This article will highlight the leading companies in gold mining and their current valuation. If you want to skip our overview of the trends and patterns in gold mining, read the Top 5 Gold Mining Companies in the World.
In Q3 2023, the demand for gold, excluding over-the-counter transactions, was 8% higher than the five-year average, reaching 1,147 tons. The gold price dropped by 6% compared to the same quarter in 2022. Including over-the-counter transactions and stock movements, the total demand saw a year-over-year increase of 6%, amounting to 1,267 tons, as reported by the World Gold Council.
A record high production was observed in gold mines, with an output of 971 tons for the quarter, contributing to the total gold supply of 1,267 tons. Furthermore, the volume of recycled gold saw an 8% increase to 289 tons.
Examining demand by sector, central banks added 337 tons to their reserves, constituting the third-highest quarterly acquisition. However, this was below the peak of 459 tons observed in the third quarter of the previous year. The year-to-date figures for central bank purchases are 14% higher than last year, reaching an unprecedented 800 tons as of October 31, 2023.
Investment demand for the quarter stood at 157 tons, representing a significant 56% increase from the previous year but remained below the five-year average of 315 tons. Bar and coin purchases decreased by 14% at 296 tons year-over-year but surpassed the five-year average of 267 tons. The World Gold Council attributes this drop primarily to substantial declines in European markets. Over-the-counter investments reached 120 tons in the third quarter. Despite being less transparent, this segment continued to affect market stability, with gold prices remaining relatively steady throughout most of the quarter.
Gold consumption in jewelry experienced a modest decline, with demand decreasing by 2% year-over-year to 516 tons due to persistently high gold prices. Meanwhile, jewelry production saw a slight 1% decrease year-on-year to 578 tons. Finally, the demand for gold in consumer electronics, an industry facing significant challenges, declined by 3% year-over-year to 75 tons, reflecting the sector's ongoing difficulties.
Newmont Corporation (NYSE:NEM), one of the top gold mining companies in the world, has officially announced the completion of its acquisition of Newcrest Mining Limited on November 6, 2023. The finalized deal, valued at approximately $15 billion, marks the end of Newmont's year-long pursuit to incorporate the Australian gold mining giant into its operations. The acquisition was executed, with Newmont issuing 357,691,627 new shares to facilitate the purchase.
According to the official press release by Newmont Corporation (NYSE:NEM), the successful acquisition is expected to solidify its position as one of the largest gold mining companies. Financially, the deal is projected to realize significant cost savings, with anticipated pre-tax annual savings of $500 million within the first two years following the acquisition. Moreover, Newmont aims to strengthen its cash position by at least $2 billion through strategically optimizing its enlarged portfolio during the same period. Newmont Corporation (NYSE:NEM) reiterates its dedication to sound capital management and delivering shareholder value, highlighted by substantial dividend payments of over $5 billion the company has made since acquiring Goldcorp in 2019.
This development will undoubtedly position Newmont among the most influential gold mining companies, enhanced by the addition of seasoned professionals and regional teams from Australia and Canada. With the acquisition, the company's market valuation is expected to soar to an estimated $50 billion, considering Newcrest's current market capitalization of approximately $13.4 billion. Additionally, Newmont's asset base will now include five productive mines and two promising development projects. Prior to this acquisition, Newmont's gold production had reached a plateau, with projections suggesting that without strategic growth, production levels would remain static over the next decade.
It is also pertinent to mention that Newmont has overcome operational challenges recently, including a four-month labor strike at the Penasquito mine in Mexico, which led to a downward turn in production forecasts and reduced earnings in the second quarter of 2023. The strike concluded with the company granting an 8% wage increase to workers, resulting in an improved third quarter. With the Newcrest acquisition complete, Newmont Corp is aggressively pursuing a strategy to generate $2 billion in cash through the sale and divestment of selected assets, according to Bloomberg. The strategy aligns with the company's overarching goals of financial optimization and leadership in sustainable mining practices.
