Gold has broken numerous records and increased by 12% year to date, resurfacing as one of the leading asset classes of 2024. Right now, it looks like it will be the best year since 2020. Fears of a recession and geopolitical dangers have increased global economic uncertainty, which has helped the yellow metal by increasing demand.
The supply of gold must keep up with the demand given its growing importance as a haven asset. The World Gold Council reports that over the past four years, global gold production has increased consistently.
A handful of long-standing mining corporations account for most of the world’s gold production. Based on their projected outputs for 2023, the following is a list of the top 10 gold mining firms worldwide:
* Production estimates, except for Navoi Mining and Metallurgical Company, are based on news statements from the companies for the entire year that ends on December 31, 2023.
- Newmont
According to the TIME magazine, Newmont is the best performing mining company in terms of decarbonization.
After declining by 8% in 2022, the company has managed to get back on its feet and remains the world’s leading gold producer, with total annual production estimated at 5.5 million ounces in 2023.
2. Barrick Gold
Barrick’s production for 2023, which came in at 4.05 million ounces, was somewhat below analyst projections and below the previous year’s (-2.1%) production.
According to reports, the Toronto-based miner is also close to selling Saudi Arabia a portion of its other expansion project, the Reko Diq in Pakistan.
3. Agnico Eagle
The purchase of the remaining interest in Canada’s largest open pit mine, the Canadian Malartic, plus a full year of production from mines bought from Kirkland Lake Gold in 2022 allowed Agnico to outperform the “Big 2” in terms of output growth, increasing it by about 10%.
Agnico operates the largest primary gold producer in Europe, Kittila, in Finland. In addition to streamlining its operations in Canada, Agnico has been investing in expansion initiatives there.
4. Navoi (NMMC)
With a long history of producing gold, Navoi Mining and Metallurgical Company (NMMC) is the largest industrial company in Uzbekistan.
NMMC reports its yearly output on currency volume; however, S&P Global data indicates that in 2023, it produced 2.9 million oz, which was sufficient to keep it in the Top 4 producers.
5. Polyus
In 2023, Polyus’s production increased by 14% to 2.9 million ounces, of which 2.48 million ounces were refined gold and the remaining amount was flotation concentrate.
The Moscow-based gold company had to shut down its mining operations last year due to Western sanctions, much like many other Russian businesses.
6. AngloGold Ashanti
Because fewer tonnes of ore were processed and the quality of the ore was worse, AngloGold Ashanti’s production decreased by 3% in 2023. A drop in output was also caused by equipment failure at one of its locations in Ghana.
The Johannesburg-based gold miner is continuing to produce 2.79 million ounces of gold in 2024 despite Australia’s flooding.
7. Gold Fields
With 2.3 million ounces produced in 2023—a 4% decrease from the previous year—Gold Fields once again lagged its South African competitor.
By year’s end, the business sold joint venture partner Galiano Gold a 45 percent share in Ghana’s Asanko gold mine. But after years of delays, the company’s new $1 billion Salares Norte mine in Chile would make up for the lost production there in April.
8. Zijin
After a 20% annual increase in gold production, Zijin Mining has positioned itself as the top listed gold mining firm in China and in the top 8 worldwide.
Although valuations and geopolitics have slowed down the firm’s acquisition strategy in recent years, it has been claimed that the group is still “actively looking” to bolster its production profile through acquisitions.
9. Kinross Gold
With the conversion of silver into gold included, Kinross produced 2.15 million oz of gold equivalent in 2023, about 10% more than in 2022. With the first pour of the Manh Choh project in Alaska scheduled for this month, the Canadian miner is about to add another source of output.
In June of last year, Bloomberg disclosed that Endeavour Mining, a company that mostly extracts gold in West Africa, had targeted Kinross for acquisition. However, the agreement to combine the mid-sized miners never came to pass.
10. Freeport McMoran
The US-based Freeport McMoran saw a nearly 10% rise in gold production in 2023 as well. One of the biggest gold operations in the world, the Grasberg mine in Indonesia is currently run by the business, which is primarily recognised for its copper.
Especially noteworthy: Solidcore (Polymetal)
Production: 1.71 million oz (AuEq)
Solidcore Resources, formerly Polymetal International, produced 1.71 million ounces of gold equivalent last year, unchanged from the previous year. The business has been obliged to sell most of its Russian assets, which account for approximately 70% of its production, since the US imposed sanctions.
Solidcore is now anticipated to expand into the Middle East market and increase investments in its current activities in Kazakhstan with its new appearance. By 2029, the goal is to create one million ounces of gold equivalent.
