Mining industry companies are increasingly innovating in cloud
Research and innovation in cloud in the mining industry operations and technologies sector is on...
Global Gold Market Trends
Gold continues to be the most popular precious metal commodity by offering long-term store of value and serving as a hedge against inflation.
Mining Technology keeps track of the world gold market by analysing gold price trends and country-wise gold production and consumption data. By monitoring the performance of gold mining companies and major gold mines around the world, Mining Technology identifies the top gold producing companies and countries.
Global gold production is bouncing back after COVID-19 hit output in 2020. It is expected to surpass 130 million ounces (Moz) by 2024, according to GlobalData’s estimates.
In partnership with
GlobalData forecasts data for 15 commodities of 60 leading mining countries, with 70 reports per year covering supply & demand, key projects, activities of major mining companies and fiscal regimes.
Gold Price Trend Chart: Trailing 12 Months
Mining Technology’s gold price trend charts showcase monthly gold prices and the global gold price trend over the last 12 months.
The price of gold peaked at US$2,043/oz in March driven by the war in Ukraine.
Gold’s role as a safe haven drove the price up from US$1,786/oz on 28 January to US$2,043 on 8 March, however it returned to under US$1,950/oz over the second half of the month. While the continuing conflict is likely to sustain high prices as will rising inflation, there is opposite pressure coming from potential rises in interest rates and an improving US dollar.
As yet supplies do not appear to be impacted, however, with several gold miners in Russia advising of no adjustment to their production guidance, whilst Kinross has announced the sale of its gold assets in Russia to Highland Gold Mining.
Top Gold Mining Companies by Production
Mining Technology has identified the global top 10 gold producing companies by comparing the annual production volumes of major gold mining companies in different regions.
Newmont emerged as the biggest among the world’s top gold mining companies by production in 2020, followed by Barrick Gold and AngloGold Ashanti.
The ten biggest gold miners in the world together contributed 25% of the global total gold output in 2020.
| Current Rank | Rank 2019 | Company Name | Headquarters |
|---|---|---|---|
| 1 | 1 | Newmont Corp | United States |
| 2 | 2 | Barrick Gold Corp | Canada |
| 3 | 3 | AngloGold Ashanti Ltd | South Africa |
| 4 | 9 | Jiangxi Copper Co Ltd | China |
| 5 | 4 | Polyus | Russia |
| 6 | 5 | Kinross Gold Corp | Canada |
| 7 | 7 | Gold Fields Limited | South Africa |
| 8 | 6 | Newcrest Mining Ltd | Australia |
| 9 | 8 | Agnico-Eagle Mines Ltd | Canada |
| 10 | 10 | Zijin Mining Group Co Ltd | China |
Source: GlobalData
Expert Comments and Analysis
Gold Production by Country
Mining Technology ranks the top gold producing countries in the world, based on a comprehensive database of gold production by country that captures the latest gold mine output data across different geographic locations.
China, Australia and Russian Federation were the biggest producers of gold in 2020.
The top ten gold producing countries together accounted for 57% of the global gold output in 2020.
Biggest Gold Mines in the World
Mining Technology closely watches the production of major gold mining projects to identify the world’s biggest gold mines.
With an output of 2Moz, Muruntau Mine in Uzbekistan ranked as the world’s biggest gold mine by production in 2020.
The ten biggest gold mining operations in the world together accounted for 10% of the global gold output in 2020.
