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Largest gold mining companies


Which are the largest gold mining companies in the world? This may appear a straightforward enquiry, but there isn’t a definitive answer. This is because there is more than one way to measure the size of a mining company.

The total weight of any and all metal output is one of the common ways of ranking mining companies. Some measures count only a company’s pure gold production however.

The majority of gold mining companies do not mine just gold however; instead they mine various precious metals and/or base metals, which include gold. That is why in most cases it is more accurate to count the total production for the mine. Some statistics also include the value of all metals produced as equivalents in ounces of gold.

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Gold mining underground. .

The size of a gold mining company could also be measured by the total financial value of the company. This includes all its assets, such as estimated underground gold reserves, land ownership, plant equipment, and shares on the stock market. This measure increases the value of companies operating in more expensive locations, where labour and land values are greater.

Lastly, the size may also be measured in terms of the company’s possible sale value. This would consider the gold price, the company's debts, overheads and potential profitability, offset against its total value as listed above.
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Largest gold mining company in the world?

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Barrick is often considered the largest gold mining company in the world. Originally called Barrick Gold, the company recently merged with Randgold Resources. Traded on both the New York and Toronto Stock Exchanges, Barrick has a market capitalisation of $23.75 billion, and operates in 15 countries.

As we explain below though, while they may be the largest company, they are not the biggest producer of gold...
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Top 10 gold mining companies

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In the various methods used to assess the size of gold mining companies, five companies consistently appear in the top 10. There is often a delay in the reporting of figures, meaning 2018 is the most accurate and recent period that can be used. At this time, there were 10 companies that appeared regularly in the various lists using different methods. These 10 can therefore be generally regarded as the top 10 largest gold mining companies.

As mentioned above, making a definitive list is not straightforward, and can even change from year to year depending on the method used. But for 2018 the top 10 gold mining companies, by tonnes of gold produced, is as follows:

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Newmont Goldcorp company logo. .

  1. Newmont Goldcorp

The US company has mines in Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname. By many measures it was the world’s largest gold mining company in 2018. In that year it produced 158.7 tonnes of gold , and expects this to have risen to 184.2 tonnes in 2019. In early 2019 it merged with the Canadian Goldcorp Company, which was also one of the 10 largest gold mining companies in 2018.

  1. Barrick Gold

The Canadian-owned company mines in Nevada, and produced 140.8 tonnes of gold in 2018. As mentioned above, it also can lay claim to be the world’s largest gold mining company, based on certain measuring techniques.

  1. AngloGold Ashanti

The South African company mines in Ghana, and produced 106.1 tonnes of gold in 2018.

  1. Kinross Gold

The Canadian company mines in Brazil, Chile, Ghana, Mauritania, Russia and the US. It produced 77 tonnes of gold in 2018.

  1. Newcrest Mining

The company is based in and mines in Australia. It produced 76.4 tonnes of gold in 2018.

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The remaining four largest gold mining companies in 2018 were Freeport McMoran based in the US, Polyus in Russia, Gold Fields in South Africa, and Agnico Eagle in Canada.

Goldcorp were tenth on the list, but as mentioned above, merged with Newmont in 2019. This was the world's largest gold mining merger, and further strengthened Newmont Goldcorp’s number one position.

The world’s largest gold mining companies do not necessarily correlate to the biggest gold mines. Mine size is usually measured in tonnes of gold produced, but can also rely on the grade of the gold (quality) found there. In an increasingly global world, many mining companies operate across the globe. Some companies will also find it much more cost-effective to remain at a gold mine nearing depletion, than to explore and open new gold mines.