In this article, we will take a look at 20 biggest gold companies in Australia in 2024. If you want to skip to the 5 Biggest Gold Companies in Australia in 2024, go directly to 5 Biggest Gold Companies in Australia in 2024.
The World Gold Council estimates that the total value of gold ever mined is around $12 trillion. Around 209,000 tons of gold have been produced up till now in various forms, where jewelry makes up almost half of the gold ever produced. Gold is considered to be a good investment by a large group of investors and is also kept in the form of coins, bars and gold ETFs. The value of physical gold bars is estimated to be valued around $5 trillion, which is around 40% of the entirety of gold in the market.
The gold market in recent times has seen a rise in the prices, with an increase in prices in the final few months of 2023, reaching its peak of $2,135.39/oz in December, according to J.P. Morgan. Several factors have fueled the recent rise in gold prices. Central bank activity and geopolitical tensions have played a role. Additionally, a weakening US dollar and anticipated interest rate cuts by the Federal Reserve have made gold more attractive as an investment. J.P. Morgan Research predicts a further increase in gold prices, reaching around $2,300/oz by 2025, due to economic factors and inflation.
However, it’s important to note that gold demand has experienced a mixed picture. While overall demand (excluding over-the-counter or OTC markets) dipped by 5% in 2023 compared to the prior year, including OTC and stock flows paints a different picture. When these factors are considered, total demand actually increased to 4,899 tons in 2023, up from 4,448 tons in 2022 (according to the World Gold Council).
The U.S. gold market has been active, ranking as the fifth-largest producer globally in 2022 with a 2% increase in production compared to 2021. Major players in the industry include the Fort Knox Gold Mine in Alaska, the Cripple Creek & Victor Gold Mine in Colorado, and the Carlin-Trend mines in Nevada. However, US production dipped slightly in 2023, dropping from 173 tons in December 2022 to 170 tons. Looking at the long term, the average annual production from 1900 to 2023 sits around 111 tons.
In the U.S., the top two companies of the gold market are Newmont Corporation (NYSE:NEM) and Barrick Gold Corporation (NYSE:GOLD), operating in various regions including North America, South America, Australia, and Africa. Newmont Corporation (NYSE:NEM) has a market cap of $39.2 billion, sitting at the very top. It reported its sales to be around $11.8 billion for the year ending on December 31, 2023, which is slightly lower than $11.9 billion that Newmont Corporation (NYSE:NEM) reported in the previous year. On the other hand, Barrick Gold Corporation (NYSE:GOLD), operating in the same regions, reported sales of $11.397 billion for the year ending on December 31, 2023. This shows slight improvement from $11.013 billion that Barrick Gold Corporation (NYSE:GOLD) reported in the preceding year.
In contrast, Australia is the 3rd biggest producer of gold in the world; however, they have shown a decrease in their gold production in 2023, down from 314 tons in 2022 to 310 tons. It is known to hold the world’s largest gold reserves, positioning it at a prime position on the global landscape. Within the country, Western Australia is ruling the gold market, being home to world’s 11 biggest gold mines, which contribute 70% to country’s overall production. Furthermore, 250+ gold/silver companies are listed on ASX; Newmont Corporation, being the biggest one listed, is operating the Cadia Valley, which is the biggest gold mine of the world and is under 100% ownership of the company!
Let’s now dive into the 20 Biggest Gold Companies in Australia for 2024.
A closeup view of a large gold mine, illustrating the company’s gold properties.
Methodology
For our list of the 20 Biggest Gold Companies in Australia for 2024, we have collected data based on the top 20 largest companies by market capitalization, and hence, the companies with the biggest market cap made to this list. This data has been sourced from Yahoo Finance. The market capitalization figures in Australian Dollars have been converted to US Dollars with the exchange rate provided by X-Rates, as of March 25, 2024. The exchange rate used for conversion is 1 AUD = 0.65 USD. With this, we present to you our list of 20 Biggest Gold Companies in Australia for 2024.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20. Ora Banda Mining Limited (ASX:OBM.AX)
Market Cap: $324.81 million
We begin with Ora Banda Mining Limited (ASX:OBM.AX), ranking at the bottom of our list of 20 Biggest Gold Companies in Australia for 2024. Ora Banda Mining Limited (ASX:OBM.AX) is an Australia based company with a focus on exploration, mine development and then sale of gold in Western Australia.
