every figure carries its source and date. Where two sources disagree, we show both.

Emerging market gold producers ranked by output

There is no single list of “emerging markets” that every bank and agency uses. We use a practical test: middle-income countries where mine output is large or changing fast. We leave out China and Russia, which are far larger and have their own guides, and we add Mongolia, Mauritania and Guyana because they show how different the growth paths are. For the eight countries the USGS lists by name, the ranking below uses one source and one year, so the numbers compare like with like.

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Gold mine output, emerging-market producers

Estimated tonnes of gold in 2025, excluding China and Russia

Source: USGS, Mineral Commodity Summaries 2026, gold chapter (February 2026; 2025 figures are estimates, and the USGS notes that reserves for Brazil, Peru and others were revised from company and government reports). For comparison, the United States produced an estimated 160 tonnes in 2025, mostly from Nevada; our guide to active gold mines in the USA covers that side.

The smallest gap in the table is the most telling. Between 2024 and 2025 almost nothing moved in tonnes, even though the price of gold rose sharply (the USGS puts the 2025 average near US$3,300 an ounce, against US$2,388 in 2024). Mines take years to build, so output follows investment decisions made earlier. The first reaction to a high price is usually a change in policy, not in tonnes.

How we chose and ranked these countries

The metric is estimated gold content of mine output in metric tonnes for 2025, from one table in one publication. We did not mix national statistics, company reports and trade data in the ranking, because they count different things. Company reports give ounces for one mine. Central-bank and customs data count gold that moved through official channels. National totals often add small-scale output that a company report ignores.

All eight countries the USGS names that are not high-income economies and not China or Russia qualify, so the list is complete on that basis. Countries the USGS groups under “other countries” (about 1,000 tonnes in total) cannot be ranked from this source. That group includes Mauritania, Guyana and Mongolia, which is why the sections below use company filings and government statements, each labelled with its own basis.

To convert, one million troy ounces is 31.1 tonnes. Ghana’s 6.0 million ounces reported for 2025 is therefore about 186 tonnes, which is more than the USGS figure of 150. The next section explains why.

Ghana: small-scale mining drove the record

Ghana’s total gold production reached a record 6.0 million ounces in 2025, up 25% from 4.8 million ounces in 2024, according to provisional Chamber of Mines data reported by Ecofin Agency in February 2026. Artisanal and small-scale mining (ASM, meaning licensed small operations and informal diggers) delivered 3.1 million ounces, up from 1.9 million. Industrial mines stayed near 2.9 million ounces.

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Ghana gold output by segment

Million ounces, provisional Chamber of Mines data

The gap to the USGS estimate of 150 tonnes is likely a difference in method: the USGS publishes its own estimate of mine output, while the Chamber totals provisional industry data that include the small-scale segment. Neither source explains the 36-tonne gap, so quote each with its source. Small-scale trade now runs through the Ghana Gold Board (GoldBod), so a rise in recorded ounces can reflect tighter tracking as well as new digging. Gold Board spokesman Prince Minkah said new licensing and tracking systems helped formalise the trade, and Ghana recorded about US$10.5 billion of gold export earnings in 2025 (AFP via EWN, January 2026).

Among large mines, Newmont’s Ahafo North began production in September 2025 with an annual capacity of 275,000 ounces and should have its first full year in 2026 (Ecofin). Perseus Mining at Edikan and Asante Gold at Bibiani and Chirano are also working to lift output.

The royalty is the number to watch

Ghana charges a sliding scale (L.I. 2517, the Minerals and Mining (Royalties) Regulations, 2025) in force since 10 March 2026: 5% at gold up to US$1,900/oz, rising one point per band to 12% above US$4,500/oz; small-scale miners pay a flat 2% (TaxLawGH, L.I. 2517). For example, the rate is 10% above US$3,500 and up to US$4,000, and 11% above US$4,000 and up to US$4,500. The scale replaced the flat 5% that the Chamber of Mines cited in January 2026 (AFP via EWN), when it also described a 35% corporate income tax. The Chamber warned that higher rates would hit new projects first (Ecofin, February 2026). The Growth and Sustainability Levy on gold miners was cut from 3% to 1% at the same time (KPMG, May 2026).

For a satellite view of licences and targets, see our gold exploration in Ghana guide.

▶ Whether a foreigner can get a small-scale mining licence in Africa, and the three routes that are open. · 5:16

Peru: formalising small-scale miners

Peru produced an estimated 110 tonnes in 2025 (USGS, above) and holds reserves of 2,200 tonnes. What sets Peru apart is the share that comes from small operations. The IISD country profile, citing USAID data, puts artisanal and small-scale gold mining at about 22% of Peru’s gold production in 2019 and calls it a significant source of national output (IISD, Peru country profile, August 2026). Other sources give different shares, which is why you should always ask which year and which definition a share refers to.

Small miners must be on a registry to work legally while they complete formal licensing. That registry, REINFO, was created as a temporary measure in 2012 and has been extended for more than a decade (Energiminas). Law 32537 extended it to 31 December 2026, or until a new small-scale and artisanal mining law (the MAPE law) takes effect, whichever comes first. Congress dropped a longer extension to 2027 and did not automatically reinstate more than 50,000 miners removed from the registry (Energiminas, December 2025; Exitosa, December 2025).

