In the latest evaluation by Kitco, Newmont took the first spot on the ranking as the top global gold producer during the initial half of 2023. Combined, the leading ten gold mining firms mined an impressive 13.9 million ounces in the first six months of 2023, which is a rise of 3% when juxtaposed with the first half of 2022.
Who made the Top Ten list?
Newmont, listed on both NYSE (NEM) TSX (NGT), witnessed an 11% drop in its gold production, amounting to 2,513 koz. compared to the previous year. This decline was mainly attributed to reduced outputs at mines such as Peñasquito, Akyem, Merian, Cerro Negro, and Boddington. Furthermore, the Pueblo Viejo joint venture, which isn't directly managed by the company, also produced below the anticipated levels.
In the first half of 2023, Barrick ranked second, producing 1,961 thousand ounces of gold. Listed on both NYSE (NEM) TSX (NGT) Barrick saw a 4% reduction from their H1 2022 production of 2,033 koz.. Barrick attributes this decrease mainly to two factors: they converted the Goldstrike autoclave to a standard CIL process in the initial quarter of 2023, and they shut down the Gold Quarry concentrator at the start of the second quarter.
3. Agnico Eagle
Agnico Eagle, listed on both NYSE (AEM) and TSX (AEM), secured the third spot by producing 1,686 koz. of gold during the first half of 2023. This figure indicates an 11% increase from their production of 1,519 koz. in the first half of 2022. A significant factor in this rise is their complete ownership of the Canadian Malartic mine throughout the second quarter of 2023. Additionally, their overall output was bolstered by extended production days during the first quarter of 2023 at the Detour Lake, Fosterville, and Macassa mining sites.
Polyus, based in Russia and trading under the symbols MSE: PLZL and OTC: OPYGY, is the fourth-largest gold producer globally. In the first half of 2023, they announced a 36% boost in their gold production, reaching 1,448 koz. compared to 1,068 koz. from the same period in 2022. This significant increase was attributed to the extraction of higher-grade ore at the Olimpiada mine, particularly in the Vostochny pit's richer zones. Additionally, Blagodatnoye saw a surge in its refined gold production, thanks to the enhanced quality of the ore processed.
5. Navoi Mining and Metallurgy Combine (NMMC)
NMMC, a government-owned mining enterprise in Uzbekistan, ranked fifth in gold production, generating 1,425 koz. during the first half of 2023. This is a 2.1% increase compared to the same period in 2022. NMMC is responsible for running the Muruntau open pit mine, recognized as one of the world's major gold mining sites in terms of both production and available reserves/resources.
6. AngloGold Ashanti
AngloGold Ashanti, listed on both NYSE (AU) and JSE (ANG), secured the sixth position, with a production of 1,236 koz. in the first half of 2023. This figure remains consistent with the previous year's numbers. Key mines such as Obuasi, Sunrise Dam, Geita, Iduapriem, and Tropicana significantly contributed to this production.
7. Gold Fields
Gold Fields (NYSE: GFI) (JSE: GFI) holds the seventh position. In the first half of 2023, the company reported gold production of 1,154 koz., marking a 4% drop compared to the same period in 2022 (when it was 1,201 thousand ounces). This decline was mainly anticipated and attributed to reduced output from the Damang mine.
In the first half of 2023, Newcrest (listed on TSX and ASX as NCM) reported a gold production of 1,066 koz. This is a 5% decrease from their production of 1,124 thousand ounces during the same period in 2022.
9. Zijin Mining
In the first half of 2023, Zijin Mining from China (listed as SHA: 601899 and 2899.HK) reported gold production of 1,029 koz., marking a 19% increase compared to the same period in 2022.
In the first half of 2023, Kinross (listed on TSX as K and on NYSE as KGC) reported production of 1,021 koz. of gold equivalent. This represents a 23% rise from the previous year, largely due to increased outputs from the La Coipa mine and improved quality and recovery rates at both the Paracatu and Tasiast mines.
The initial half of 2023 has seen robust activity from the gold mining sector, with several of the front-runners indicating steady or ascending production metrics. With gold continuing its reign as a prized global asset, these industry pioneers hold significant sway in quenching its demand. Their collective approaches, hurdles, and innovations will indubitably direct the course of the gold industry in upcoming times.