Real Assets
The World’s Top 10 Gold Mining Companies
The World’s Top 10 Gold Mining Companies
Unlike paper currency or many other types of assets, gold has maintained its value throughout the ages.
First used by cultures in modern-day Eastern Europe in 4,000 BC to make decorative objects, the metal today represents a global business with operations on every continent, except Antarctica.
The industry is dominated by a select group of majors.
Together, the world’s top 10 gold miners produced 27.48 million ounces (Moz) in 2020, worth approximately $48 billion, according to data from Mining Intelligence.
North America Leading
At a country level, China is the largest producer in the world accounting for around 11% of total global production.
However, no Chinese company appears among the top miners.
| Rank | Company | Headquarters | Country | 2020 Production (Moz) |
|---|---|---|---|---|
| 1 | Newmont | Denver | USA 🇺🇸 | 5.88 |
| 2 | Barrick Gold | Toronto | Canada 🇨🇦 | 4.84 |
| 3 | Polyus | Moscow | Russia 🇷🇺 | 2.87 |
| 4 | AngloGold Ashanti | Johannesburg | South Africa 🇿🇦 | 2.81 |
| 5 | Kinross Gold | Toronto | Canada 🇨🇦 | 2.38 |
| 6 | Gold Fields | Johannesburg | South Africa 🇿🇦 | 2.13 |
| 7 | Newcrest Mining | Melbourne | Australia 🇦🇺 | 2.06 |
| 8 | Agnico Eagle | Toronto | Canada 🇨🇦 | 1.73 |
| 9 | Polymetal International | St. Petersburg | Russia 🇷🇺 | 1.40 |
| 10 | Harmony Gold | Johannesburg | South Africa 🇿🇦 | 1.38 |
At the top of the gold mining companies list, Colorado-based Newmont has ownership of mines in Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.
As the only American company on the list, Newmont produces 21% of the yellow metal poured by the top companies.
Canada, which is known for its mining industry, has three companies on the list; Barrick Gold, Kinross Gold, and Agnico Eagle, producing 32% combined.
Russia, which is expected to become the world’s top producer by 2029, has two companies ranked. Together, Polyus and Polymetal represent 15% of the top miners’ production.
The top 10 players account for ~22% of the total market share, which is anticipated to grow due to increased merger and acquisition activities.
Wealth and Luxury
Over six and a half thousand years after its discovery, more than 90% of the gold mined annually is destined for jewelry, bullion, and coins.
- Jewelry: 36.83%,
- Investment: 46.64%,
- Central banks: 8.58%,
- Technology: 7.95%
The metal is also used in dentistry, as it is the best material for fillings and crowns since it is easy to insert, and is non-reactive with the human body.
Golden Future
Global production fell by 1% in 2020, the first decline in a decade, according to the World Gold Council.
Some analysts argue the world has reached “peak gold” – which means that the maximum rate of extraction has passed and the production of the metal will continue to fall until, eventually, mining for it shall cease entirely.
Demand, however, shows no sign of slowing down as the golden metal remains firmly synonymous with security, stability, and longevity.
Real Assets
Visualizing Global Gold Production in 2023
Gold production in 2023 was led by China, Australia, and Russia, with each outputting over 300 tonnes.
Visualizing Global Gold Production in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Over 3,000 tonnes of gold were produced globally in 2023.
In this graphic, we list the world’s leading countries in terms of gold production. These figures come from the latest USGS publication on gold statistics (published January 2024).
China, Australia, and Russia Produced the Most Gold in 2023
China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia.
| Country | Region | 2023E Production (tonnes) |
|---|---|---|
| 🇨🇳 China | Asia | 370 |
| 🇦🇺 Australia | Oceania | 310 |
| 🇷🇺 Russia | Europe | 310 |
| 🇨🇦 Canada | North America | 200 |
| 🇺🇸 United States | North America | 170 |
| 🇰🇿 Kazakhstan | Asia | 130 |
| 🇲🇽 Mexico | North America | 120 |
| 🇮🇩 Indonesia | Asia | 110 |
| 🇿🇦 South Africa | Africa | 100 |
| 🇺🇿 Uzbekistan | Asia | 100 |
| 🇬🇭 Ghana | Africa | 90 |
| 🇵🇪 Peru | South America | 90 |
| 🇧🇷 Brazil | South America | 60 |
| 🇧🇫 Burkina Faso | Africa | 60 |
| 🇲🇱 Mali | Africa | 60 |
| 🇹🇿 Tanzania | Africa | 60 |
| 🌍 Rest of World | - | 700 |
Gold mines in China are primarily concentrated in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China’s gold mine reserves stand at an estimated 3,000 tonnes, representing around 5% of the global total of 59,000 tonnes.