Let’s now talk about the top gold mining companies in the world!
Top 20 Gold Mining Companies in the World
Top 20 Gold Mining Companies in the World
Our Methodology
We conducted an in-depth exploration of the gold mining industry to identify companies that lead in the extraction of this precious metal. Subsequently, we ranked the top gold mining companies in the world in ascending order based on their market capitalization as of the writing of this article.
Based on our research, here are the top global gold mining companies:
Headquartered in Vancouver, Canada, and founded in 2007, B2Gold Corp is among the leading gold mining corporations. The company has concentrated its efforts in Africa, with significant operations in Mali, Namibia, and Burkina Faso. The Fekola mine in Mali, one of B2Gold's flagship operations, contributes substantially to its total output. The Masbate mine in the Philippines is another key asset in its portfolio. The company’s proven gold resources amount to 165 tons in 2023, with the majority located at the Fekola mine. Furthermore, B2Gold's indicated gold reserves are estimated at 456.2 metric tons, predominantly in Mali.
Evolution Mining Limited, an Australian gold mining company, boasts a diverse portfolio of gold and silver production in Australia and Canada. Its flagship Cowal mine in New South Wales stands out for low-cost, long-life production, while the Mt Rawdon operation in Queensland is another significant asset. The Cowal mine set a company record, producing 276,314 ounces at an AISC of $1138 per ounce, a 22% production increase, and a 9% reduction in AISC compared to FY 2022. Significant projects have received investment, including underground development and a new waste management facility. Evolution Mining plans to increase its gold output to 10 tons in FY24, aiming to maintain cost-effectiveness at around $1,250 per ounce. The Mt Rawdon mine's forecasted production is around 2.18 tons, with an AISC of $1850 per ounce.
18. Fresnillo plc (OTC:FNLPF)
Market Capitalization: $5.021 billion
Fresnillo plc, based in Mexico, is the world's largest producer of silver from ore and Mexico's top gold producer. The company operates three primary gold mines—Fresnillo, Saucito, and Ciénega—and several development projects within Mexico. Recognized for its vertically integrated business model and expertise in underground mining, Fresnillo's experience spans over 130 years. Its mining concessions cover approximately 2.2 million hectares in Mexico.
Alamos Gold Inc. is among the top gold mining companies in Canada and mainly operates projects in North America, including the Young-Davidson and Island Gold Mines in northern Ontario and the Mulatos Mine in Sonora, Mexico. With a proven track record of transforming high-potential projects into productive mines, Alamos has measured and indicated gold reserves of 118.9 metric tons and inferred resources totaling 223 tons.
According to its Q3 2023 results, Alamos exceeded production expectations by delivering 4.2 tons against a forecast of 3.75 to 4.06 tons, mainly from the Mulatos District and Island Gold mines. Consequently, the company has increased its annual production forecast for 2023 by 5%, targeting 16 to 16.5 tons. Alamos also reported a strong free cash flow of $37.3 million for the quarter, contributing to a year-to-date total of $109.4 million, demonstrating robust operational efficiency and profit margins.
Endeavour Mining plc, a leading West African gold producer, manages an extensive portfolio in Côte d'Ivoire, Burkina Faso, Mali, and Senegal. The company is recognized for its strategic asset optimization and growth projects, prioritizing operational excellence and sustainable practices. Endeavour's consolidation strategy in the West African gold mining sector has enhanced its market position. In the second quarter of 2023, Endeavour produced 8,376 tons with an AISC of $1,000 per ounce, aligning with its annual projections and setting a steady pace for meeting its full-year targets. The company is on track to produce between 33.125 and 35 tons for the year, aiming for an efficient AISC range of $895 to $950 per ounce.