For a consultant, the practical point is that the end date of REINFO decides which small miners can sell into formal supply chains. Buyers who need traceable gold, for example refiners, will treat registry status as a gate. Digital tracking of lots from mine to buyer is the same idea behind product traceability tools, and satellite-based carbon footprint monitoring is one way operators report land-use and emissions data to buyers.

Mongolia: gold as a by-product of copper

Mongolia is not named in the USGS gold table, so its output is measured differently. The biggest single source of new gold is Oyu Tolgoi, a copper mine. Rio Tinto, which owns 66% of it, reported 455.9 thousand ounces of gold in concentrates for 2025 (100% basis), against 206.4 thousand in 2024, a 121% increase as the underground mine ramped up (Rio Tinto fourth-quarter 2025 production report, ASX, January 2026). That is about 14 tonnes in one year from a mine that is mainly about copper.

The state buys gold from domestic producers. The Bank of Mongolia bought 2,829 kg of precious metals in October 2025, bringing purchases since the start of 2025 to 12.7 tonnes, 10.3% less than a year earlier (Bank of Mongolia, 3 November 2025). These are central-bank purchases of precious metals, not national mine output, so do not add them to the figures above.

The lesson for a country comparison: a by-product miner can add gold without a single new gold project. Grades matter here. Oyu Tolgoi’s underground mill feed averaged 0.59 g/t gold and 2.14% copper in 2025 (grade means the amount of metal per tonne of rock; g/t is grams per tonne).

Mauritania: one large mine, falling grade

Mauritania’s gold story is mostly one operation. Kinross’s Tasiast produced 503,429 gold-equivalent ounces in 2025, down from 622,394 in 2024, because planned mining sequences fed lower-grade ore to the mill. Cost of sales rose to US$884 per ounce sold from US$681, mainly because higher gold prices raise royalties (Kinross 2025 results release, February 2026). Kinross reports Tasiast as the highest-margin mine in its portfolio, and the company says drilling at the West Branch deposit continues to extend mineralisation at depth.

Gold-equivalent ounces include a small silver credit, so they are slightly higher than gold alone. The 2025 figure is about 15.7 tonnes. The point for comparisons is that one mine can move a whole country’s total, so a country with few large mines can swing 20% in a year from grade alone.

Guyana: a declared-gold system under pressure

Guyana reports gold declarations, which are the ounces that miners and dealers formally declare to the state. Declared gold production rose 11.6% to 484,321 ounces in 2025 (about 15 tonnes). Zijin Mining’s Aurora mine, the country’s only large-scale operator, declared 167,005 ounces, up 15.5%, while licensed dealerships declared 121,883 ounces, down 21.5% (Kaieteur News, July 2026).

By mid-2026 declarations reached 233,000 ounces, about 25,000 ounces more than a year earlier, after a crackdown on miners who failed to declare or under-declared. The Natural Resources Minister says mining is the second-largest contributor to GDP after oil and gas and supports about 30,000 jobs. The same article notes the official US$955 million value uses an approximate gold price of US$4,100 an ounce, so it moves with the market.

Declared gold is a policy-driven number. When a government tightens enforcement, declared ounces can rise without mines producing more. Always ask whether a jump reflects mining or bookkeeping.

Other producers to know: Uzbekistan, Kazakhstan, Mexico, Indonesia, Brazil and South Africa

Each of these has the same USGS basis, so they can be compared directly with Ghana and Peru. Three points stand out from the table.

• Kazakhstan and Uzbekistan each produced about 130 tonnes in 2025, with reserves of 2,300 and 2,200 tonnes. That is roughly 17 years of reserves at the 2025 rate.
• Indonesia fell from 94 to 90 tonnes while holding 3,600 tonnes of reserves, the pattern of a country whose gold depends on a few large copper-gold mines.
• South Africa produced 90 tonnes but holds 5,000 tonnes of reserves, the largest reserve base in the list and more than 55 years at the current rate.

Our guide to the top 10 gold producing countries and the shorter note on the largest gold producer in the world cover China, Australia, Russia and the other large producers that sit outside this emerging-market list.

Reserves against output: how long each country can keep going

The scatter chart below plots 2025 output against reserves. Dividing reserves by annual output gives a rough “years of supply”. Ghana is lowest at about 7 years, then Mexico at 10. Peru is near 20, Indonesia near 40 and South Africa above 55. Treat this as a guide only: reserves are the part of a deposit that is economic under current prices and rules, and they change with every price move and every new drilling campaign.

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Output against reserves

Eight emerging-market producers

Ghana’s low ratio matters for the royalty debate. Our reading: a government facing a short reserve life has a reason to raise its share of revenue now, and a miner has a reason to look for new ground. That link between royalties and exploration is analysis, not a figure from the sources.

