Gold has performed well thus far in the year; its significance as a safe-haven asset growing as supply works to keep up. Data from the World Gold Council shows that during the past four years, global gold production has steadily increased.
Below, we look at 10 of the top gold mining companies globally, based on their 2023 output.
Newmont Corporation
As of Dec. 31, 2023, this Colorado-based gold mining company had produced a total of 5.5 million ounces from its operations, which cover four continents. This figure, while high, represents an 8% drop in output when compared to 2022 data.
The American company also cemented its position as the largest gold miner globally in 2023 when it acquired Newcrest Mining. This multibillion-dollar deal increased Newmont’s present in Canada and Australia.
Barrick Gold
This mining company, which primarily produces gold and copper, produced 4.05 million ounces of gold in 2023. This figure is 2.1% lower than the company’s output in 2022, in addition to being lower than analyst expectations.
Barrick is currently focused on growing organically, with plans to expand its operations in Nevada and the Dominican Republic.
Agnico Eagle
The Canadian-based gold producer saw its production increase by almost 10% in 2023 to reach 3.44 million ounces. This comes after it recorded a full year of production from mines previously owned by Kirkland Lake Gold and purchased more stake in the Canadian Malartic.
Navoi Mining and Metallurgical Company (NMMC)
NMMC has a rich history of gold production, being the largest industrial enterprise in Uzbekistan. Latest data shows that its gold output in 2023 totaled 2.9 million ounces.
Polyus
This Russian gold mining company saw its output in 2023 increase by 14% to hit 2.9 million ounces. This is despite sanctions from the West forcing it to scale down its mining operations last year.
AngloGold Ashanti
This Johannesburg-based gold miner saw 2023 output drop by 3% to reach 2.59 million ounces.
Gold Fields
The 2023 output for this miner, also based in Johannesburg, totaled 2.3 million ounces. This represents a 4% decline from total 2022 output.
Zijin Mining Group Ltd.
Zijin is the top gold mining company in China, with 2023 output totaling 2.17 million ounces.
Kinross Gold Corporation
This Canadian miner saw gold output in 2023 increase by almost 10% to reach 2.15 million ounces. The company is expected to add to its 2024 production with Alaska’s Manh Choh project.
Freeport-McMoRan
Freeport-McMoRan Inc. (NYSE: FCX), an American company, also saw 2023 gold output rise by nearly 10% to reach 1.99 million ounces.
It remains to be seen how these top producers will perform in this fiscal year.
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