In gentle of its rising significance as a secure haven asset, gold’s provide should additionally preserve tempo with the demand. The world’s manufacturing of gold has steadily gone up during the last 4 years, in response to the World Gold Council.
Many of the gold manufacturing comes from a small variety of firms which have been within the mining enterprise for many years. Under, we checklist out the highest 10 gold mining firms on this planet based mostly on their 2023 outputs*:
* Manufacturing figures are based mostly on firm press releases for the full-year ending December, 31, 2023, excluding Navoi Mining and Metallurgical Firm.
1. Newmont
Manufacturing: 5.5 million oz.
Regardless of an 8% decline in output from 2022, Newmont stays the highest gold producer with 5.5 million oz. throughout its world operations, which span 4 continents.
The Denver, Colorado-based firm cemented its place because the world’s greatest gold miner final 12 months with its $17 billion acquisition of Newcrest Mining. The deal gave Newmont a a lot larger presence in Australia and Canada, including two main operations in every nation.
Just lately, Newmont was named by TIME journal because the best-performing mining firm when it comes to decarbonization.
2. Barrick Gold
Manufacturing: 4.05 million oz.
Barrick’s 2023 manufacturing of 4.05 million oz. additionally fell under the earlier 12 months’s (-2.1%) and was barely in need of its forecast in addition to analyst expectations.
In response to rival Newmont’s massive transfer, Barrick CEO has repeated shot down the concept of constructing any massive acquisitions, and as a substitute, the corporate will deal with natural progress, with expansions being lined up at its operations within the Dominican Republic and Nevada.
The Toronto-based miner can be reportedly near promoting a stake in its different progress venture, the Reko Diq in Pakistan, to Saudi Arabia.
3. Agnico Eagle
Manufacturing: 3.44 million oz.
In distinction to the ‘Huge 2’, Agnico’s manufacturing grew almost 10% due to its buy of the remaining stake within the Canadian Malartic, Canada’s greatest open-pit mine, and a full 12 months of manufacturing from mines acquired from Kirkland Lake Gold in 2022.
Along with consolidating its manufacturing in Canada, Agnico has additionally been investing in progress tasks in Finland, the place it operates Europe’s largest main gold producer at Kittila.
4. Navoi (NMMC)
Manufacturing: 2.9 million oz.
Navoi Mining and Metallurgical Firm (NMMC) is the largest industrial enterprise in Uzbekistan with a wealthy historical past of gold manufacturing.
Whereas NMMC experiences annual manufacturing on forex quantity, in response to data launched by S&P World, its 2023 manufacturing totalled 2.9 million oz., sufficient to keep up Prime 4 producer standing.
5. Polyus
Manufacturing: 2.9 million oz.
Polyus noticed its manufacturing rise 14% in 2023 to 2.9 million oz., consisting of two.48 million oz. in refined gold and the remainder in flotation focus.
Like many different Russian enterprises, the Moscow-based gold firm was hit with Western sanctions final 12 months, forcing it to wind down its mining operations.
6. AngloGold
Manufacturing: 2.59 million oz.
AngloGold Ashanti’s manufacturing fell 3% year-on-year in 2023 on account of fewer tonnes of ore processed and decrease ore grades. Tools failure at one in all its Ghanaian operations additionally contributed to the output decline.
In 2024, the Johannesburg-based gold miner is sustaining an output goal of two.79 million oz. regardless of flooding in Australia.
7. Gold Fields
Manufacturing: 2.3 million oz.
Gold Fields as soon as once more trailed its South African rival with manufacturing of two.3 million oz. in 2023, down 4% from the 12 months earlier than.
In direction of the top of the 12 months, the corporate offered a forty five% stake within the Asanko gold mine in Ghana to three way partnership companion Galiano Gold. Nevertheless, the lack of manufacturing there could be offset by its new $1 billion Salares Norte mine in Chile, which poured its first gold in April after years of delays.
Gold Fields and AngloGold Ashanti had been beforehand rumored to be in merger talks, however that has now been dominated out after the businesses entered a three way partnership in Ghana final March.
8. Zijin
Manufacturing: 2.17 million oz.
Zijin Mining is coming off a 20% year-on-year gold manufacturing progress, positioning itself because the No.1 listed gold mining firm in China and among the many prime 8 globally.
It has been reported that the group remains to be “actively trying” to bolster its manufacturing profile via acquisitions because it had completed prior to now, however valuations and geopolitics have slowed down that technique lately.
9. Kinross
Manufacturing: 2.15 million oz.
In 2023, Kinross produced 2.15 million oz. in gold equal (together with silver transformed into gold), almost 10% greater than in 2022. The Canadian miner is about so as to add a brand new supply of manufacturing, with the Manh Choh venture in Alaska focused for first pour this month.
Final June, it was revealed by Bloomberg that Kinross had been the goal of a takeover by Endeavour Mining, which predominantly mines gold in West Africa, however the deal to consolidate the mid-sized miners didn’t materialize.
10. Freeport McMoran
Manufacturing: 1.99 million oz.
US-based Freeport McMoran additionally loved a close to 10% improve in gold manufacturing in 2023. The corporate, which is usually identified for its copper, at present operates the Grasberg mine in Indonesia, one of many largest gold operations on this planet.
Manufacturing: 1.71 million oz. (AuEq)
Solidcore Assets, previously often known as Polymetal Worldwide, stored its gold-equivalent output regular final 12 months with 1.71 million oz. Since coming below US sanctions, the group has been compelled to promote a majority of its Russian belongings, representing about 70% of its manufacturing.
Beneath its new look, Solidcore is now anticipated to enter the Center East market and ramp up investments in its current operations in Kazakhstan. The goal is to provide 1 million oz. of gold equal by 2029.