| Mine Name | Country | State | Owner | Mine Type & Method | Production 2020 (Thousand Ounces) |
|---|---|---|---|---|---|
| Muruntau Mine | Uzbekistan | Navoiy Viloyati | Navoi Mining & Metallurgy Combinat(100%) | Surface & Open Pit | 1917.04 |
| Carlin Mine | United States | Nevada | Barrick Gold Corp(61.5%), Newmont Corp(38.5%) | Surface and Underground & Open Pit/Long Hole Stoping | 1665 |
| Olimpiada Mine | Russia | Krasnoyarsk Krai | Polyus(95.1%), Undisclosed(4.9%) | Surface & Open Pit | 1397.51 |
| Goldstrike Mine | United States | Nevada | Barrick Gold Corp(61.5%), Newmont Corp(38.5%) | Surface and Underground & Open Pit/Long Hole Stoping | 1210.46 |
| Pueblo Viejo Mine | Dominican Republic | Sanchez Ramirez | Barrick Gold Corp(60%), Newmont Corp(40%) | Surface & Open Pit | 903 |
| Cadia Mine | Australia | New South Wales | Newcrest Mining Ltd(100%) | Underground & Panel Caving | 843.34 |
| Kibali Mine | Democratic Republic of the Congo | Orientale | Barrick Gold Corp(45%), AngloGold Ashanti Ltd(45%), Sokimo(10%) | Surface and Underground & Open Pit/Stoping | 808.89 |
| Cortez Mine | United States | Nevada | Barrick Gold Corp(61.5%), Newmont Corp(38.5%) | Surface and Underground & Open Pit/Long Hole Stoping | 799 |
| Lihir Mine | Papua New Guinea | New Ireland | Newcrest Mining Ltd(100%) | Surface & Open Pit | 775.98 |
| Shaxi Copper Mine | China | Anhui | Tongling Nonferrous Metals Group Co Ltd(100%) | Underground & To be confirmed | 730.21 |
Source: GlobalData
GlobalData Reports
View More
Major Upcoming Gold Mines
Mining Technology lists the major upcoming gold mines in the world by comparing annual production capacities of upcoming gold mining projects.
The Quebrada Honda I and II Mine in Chile is the biggest upcoming gold mine in the world, with an annual production capacity of 15.58Moz.
The Taldybulak Project in Kyrgyzstan and the Sukhoi Log Project in Russia are the next major upcoming gold mines with capacities of 3.30Moz and 2.30Moz, respectively.
| Mine Name | Country | State | Owner | Mine Type & Method | Annual Production Capacity (Thousand Ounces) |
|---|---|---|---|---|---|
| Quebrada Honda I and II Mine | Chile | Atacama | Barrow Mining SpA(100%) | Surface & Open Pit | 15584.13 |
| Taldybulak Project | Kyrgyzstan | Talas | Socagest SA(100%) | Surface and Underground & Open Pit | 3300 |
| Sukhoi Log Project | Russia | Irkutsk Oblast | Polyus(58.35%), Rostec(41.65%) | Surface and Underground & Open Pit | 2300 |
| Mponeng Expansion Project | South Africa | Gauteng | Harmony Gold Mining Co Ltd(100%) | Underground & Room and Pillar | 1940.91 |
| Donlin Gold Project | United States | Alaska | Barrick Gold Corp(50%), NovaGold Resources Inc(50%) | Surface & Open Pit | 1500 |
| Racaycocha Project | Peru | Ancash | Industrias Penoles SAB de CV(100%) | Surface & Open Pit | 1383.18 |
| La Colosa Project | Colombia | Tolima | AngloGold Ashanti Ltd(100%) | Surface & Open Pit | 1000 |
| KSM (Kerr-Sulphurets-Mitchell) Project | Canada | British Columbia | Seabridge Gold Inc(100%) | Surface and Underground & Open Pit/Block Caving | 933 |
| Pascua-Lama Project | Chile | Atacama | Barrick Gold Corp(100%) | Underground & Block Caving | 850 |
| Kucing Liar Project | Indonesia | Papua | Freeport-McMoRan Inc(90.64%), Government of Indonesia(9.36%) | Underground & Block Caving | 725.2 |
Source: GlobalData
Twitter: Rising lithium prices and more
Mining Technology lists five of the most popular tweets on battery minerals in Q1 2022...
Australia continues to dominate the use of autonomous haul trucks
Between May 2021 and May 2022, the number of autonomous haul trucks in operation globally...
New projects to support growth in Australian iron ore production in 2022
Australia’s iron ore production is set to increase by 2% to 941 million tonnes (Mt)...
Chile’s copper production to recover by 4.7% in 2022, after a 1.9% decline in 2021
Chilean copper mine production declined for the third consecutive year, to 5,624.9 thousand tonnes (kt)...