Marsad Al Dahab revealed that the global gold mining industry has continued to post record production levels in recent years despite mounting challenges facing the sector, including fewer major discoveries, rising operating costs, and declining ore grades across many mines. At the same time, gold continues to strengthen its position as one of the world's most important strategic assets and safe-haven investments.
According to the latest data from the World Gold Council (WGC), global mine production increased from 3,702.7 tonnes in 2022 to 3,710.1 tonnes in 2023, rising further to 3,742.5 tonnes in 2024 before reaching a record 3,814.6 tonnes in 2025, marking the highest annual mine production ever recorded and demonstrating the mining industry's ability to expand output despite operational and geological challenges.
The report noted that the world produced approximately 14,969.9 tonnes of gold between 2022 and the end of 2025. Including 884.7 tonnes produced during the first quarter of 2026, cumulative global mine production reached approximately 15,854.6 tonnes, with Q1 2026 representing the strongest first-quarter output since the World Gold Council began tracking the data.
Marsad Al Dahab also highlighted that the rise in mine production translated into higher total global gold supply, which increased from 4,832.2 tonnes in 2022 to 5,013.1 tonnes in 2023, followed by 5,054 tonnes in 2024, before climbing to a record 5,143.8 tonnes in 2025. The increase was driven by stronger mine production alongside higher recycled gold supply, which reached 1,403.4 tonnes in 2025, its highest level in years.
The report explained that the difference between mine production and total gold supply stems from recycled gold, which has become a key pillar in meeting global demand, particularly during periods of elevated prices, when households and investors sell and remelt existing gold holdings to capitalize on record price levels.
China maintained its position as the world's largest gold producer in 2025 with 384.3 tonnes, accounting for roughly 10% of global mine production. It was followed by Russia with 345 tonnes, Australia with 293.2 tonnes, Canada with approximately 220 tonnes, and the United States with around 168 tonnes. Together, these five countries accounted for nearly 40% of global gold production, while the remaining output was distributed across dozens of producing nations, underscoring the broad geographic diversification of global gold mining.
Marsad Al Dahab believes that record mine production does not necessarily imply an oversupplied market or downward pressure on prices. Annual increases in mine output represent only a small fraction of the total above-ground gold stock, while investment demand, central bank purchases, and recycling trends remain the primary drivers of market balance.
The report added that the mining industry is facing growing structural challenges. New discoveries have become smaller and more expensive to develop, while average ore grades have declined significantly compared with previous decades, increasing the cost of producing each additional ounce of gold. Furthermore, bringing a new mine from discovery to commercial production typically requires 10 to 20 years, making it difficult for supply to respond quickly to rising global demand.
According to Marsad Al Dahab, the total amount of gold ever mined throughout human history reached approximately 219.9 thousand tonnes by the end of 2025, with the overwhelming majority still in existence today because gold is neither consumed nor destroyed and can be recycled indefinitely.
World Gold Council estimates indicate that approximately 44% of all above-ground gold exists in the form of jewelry, while around 23% is held as bars, coins, and investment products, including exchange-traded funds. Central banks account for approximately 18% of all gold ever mined, with the remainder used in industrial and other applications.
Economically recoverable global gold reserves are currently estimated at approximately 54.8 thousand tonnes, while identified geological resources exceed 132 thousand tonnes, suggesting that the world is not facing an imminent shortage of gold. However, expanding future production is expected to become increasingly difficult and more costly over time.
On the domestic front, Marsad Al Dahab noted that Egypt has steadily increased its gold production in recent years, led by the Sukari Gold Mine—the country's largest gold mine and one of the world's major producing operations—alongside the gradual expansion of production by Shalateen Mineral Resources Company from the Iqat Gold Mine and mining operations across the Eastern Desert.
According to official data, Sukari produced approximately 440.9 thousand ounces in 2022, maintained strong production throughout 2023, increased output to around 481 thousand ounces in 2024, and reached 500 thousand ounces in 2025, while first-quarter 2026 production totaled approximately 113 thousand ounces.
As a result, Sukari has produced nearly 1.98 million ounces of gold between the beginning of 2022 and the end of the first quarter of 2026, equivalent to approximately 61.7 tonnes of gold, based on the internationally recognized ounce-to-tonne conversion.
Egypt's Ministry of Petroleum and Mineral Resources also announced that Shalateen Mineral Resources Company produced more than 900 kilograms of gold from the Iqat Mine and organized mining operations during the latest reported year, while targeting annual production of 1.5 tonnes in the coming years as part of the government's strategy to maximize the value of Egypt's mineral wealth and increase mining's contribution to the national economy.
Consequently, Egypt's verified gold production since 2022 through the first quarter of 2026 has exceeded 62 tonnes, with expectations for further growth as new mining concessions enter commercial production.
Marsad Al Dahab emphasized that Egypt possesses significant opportunities to expand gold production over the coming decade through new exploration licensing rounds, ongoing mining sector reforms, and increased foreign investment, all of which are expected to strengthen the country's position on the global gold production map.
The report concluded that the future of the gold market will depend not only on production volumes but also on the mining industry's ability to replace depleting mature mines through continued exploration and investment. At the same time, central banks continue to expand their gold reserves, reinforcing the precious metal's role as one of the world's most important strategic assets within the global financial system.
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