In Q1 2020, Newmont solidified its top gold mining company spot while Kirkland Lake became the top tier miner for the first time
Mines and Metals analyzed production results of the top ten largest gold mining companies in Q1 2020.
Overall, the biggest gold miners increased their gold output by 1% to 6,729 koz compared to 6,652 koz produced in Q1 2019, in spite of obvious issues related to Covid-19 disruptions.
Newmont, the world’s largest gold mining company, increased its gold output by a whopping 20% to 1,479 koz primarily due to new production from the Goldcorp assets, partially offset by the sale of Kalgoorlie in Australia and lower ore grade milled at Ahafo, Yanacocha and Merian.
Barrick, the world’s second largest gold miner, produced 1,250 koz of gold in Q1 2020. Gold output dropped by 9% compared to Q1 2019 (1,367 koz).
AngloGold Ashanti produced 716 koz of gold, or 5% less than in Q1 2019 (752 koz). Geita and Iduapriem mines delivered strong performances, offsetting lower production at Siguiri, Sunrise Dam and AGA Mineração.
Polyus’ total gold output in the first quarter of 2020 amounted to 595 thousand ounces, or was almost the same compared to 601 thousand ounces in Q1 2019.
During the first quarter, all Kinross mines remained in operation and were not materially impacted by COVID-19. Despite this, Kinross’ gold output dropped 6%, from 606 koz in Q1 20119 to 567 koz in Q1 2020.
Gold Fields produced 537 koz of gold in Q1 2020, largely flat YoY (down 1%).
Newcrest Gold production in the March quarter 2020 was 17% lower (519 koz) than in the March quarter 2019 (623 koz) due to lower production at Cadia, Telfer and the divestment of Gosowong on 4 March 2020 more than offsetting the higher production at Lihir and Red Chris.
Agnico Eagle quarterly gold production was lower and unit costs were higher than anticipated due to the temporary Covid-related shutdowns and reduced mining activities. Despite this, Agnico produced 411 koz of gold in Q1 2020 that was 3% more than in Q1 2019 (398 koz).
Kirkland Lake consolidated Q1 2020 production was 330,864 ounces, a 43% increase from 231,879 ounces in Q1 2019 and 18% higher than 279,742 ounces in the previous quarter. This record production allowed Kirkland to jump to the top ten largest gold mining companies ranking for the first time. Kirkland landed ninth in Q1 2020. Congratulations!
Polymetal’a gold production grew by 8% y-o-y to 324 koz as strong performance at Kyzyl, Svetloye and Varvara more than offset planned grade declines at Omolon and Voro.
Here is the complete Q1 2020 ranking compiled by Mines and Metals.
Largest Gold Mining Companies: Q1 2020. Source: Mines and Metals.
1. Newmont.
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.
2. Barrick.
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.
4. Polyus.
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.
5. Kinross.
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.
6. 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).
7. Newcrest.
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.
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. Kirkland Lake.
Kirkland Lake Gold Ltd. is a growing gold producer operating in Canada and Australia that produced 974,615 ounces in 2019, with target production for 2020 of 1,470,000 – 1,540,000 ounces. The Company’s production profile is anchored by three high-quality operations including, the Macassa Mine and Detour Lake Mine, both located in Northern Ontario, Canada and the Fosterville Mine located in the State of Victoria, Australia. All three mines combine free cash flow generating operations, substantial in-mine growth potential and attractive regional exploration upside to drive continued growth well into the future.
10. Polymetal.
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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