The world’s lowest cost gold mines in Q1 2020

Kirkland Lake’s Fosterville mine in Australia was the lowest cost gold operation worldwide in Q1 2020. Three most cost effective mines represent Australia & New Zealand.

The following is an overview of the top ten lowest cost gold operations in the world during Q1 2020 created by Mines and Metals on the basis of companies’ reports.

Mines and Metals looked at costs at operating gold mines worldwide in Q1 2020 using all-in sustaining costs (AISC) metric that serves as a globally accepted benchmark of a mine’s operating efficiency.

Primary gold operations are defined by Mines and Metals as “mines where gold contributed to 90% or more of revenues from operating activities generated during the reporting period.”

The ranking excludes privately-owned mines, tailings re-processing operations and mines where the precious metal is reported as a by-product.

Fosterville, Kirkland Lake’s gold mine in Australia, tops the list of lowest cost gold mines in the world with AISC of $313/oz achieved in Q1 2020, a 1% decrease over Q1 2019.

OceanaGold’s Waihi mine in New Zealand is second with AISC of $376/oz in Q1 2020, a stunning 62% improvement year-over-year.

Thunderbox mine owned by Saracen and located in Australia, is third lowest-cost gold mine worldwide with AISC of $450/oz achieved in Q1 2020, an impressive 32% reduction over Q1 2019.

Polyus’ Blagodatnoye mine in Russia is fourth with AISC of $488/oz in Q1 2020.

B2Gold’s Fekola mine in Mali sits fifth with $519/oz AISC in Q1 2020.

The complete list is below.

Lowest cost gold mines worldwide: Q1 2020 Overview. Source: Mines and Metals.

MineCountryMajor owner / operatorQ1 2020 AISC, $/ozQ1 2019 AISC, $/oz% change
1FostervilleAustraliaKirkland Lake313315-1
2WaihiNew ZealandOceanaGold376988-62
3ThunderboxAustraliaSaracen450660-32
4BlagodatnoyeRussiaPolyus488599-19
5FekolaMaliB2Gold519614-15
6Natougou-BoungouBurkina FasoEndeavour Mining5505343
7Long CanyonUnited StatesBarrick5615169
8VerninskoyeRussiaPolyus570597-5
9KisladagTurkeyEldorado Gold578703-18
10NatalkaRussiaPolyus6015666

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