Gold prices, central banks and why they matter to host economies

Gold price decides government income through royalties and exports. Kitco’s spot bid was US$4,157.70 an ounce at 2:50 p.m. ET on 15 October 2026, and Kitco lists the all-time high at US$5,589.38 on 28 January 2026 (Kitco). The line chart below shows the USGS annual average from 2021 to 2025, which shows why fixed royalties attract attention: at the old flat 5%, the royalty on one ounce rose from about US$90 at the 2021 average to about US$165 at the 2025 average.

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Annual average gold price

US$ per troy ounce

Central banks add a second source of demand, and some emerging-market central banks are sellers as well as buyers. The World Gold Council reports net central-bank purchases of 289 tonnes in the second quarter of 2026, up 62% on a year earlier and a record for a second quarter. Poland was the biggest buyer and China increased its pace, while heavy first-quarter selling by Turkey, Russia and Azerbaijan held the first-half total to 345 tonnes, the lowest since 2022 (World Gold Council, Gold Demand Trends Q2 2026, 30 July 2026).

The video below explains in plain terms how mining feeds exports, jobs and public revenue.

▶ What mining contributes to exports, jobs and public revenue. · 5:03

What a mine’s output is worth to the host country

The calculator below turns tonnes of gold into revenue, royalty and margin. Enter the annual output of a mine or a country, an example price, an example royalty rate and an all-in cost, which is assumed to already include royalties, so the margin line does not subtract the royalty twice. Use today’s price. The default royalty of 10% is the Ghana rate for a gold price above US$3,500 and up to US$4,000 an ounce. At the 15 October 2026 Kitco price of about US$4,158 the rate is 11%, and above US$4,500 it is 12%.

At the defaults (10 tonnes, US$4,000 an ounce, 10% royalty, US$1,800 all-in cost), revenue is about US$1.29 billion, royalty about US$129 million and margin about US$707 million before income tax.

How consultants screen new ground in these countries

Output tables tell you where gold is already mined. To find the next licence worth a visit, teams first screen the ground. Satellites cannot see gold itself; they map the rock around it, such as iron-oxide staining, clay minerals and fault lines, which help rank targets before fieldwork. The short video explains the idea. Any target from satellite screening is an exploration target, not a resource estimate, and it needs field checks and drilling before anyone reports tonnes or grade.

Farmonaut offers satellite mineral screening from a KML, KMZ or polygon boundary. Once a project is running, fleet and resource management tools track haul trucks and site equipment on the same map.

▶ How satellites help exploration teams find gold by mapping the rock around it. · 4:25

What to check before using a country figure

1. Which source and year: USGS, a ministry, a chamber of mines and a company report give different numbers for the same country.
2. What is counted: mine output, declared gold, refined gold and central-bank purchases are separate measures.
3. Ounces or tonnes: one million troy ounces is 31.1 tonnes; mixing the units is the most common error in country comparisons.
4. Gold equivalent: some mines report silver or copper credits as gold equivalent ounces.
5. Policy dates: royalty, licence and registry rules change; confirm the version in force.
6. Small-scale share: estimates range widely, so quote the source and the year.

Frequently asked questions

Which emerging market produces the most gold?

Among the countries compared here, Ghana: an estimated 150 tonnes in 2025, ahead of Mexico at 140 (USGS, February 2026). China and Russia produce more, but they are excluded from this list.

How much gold does Ghana produce?

The Ghana Chamber of Mines put 2025 output at a record 6.0 million ounces, about 186 tonnes, including 3.1 million ounces from small-scale mining. The USGS estimate is 150 tonnes. The sources use different methods, and neither explains the gap.

Is Peru a big gold producer?

Peru produced an estimated 110 tonnes in 2025 and holds reserves of 2,200 tonnes, which puts it fifth in this comparison (USGS, 2026).

What is REINFO in Peru?

REINFO is the registry of small-scale miners who are working while they complete formal licensing. Law 32537 extended it to 31 December 2026 or until the MAPE law takes effect, whichever comes first.

Where does Mongolia get its gold?

Much of it comes as a by-product of copper at Oyu Tolgoi, which reported 455.9 thousand ounces of gold in concentrates in 2025 on a 100% basis (Rio Tinto, January 2026).

How big is Tasiast in Mauritania?

Tasiast produced 503,429 gold-equivalent ounces in 2025, down from 622,394 in 2024 as grades fell on plan (Kinross, February 2026).

How much gold does Guyana declare?

Declared production was 484,321 ounces in 2025, up 11.6%, and 233,000 ounces had been declared by mid-2026 (Kaieteur News, July 2026).

Why do production figures differ between sources?

Sources count different things: estimated mine content, declared sales, refined output or company-share output. Always check the definition before comparing.

Do higher gold prices raise output quickly?

Not usually. Between 2024 and 2025 the price rose strongly, but tonnes in most countries in the USGS table barely moved, because new mines take years to permit and build.

How do central banks affect emerging markets?

Some buy to diversify reserves and some sell to raise cash. The World Gold Council reported 289 tonnes of net buying in Q2 2026, with sales by Turkey, Russia and Azerbaijan weighing on the first half.

Can satellites find gold in these countries?

They cannot see gold, but they map alteration minerals and structures that help rank areas to visit. The result is an exploration target that needs field and drilling checks.