Pan American Silver Corp (NYSE:PAAS), with headquarters in Canada, is a leading silver mining company globally and, following recent mergers and acquisitions, is now among the largest gold mining companies. Notably, on March 31, 2023, Pan American Silver Corp (NYSE:PAAS) completed the acquisition of all outstanding shares of Yamana Gold from Agnico Eagle Limited (NYSE:AEM), after terminating a prior deal with Gold Fields Limited (NYSE:GFI). This acquisition added four gold producing mines to Pan American’s portfolio: the Jacobina complex in Brazil, El Peñón and Minera Florida mines in Chile, and the Cerro Moro mine in Argentina.
Additionally, Pan American held a 56.25% share in the MARA development project in Argentina, which contains approximately 7.4 million ounces of gold (230 tons). In July 2023, Glencore plc (LSE:GLEN) purchased Pan American’s 56.2% stake in the MARA Project. As part of the transaction, Glencore plc (LSE:GLEN) agreed to pay $475 million in cash and granted Pan American a Net Smelter Return of 0.75%, entitling them to a percentage of the value of the copper smelted from Glencore plc (LSE:GLEN)’s projects.
Headquartered in Toronto, Kinross Gold Corporation (NYSE:KGC) boasts a diverse portfolio of mines and projects in the United States, Brazil, Chile, Ghana, Mauritania, and Russia. It operates the Fort Knox mine in Alaska, renowned for its longevity and low-cost production, and the Paracatu mine in Brazil, one of South America’s largest gold mines. Kinross Gold Corporation’s Q2 2023 results showed a significant increase in production, with gold equivalent ounces reaching 555,036 (17.3 tons), a robust 22% increase from the previous year. The company reported a cost of production at $900 per gold equivalent ounce and an all-in-sustaining cost of $1,296 per ounce. Bloomberg reports that Kinross Gold Corporation (NYSE:KGC) recently declined a takeover bid from Endeavour Mining Plc, which considered a cash and stock deal that did not progress beyond preliminary discussions.
Royal Gold Inc (NASDAQ:RGLD) finances mining projects in return for the right to buy a portion of the metal at a set price or to receive a percentage of mineral production from the mine. Royal Gold, Inc. has interests in 57 properties across five continents, including 32 producing mines and 19 development-stage projects. For the third quarter of 2023, Royal Gold (NASDAQ:RGLD)'s revenue increased by 5% year-over-year to $138.6 million, operating cash flow grew by 3% to $98.1 million, and earnings rose by 8% to $49.3 million compared to the same quarter the previous year, with gold constituting 78% of total revenue.
AngloGold Ashanti plc (NYSE:AU), with its headquarters in Johannesburg, South Africa, operates as an independent, global gold mining company, engaging in projects and exploration activities across nine countries on four continents. The company demonstrated commendable performance in gold production during the second quarter of 2023, with output rising to 20.3 tons, a notable increase from 18.5 tons in the previous quarter.
The improved results from AngloGold Ashanti plc (NYSE:AU) were attributed to increases in the volume of material processed and the grade of ore recovered. Additionally, there was a significant reduction in costs, with total cash costs experiencing a 2% decrease compared to the previous quarter and all-in-sustaining costs (AISC) showing an even more impressive 4% quarter-on-quarter improvement.
In the first half of 2023, the company's key mines, such as Geita, Obuasi, Iduapriem, Tropicana, and Sunrise Dam, made substantial contributions to total gold production, which reached 38.6 tons, slightly exceeding the 38.5 produced in the first half of 2022. However, it is important to note an increase in the total cash costs per ounce, which rose to $1,189/oz in the first half of 2023, compared to $1,068/oz in the same period the previous year.
Northern Star Resources Limited is an Australian gold producer that has established itself as one of the country's foremost gold miners through strategic acquisitions. As of March 31, 2023, the company reported gold reserves of 631 tons (20.207 million ounces). In the third quarter of 2023, Northern Star Resources reported gold sales of 11.5 tons. The average AISC for this period was $1,260 per ounce.
