Precious Metals
April 1, 2025
2 min
Precious Metals
Gold's allure is timeless, but beyond the bars stacked in vaults, vast treasures remain locked deep within the Earth. Understanding where the largest untapped reserves lie is key to the future of global supply. Recent U.S. Geological Survey (USGS) assessments pinpoint two nations above all others: Australia and Russia are estimated to hold geological fortunes of around 12,000 metric tons of gold each, still waiting underground.
Russia’s Largest Gold Deposits
Based on recent estimates from TAdviser (citing Russia’s state balance sheet as of March 2025), some of Russia’s largest gold reserves include:
- Sukhoy Log (Irkutsk): Over 2,770 tonnes, making it Russia’s largest gold deposit.
- Natalkinskoye (Natalka) (Magadan): Around 1,385 tonnes.
- Olympiadinskoye (Olimpiada) (Krasnoyarsk): Approximately 949 tonnes.
These three deposits account for a significant share of Russia’s total gold reserves, positioning the country as one of the world’s top gold-rich nations. However, reserve estimates can vary depending on the source and methodology.
Australia’s Largest Gold Deposits
Similarly, Australia boasts some of the largest gold deposits globally. Based on recent reports, key reserves include:
- Cadia Valley (New South Wales): Operated by Newmont, with estimated reserves of approximately 17 million ounces (as of June 2023).
- KCGM / Super Pit (Western Australia): Operated by Northern Star Resources, holding reserves of 13.3 million ounces (as of mid-2023/2024).
- Boddington (Western Australia): Operated by Newmont, with reserves estimated at 10.8 million ounces (as of December 31, 2024).
Other Countries with Major Gold Reserves
While Russia and Australia lead in total reserves, other countries also hold significant in-ground gold:
- South Africa – 5,000 metric tons
- Indonesia – 3,600 metric tons
- China – 3,100 metric tons
- United States – 3,000 metric tons
- Canada – 3,200 metric tons
- Brazil – 2,400 metric tons
- Peru – 2,500 metric tons
- Kazakhstan – 2,300 metric tons
These reserves represent gold yet to be mined but confirmed through geological surveys and exploration efforts.
U.S. Geological Survey, Mineral Commodity Summaries, January 2024
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