Ora Banda Mining Limited (ASX:OBM.AX) recently released their financials for the half year ending on December 31, 2023, showcasing an uptick in their sales. The sales are now up to $62.86 million from $42.79 million, which the company reported in the same period of the preceding year.
19. Spartan Resources Limited (ASX:SPR.AX)
Market Cap: $396.77 million
Next on our list is Spartan Resources Limited (ASX:SPR.AX), incorporated in 2009, with its headquarters in West Perth, Australia. Spartan Resources Limited (ASX:SPR.AX) deals specifically in the exploration and development of high-grade gold.
Spartan Resources Limited (ASX:SPR.AX), recently reported a betterment in their net loss in the financial reports for the 6-month period ending on December 31, 2023. Their net loss is now down to $17.07 million as compared to $23.51 million that the company reported for the same period in the previous year.
18. Tietto Minerals Limited (ASX:TIE.AX)
Market Cap: $442.30 million
Tietto Minerals Limited (ASX:TIE.AX) is an Australia-based gold producer, specifically involved in the exploration and development of gold in Australia and West Africa. Tietto Minerals Limited’s flagship project is the Abujar gold project, which is situated in the central western region of Côte D’Ivoire.
Tietto Minerals Limited (ASX:TIE.AX) reported unaudited cash, bullion and VAT receivables of around $54.6 million for the quarter ending on December 31, 2023. This figure is significantly higher as compared to $29 million which the company reported for the previous quarter.
17. Resolute Mining Limited (ASX:RSG.AX)
Market Cap: $541.72 million
Resolute Mining Limited (ASX:RSG.AX) is next up on our list of 20 Biggest Gold Companies in Australia for 2024. The company has around 30 years of experience in the exploration, development and operation of gold mines. Resolute Mining Limited focuses on its operations in the African region.
Resolute Mining Limited (ASX:RSG.AX) recently released their financial reports for the year ending on December 31, 2023. This period highlighted a net income of around $141.81 million which is a significant improvement over the net loss of $34.08 million that the company reported for the preceding year.
16. Silver Lake Resources Limited (ASX:SLR.AX)
Market Cap: $730.00 million
Silver Lake Resources Limited (ASX:SLR.AX) is an Australia-based intermediate gold producer with its operations spreading over Western Australia as well as in Northern Ontario in Canada. Silver Lake Resources Limited engages in mine development, exploration, production and sale of gold.
Silver Lake Resources Limited recently released their financials for the year concluding on December 31, 2023. In this period, the company presented a statutory Net Profit after Tax (NPAT) of $31 million, which includes a non-cash tax expense of $28 million.
15. West African Resources Limited (ASX:WAF.AX)
Market Cap: $780.00 million
West African Resources Limited (ASX:WAF.AX) has an active involvement in the acquisition, exploration and advancement of various mineral resource projects. The company primarily operates within West Africa, specializing in exploration of gold and copper deposits.
West African Resources Limited showed an improvement in their sales reported for the year ending on December 31, 2023. The sales reported, $431.41 million is up from $396.83 million that West African Resources Limited (ASX:WAF.AX) reported for the previous year.
14. Westgold Resources Limited (ASX:WGX.AX)
Market Cap: $780.00 million
Westgold Resources Limited (ASX:WGX.AX) is a gold producer based in Australia. It is focused on the exploration, development and operation of gold mines, primarily in Western Australia.
Westgold Resources Limited recently disclosed their financials for the year ending on December 31, 2023. They reported a sales revenue of $654.4 million which shows a slight improvement over $647.6 million which Westgold Resources Limited (ASX:WGX.AX) reported for the preceding year.
