In this article, we will take a look at the 10 Largest Gold Mines in the World by Production Volume. You can also check out 10 Cheap Alternatives to Diamonds For Engagement Rings for our discussion of the diamond industry.
Exploring the Global Gold Industry
Gold has been one of the most historic investment assets and has since retained its value among investors. This long-standing worth comes from its inflation-hedging ability as compared to paper currency that lacks physical backing. In times of economic uncertainty, investors turn to gold as an investment as it is believed to be able to resist inflationary pressures and serve as a reliable hedge. This is why the demand for this precious metal has been on the rise.
Globally, the demand for gold reached a record high in the year 2023, amounting to 4,899 tons, and showed a year-on-year growth of almost 3%. According to a report by The World Gold Council, this upward trend is projected to continue in 2024 too. Of this total global demand, 75% of it comes from emerging markets like China and India. The rest of the demand is scattered across the developing countries. The increased demand also led to a significant rise in prices in the same year. Gold prices surged by more than 13%, reflecting the heightened global demand and reinforcing gold’s status as a valuable investment.
Given the significant value and demand that gold holds, almost 209,000 tons of gold have been mined throughout human history with the majority still in existence. However, no single country has produced more than a quarter of the total gold mined. Therefore, mining operations are distributed relatively evenly across the globe. Approximately three-quarters of the world’s gold supply comes from mining, while the remaining quarter is sourced from recycled gold.
In annual terms, gold saw a production of 3,644 tons globally in 2023, according to The World Gold Council. With this, the supply recorded a year-on-year growth rate of 3%. China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia. China was not only the biggest supplier but also the largest buyer of gold with the country’s central bank alone buying 225 tons of gold in 2023, as given by Elements. Major companies like Newmont Corporation (NYSE:NEM) and Barrick Gold (NYSE:GOLD) have been contributing immensely to these high levels of gold production and profiting from the increased demand and prices.
Newmont Corporation (NYSE:NEM)
Newmont Corporation (NYSE:NEM), one of the largest global gold mining companies in the world, operates across North and South America, as well as in Asia, Australia, and Africa. The company alone produced a whopping 185.3 metric tons of gold in the year 2022.
For the financial performance of Q1 2024, Newmont Corporation (NYSE:NEM) surpassed Wall Street estimates. The company reported a net income of 55 cents per share, compared with estimates of 36 cents, as given by Reuters, while the revenue rose from $2.68 billion to $4.02 billion.
Barrick Gold (NYSE:GOLD)
As one of the biggest gold-producing companies, Barrick Gold has quite a few top gold mines in its portfolio. These include the Nevada Gold Mines, the Pueblo Viejo mine in the Dominican Republic, and the Loulo-Gounkoto mine in Mali. With these mines, Barrick Gold (NYSE:GOLD) reported gold output of 4.05 million ounces in the year 2023, according to Mining.com.
With its operations spanning across 16 sites in 13 countries, the company reported net earnings of $368 million in the third quarter of 2023. Along with this impressive financial performance, Barrick Gold’s production also increased to 32.4 tons, compared to 31.5 tons in the same period last year.
Also see: 20 Countries That Produce the Most Gold in the World & 20 Biggest Iron Ore Mining Companies in Australia, 2024.
A golden nugget illuminated under direct lighting, hinting at the value of precious metals.
Methodology
For the purpose of this ranking, we used production volumes reported by Global Data for the biggest mines around the world. The values for gold produced by each mine in 2023 were listed in ascending order and the top ten mines with the highest volumes were picked.
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10. Loulo-Gounkoto Mine
Production Volume: 0.6838 million ounces
Loulo-Gounkoto mine is located in Kayes, Mali. The Loulo-Gounkoto Mine comprises both surface and underground operations. According to the Textbook, Barrick Gold owns 80% of the mine, while the State of Mali retains a 20% stake. This mine has been active for almost twenty years. A new underground mine at Gounkoto has commenced ore production in the second quarter of 2023, increasing the overall output.
9. Kibali Mine
Production Volume: 0.7622 million ounces
The Kibali Gold Mine, located in the Democratic Republic of Congo, produced 812,000 ounces of gold in 2021 through its combined open pit and underground mining operations. As one of the largest mining complexes in Africa, it began operations in 2013 with a development cost of $1.7 billion as reported by WorldAtlas. This venture is a collaboration between Barrick, AngloGold Ashanti, and the Congolese company Sokimo. Since the start, the mine has consistently been a significant gold producer for the region, surpassing initial production projections. Additionally, the company has established a hydroelectric power plant to meet its energy needs, with plans to expand this capacity.
