In 2019, Newmont solidified its top gold mining company spot while Polyus was the lowest cost top tier miner
As Mines and Metals reported previously, global output of gold in 2019 was ~3,300 metric tonnes, or in line with 2018 numbers. China cemented its spot at the top of the list with a 19 tonnes increase in gold produced during the year. Muruntau mining operation in Uzbekistan regained the crown of the largest gold mine which was temporarily lost to Grasberg in 2018.
In 2019, the ranks of the top publicly listed non-state owned producing companies underwent some noticeable changes, thanks to a number of mergers, acquisitions and asset consolidations across the industry.
Last year, Newmont increased its gold output by 24% to 6.3 million ounces and strengthened its top gold producer status by widening production lead to a remarkable 830,000 ounces.
Former long-time leader Barrick Gold produced 5.47 million attributable ounces in 2019, 21% more than in previous year, but fell further below first-ranked Newmont in mined ounces.
Polyus finally beat Kinross and moved to the fourth place. Fast-growing Russian gold miner increased output of yellow metal by 17% to 2.84 million ounces.
Freeport, that took number 5 spot in 2018 due to a surge in gold production at Grasberg in the final years of open pit operations at the Indonesian mine, fell out of top 10 list in 2019.
Agnico Eagle moved from tenth to eighth position in one year and Polymetal landed tenth.
With AISC of $594/oz in 2019, Polyus was the lowest cost top tier gold producer, well ahead of its competitors. Polyus and Gold Fields were the only two gold mining firms that managed to insignificantly reduce costs.
Here is the complete 2019 ranking compiled by Mines and Metals.
Top 10 Gold Mining Companies
Newmont is the world’s largest gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont was founded in 1921 and has been publicly traded since 1925.
Barrick is second largest gold producer in the world. Barrick has gold and copper mining operations and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia. Barrick’s diversified portfolio spans many of the world’s prolific gold districts and is focused on high-margin, long-life assets.
3. AngloGold Ashanti.
AngloGold Ashanti is third largest gold producer globally and the largest on the African continent, producing 3.3Moz and employing 34,263 people in 2019. Listed on four stock exchanges around the world – the Johannesburg, New York, Australian and Ghana exchanges – and included in the JSE Top 40 Index, FTSE/JSE Responsible Investment Index Series (of the FTSE4Good Index), Responsible Mining Index and the Dow Jones Sustainability Indices (now part of S&P Global Inc) and the Bloomberg Gender-Equality Index. Market capitalisation of $9.28bn as at 31 December 2019.
PJSC Polyus is the largest gold producer in Russia, fourth largest and lowest cost gold major miner in the world. The Company also holds the world’s second largest gold reserves with 64.4 million ounces of proven and probable gold reserves underpinning its strong growth profile. Polyus’ principal operations are located in Krasnoyarsk, Irkutsk and Magadan regions and the Sakha Republic (Yakutia) in Russia and include 5 operating mines, alluvial operations and several advanced development projects.
Founded in 1993, Kinross Gold is a senior gold mining company with a diverse portfolio of mines and projects in the United States, Brazil, Chile, Ghana, Mauritania, and Russia. Headquartered in Toronto, Canada, Kinross employs approximately 9,000 people worldwide. The Company is focused on delivering value through operational excellence, balance sheet strength, disciplined growth, and responsible mining.
Newcrest is the largest gold producer listed on the Australian Securities Exchange and one of the world’s largest gold mining companies. The Company’s headquarters are in Melbourne, Australia, and it operates mines in Australia, Canada and Papua New Guinea.
7. Gold Fields.
Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV), as well as one project in Chile. It has total attributable annual gold-equivalent production of 2.2Moz, attributable gold-equivalent Mineral Reserves of 51.3Moz and Mineral Resources of 115.7Moz. The Company’s shares are listed on the Johannesburg Stock Exchange (JSE) and its American depositary shares trade on the New York Stock Exchange (NYSE).
8. Agnico Eagle.
Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since 1957. Its mines are located in Canada, Finland and Mexico, with exploration activities in each of these countries as well as in the United States and Sweden. The Company and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.
9. Harmony Gold.
Harmony, a gold mining and exploration company, conducts its activities in South Africa and in Papua New Guinea, one of the world’s premier new gold-copper regions. With 69 years of experience, Harmony is currently South Africa’s largest gold producer.
Polymetal International plc is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan listed on the London Stock Exchange, Moscow Stock Exchange and Nur-Sultan International Exchange. The company is a member of FTSE 100, FTSE Gold Mines and MSCI Russia. Polymetal has a portfolio of nine producing gold and silver mines and an impressive pipeline of future growth projects.
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