The company maintains a positive outlook on its financial targets for fiscal year 2024, aiming to sell between 50 and 54 tons of gold while pursuing a reduction in AISC, targeting a range of $1,111 to $1,149 per ounce to enhance cost efficiency. In Q3 2023, the company's three primary projects yielded steady results, with the Kalgoorlie operations leading at 5.7 tons of gold sold at an AISC of $1,184 per ounce, followed by the Yandal project with 3.89 tons at an AISC of $1,251 per ounce, and the Pogo project contributing 1.9 tons but with a higher AISC of $1,438 per ounce.
Sibanye-Stillwater Limited, a multinational mining group domiciled in South Africa, has a diversified portfolio, including platinum group metal (PGM) operations in the US and Southern Africa, gold operations and projects in South Africa, as well as copper, gold, and PGM exploration properties in North and South America, and a gold project in Finland. During the third quarter of 2023, Sibanye-Stillwater reported a gold production increase to 14.11 tons, up from 13.1 tons in the previous quarter, marking an approximate 7.7% growth quarter-over-quarter.
Despite this increase in output, the company faced rising production costs, with the average AISC climbing to $2,062, a significant jump from the $1,800 AISC in Q2, reflecting a 14.6% increase and highlighting the cost pressures encountered during the production ramp-up.
Gold Fields Limited (NYSE:GFI), headquartered in South Africa, ranks among the top gold mining companies in the world. Its international portfolio covers operations across Australia, Ghana, Peru, and South Africa, notably the St Ives and Agnew gold mines in Western Australia, as well as the expansive Tarkwa and Damang mines in Ghana.
The company reported an annual gold-equivalent output of 75 tons attributable to its operations. Furthermore, Gold Fields Limited boasts an estimated 1,440 tons in attributable gold Mineral Reserves, highlighting a robust resource base for its future activities. In the first half of 2023, the company maintained stable operations, with a planned 4% decrease in attributable production and a slight 3% rise in all-in costs (AIC). Despite these adjustments, there was a 9% decline in year-over-year normalized earnings. Nonetheless, Gold Fields generated a substantial free cash flow of US$140 million during this period.
Shandong Gold Mining Co., Ltd., based in Jinan, China, is a major player in the global gold production landscape. The enterprise manages key mines, including the Jiaojia Gold Mine in Shandong Province and the Xincheng Gold Mine in Gansu Province. It also attempted to expand internationally with a bid for TMAC Resources, owner of the Hope Bay property in Canada, which was ultimately rejected due to national security concerns. Notably, Australia and Canada heightened their scrutiny of transactions with Chinese state-owned entities during the economic disruptions following the COVID-19 pandemic.
Wheaton Precious Metals Corp (NYSE:WPM), headquartered in Vancouver, Canada, oversees 34 mining projects encompassing gold, silver, and palladium, placing it among the top 10 gold mining companies globally. The company saw varied operational results in the second quarter of 2023. The Constancia mine experienced a minor reduction in output, producing 0.23 tons of attributable gold, marking a 7% decrease from the same period in the previous year. Conversely, the Solobo mine exhibited exceptional performance, with 1.7 tons of attributable gold, a 61% increase from the second quarter of 2022. Wheaton Precious Metals Corp (NYSE:WPM) remains confident about its 2023 forecast, projecting an annual production of 18.75 to 20.6 gold-equivalent tons.
Franco-Nevada Corporation (NYSE:FNV), based in Toronto, is the leading gold-focused royalty and stream company. In the second quarter of 2023, the corporation's gold equivalent production dipped to 5.2 tons, a 12% decrease from the previous year's corresponding quarter. For the first half of 2023, gold equivalent production totaled 9.8 tons, down 15% from the same period in 2022. Despite the drop in production, Franco-Nevada Corporation (NYSE:FNV) reported gold revenue of $213.9 million in the second quarter, a critical indicator of the company's revenue-generating capacity during that time.