8. Pueblo Viejo Mine
Production Volume: 0.7672 million ounces
Pueblo Viejo, responsible for almost 50% of the Dominican Republic’s gold production, is a joint venture between Barrick (60%) and Newmont (40%) that began operations in 2012, as stated by Barrick Gold Corporation. This mine is a crucial part of the nation’s economy and gold output. With substantial financial investment, Pueblo Viejo stands as the largest gold mine in Latin America, producing 814,000 ounces of gold in 2021. Additionally, it is the Dominican Republic’s largest taxpayer, contributing 2% to the country’s GDP, according to Amazon Web Series. Current gold reserve estimates suggest that the mine will remain operational until 2041.
7. Lihir Mine
Production Volume: 0.780 million ounces
The Lihir Mine, situated in New Ireland, Papua New Guinea, is owned by Newmont and produced approximately 780,000 ounces of gold in 2023. Expected to remain operational until 2049, as given by Mining Technology, the mine is located on Lihir Island and was acquired by Newcrest Mining in 2010. Entering a high-grade phase, mining from the Kapit orebody is anticipated to commence in 2026. Lihir is a significant asset for Newcrest, significantly boosting its gold production. Employing around 4,500 people, the mine greatly benefits the local economy as reported by Newcrest Mining Limited. Additionally, the company has made substantial strides towards sustainability and aims to continue advancing in this area.
6. Boddington Mine
Production Volume: 0.7862 million ounces
Boddington, one of Australia’s largest gold and copper mines, is fully owned by Newmont and has been in operation since 2009. It is a crucial contributor to Newmont’s gold production, making it a vital asset for the company. According to Mining Technology, the mine is expected to continue operations until 2036.
5. Grasberg Block Cave Mine
Production Volume: 0.9376 million ounces
Grasberg, a massive Indonesian mine opened in 1972. It holds one of the world’s largest gold reserves. The mine also has significant copper and silver reserves and produced 1,370,000 ounces of gold in 2021, as reported by WorldAtlas. A joint venture involving Freeport-McMoRan and the Indonesian government, Grasberg, is politically stable and sustainable, with 26.3 million ounces of proven gold reserves as of 2022, ensuring 15-20 more years of mining, according to Mining Review of Africa.
4. Cortez Mine
Production Volume: 1 million ounces
Owned by Barrick Gold, the Cortez Mine is a surface and underground mine in Nevada, USA. It produced approximately 1 million ounces of gold in 2023 and is expected to operate until 2031. The Cortez Complex is a significant gold mining and processing facility in Lander and Eureka County. According to Royal Gold Inc., it is part of the Barrick-operated Nevada Gold Mines joint venture, with Barrick holding 61.5% and Newmont 38.5%.
3. Olimpiada Mine
Production Volume: 1.17 million ounces
Olimpiada, the largest gold mine in Russia and the fourth largest globally is situated in Krasnoyarsk Krai and owned by Polyus, a leading gold mining company. With significant investment and three processing mills, the mine produced 1,184,068 ounces in 2021. It is a key income source and employer in the region, operating a conventional shovel-and-truck open-pit system and employing over 3,200 people. According to Polyus, Olimpiada’s future is secure with 19.3 million ounces of proven reserves and 46 million ounces of indicated resources.
2. Carlin Mine
Production Volume: 1.59 million ounces
The Carlin Mine, situated in Nevada, USA, is owned by Barrick Gold. This combined surface and underground operation produced an estimated 1.59 million ounces of gold in 2023 as reported by Mining Technology. With an expected operational life extending until 2032, Carlin Mine remains a significant contributor to Barrick Gold’s portfolio. Its strategic importance and substantial output highlight its role in the company’s overall production capacity.
1. Muruntau Mine
Production Volume: 1.8 million ounces
The Muruntau mine, established in 1969 by Navoi Mining and Metallurgy Combinat, holds a significant place in Uzbekistan’s gold production, accounting for 80% in 2021. With an estimated reserve of 71,400,000 ounces of gold, it continues to be a major producer, according to Mining Technology. The mine is slated to continue operations until 2032, underscoring its enduring role in the country’s mining sector.
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Disclosure: None. This article is originally published at Insider Monkey