In addition to being the top producer, China emerged as the largest buyer of the yellow metal for the year. In fact, the country’s central bank alone bought 225 tonnes of gold in 2023, according the World Gold Council.
Estimated Global Gold Consumption
Most of the gold produced in 2023 was used in jewelry production, while another significant portion was sold as a store of value, such as in gold bars or coins.
- Jewelry: 46%
- Central Banks and Institutions: 23%
- Physical Bars: 16%
- Official Coins, Medals, and Imitation Coins: 9%
- Electrical and Electronics: 5%
- Other: 1%
According to Fitch Solutions, over the medium term (2023-2032), global gold mine production is expected to grow 15%, as high prices encourage investment and output.
Real Assets
Charted: The Value Gap Between the Gold Price and Gold Miners
While gold prices hit all-time highs, gold mining stocks have lagged far behind.
Gold Price vs. Gold Mining Stocks
This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.
Although the price of gold has reached new record highs in 2024, gold miners are still far from their 2011 peaks.
In this graphic, we illustrate the evolution of gold prices since 2000 compared to the NYSE Arca Gold BUGS Index (HUI), which consists of the largest and most widely held public gold production companies. The data was compiled by Incrementum AG.
Mining Stocks Lag Far Behind
In April 2024, gold reached a new record high as Federal Reserve Chair Jerome Powell signaled policymakers may delay interest rate cuts until clearer signs of declining inflation materialize.
Additionally, with elections occurring in more than 60 countries in 2024 and ongoing conflicts in Ukraine and Gaza, central banks are continuing to buy gold to strengthen their reserves, creating momentum for the metal.
Traditionally known as a hedge against inflation and a safe haven during times of political and economic uncertainty, gold has climbed over 11% so far this year.
According to Business Insider, gold miners experienced their best performance in a year in March 2024. During that month, the gold mining sector outperformed all other U.S. industries, surpassing even the performance of semiconductor stocks.
Still, physical gold has outperformed shares of gold-mining companies over the past three years by one of the largest margins in decades.
| Year | Gold Price | NYSE Arca Gold BUGS Index (HUI) |
|---|---|---|
| 2023 | $2,062.92 | $243.31 |
| 2022 | $1,824.32 | $229.75 |
| 2021 | $1,828.60 | $258.87 |
| 2020 | $1,895.10 | $299.64 |
| 2019 | $1,523.00 | $241.94 |
| 2018 | $1,281.65 | $160.58 |
| 2017 | $1,296.50 | $192.31 |
| 2016 | $1,151.70 | $182.31 |
| 2015 | $1,060.20 | $111.18 |
| 2014 | $1,199.25 | $164.03 |
| 2013 | $1,201.50 | $197.70 |
| 2012 | $1,664.00 | $444.22 |
| 2011 | $1,574.50 | $498.73 |
| 2010 | $1,410.25 | $573.32 |
| 2009 | $1,104.00 | $429.91 |
| 2008 | $865.00 | $302.41 |
| 2007 | $836.50 | $409.37 |
| 2006 | $635.70 | $338.24 |
| 2005 | $513.00 | $276.90 |
| 2004 | $438.00 | $215.33 |
| 2003 | $417.25 | $242.93 |
| 2002 | $342.75 | $145.12 |
| 2001 | $276.50 | $65.20 |
| 2000 | $272.65 | $40.97 |
Among the largest companies on the NYSE Arca Gold BUGS Index, Colorado-based Newmont has experienced a 24% drop in its share price over the past year. Similarly, Canadian Barrick Gold also saw a decline of 6.5% over the past 12 months.
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