By David LeveneBloomberg | February 21, 2017, 12:16:00The United States is the biggest mining nation in the world, but the world is also the most efficient producer of precious metals, according to a report.
As the U.S. continues to boom, it has replaced gold as the world’s primary precious metal.
But China’s rise to become the gold standard means that other nations are increasingly shifting to producing their own.
In a report on global demand for metals published Thursday, the World Bank said the United States had overtaken China as the biggest miner in the last 20 years.
China’s economy, which has been slowing for years due to a sharp slump in its currency, has more than doubled over the past decade.
The World Bank projects the country’s population will swell by more than 5 billion in 2030, while mining output will grow by more per capita than in any other country.
The U.K. and Germany are both expanding their mines, while the United Arab Emirates is looking to tap into a burgeoning domestic market for precious metals.
The report also said China, the world champion in the manufacture of steel and aluminum, has overtaken India as the second-biggest producer of steel in the industrial world.
The World Bank has been warning that the world could see an “unprecedented global crisis” in the coming decades unless countries take action to address rising demand for energy, food, and other resources.
China’s growth has also brought about an uptick in its carbon emissions, the report said.
The United Nations has said that the U to support measures to reduce emissions.