13. Red 5 Limited (ASX:RED.AX)
Market Cap: $820.00 million
Next up on our list of 20 Biggest Gold Companies in Australia for 2024 is Red 5 Limited (ASX:RED.AX). It is an Australian company located in the Eastern Goldfields of Western Australia. Red 5 Limited primarily works on the exploration and production of gold and possesses a significant exploration area in the region.
Red 5 Limited (ASX:RED.AX) recently disclosed their financials for the 6-month period ending on December 31, 2023. They reported sales revenue of about $283.5 million, which is a significant improvement over $159.8 million, reported by the company for the previous period.
12. Regis Resources Limited (ASX:RRL.AX)
Market Cap: $960.00 million
Regis Resources Limited (ASX:RRL.AX) is a publicly owned Australian mid-tier gold company that focuses on the production and exploration of gold. They sit at 12th place on our list of 20 Biggest Gold Companies in Australia for 2024, with their operations spanning over New South Wales and Western Australia.
Regis Resources Limited reported sales of $358.88 million for the 6-month period ending on December 31, 2023. This sales figure shows an improvement over $349.80 million of sales that Regis Resources Limited (ASX:RRL.AX) reported for the same period in the previous year.
11. Gold Road Resources Limited (ASX:GOR.AX)
Market Cap: $1.12 billion
Gold Road Resources Limited (ASX:GOR.AX) is based in West Perth, Australia, primarily focusing on the production and exploration of gold. They have a solid footprint over the gold industry in Australia.
Gold Road Resources Limited recently released their financials for the year ending on December 31, 2023. For this period, they showed an improvement in their sales which went up to $308.03 million, as compared to $249.84 million that Gold Road Resources Limited (ASX:GOR.AX) reported for the previous year.
10. Emerald Resources NL (ASX:EMR.AX)
Market Cap: $1.19 billion
Emerald Resources NL (ASX:EMR.AX) ranks 10th on our list of 20 Biggest Gold Companies in Australia for 2024. The company primarily focuses on exploration and development of mineral resources in Cambodia and Australia. Their prime project is the Okvau Gold Project, which is located in the city of Phnom Penh, province of Mondulkiri.
Emerald Resources NL recently reported sales of $115.31 million for the 6-month period ending on December 31, 2023. This shows an improvement over the sales of $87.22 million that Emerald Resources NL (ASX:EMR.AX) reported for the same period in the previous year.
9. Capricorn Metals Limited (ASX:CMM.AX)
Market Cap: $1.27 billion
Capricorn Metals Limited (ASX:CMM.AX) is an Australian gold producer, which is based in Perth, West Australia. They focus on assessment, exploration, development and production of gold. Their top projects include the Karlawinda gold project and the Mt Gibson Gold Project, both located in Western Australia.
Capricorn Metals Limited (ASX:CMM.AX) recently released their financials for the half-year ending on December 31, 2023. During this time period, Capricorn Metals Limited showed improvement in their sales as compared to the same period in the previous year; the sales went up to $118.49 million, from $94.88 million.
8. Genesis Minerals Limited (ASX:GMD.AX)
Market Cap: $1.32 billion
Genesis Minerals Limited (ASX:GMD.AX) is primarily focused on the exploration and development of gold in Western Australia. The company is focused on the Leonora district of the Western Australia.
Genesis Minerals Limited released their financial figures for the full year ending on June 30, 2023. For this time period, Genesis Minerals Limited (ASX:GMD.AX) reported significant deterioration in their net loss as compared to the previous year, which went down to $72.92 million from $30.24 million.
7. Ramelius Resources Limited (ASX:RMS.AX)
Market Cap: $1.34 billion
Ramelius Resources Limited (ASX:RMS.AX) is a Western Australian gold producer, with the intent to explore and produce gold. They also engage in the exploration of various other base metals.
Ramelius Resources Limited (ASX:RMS.AX) showed an improvement in sales, which are now up to $411.91 million for the year ending on June 30, 2023, as compared to $394.00 million for the preceding year.
6. Bellevue Gold Limited (ASX:BGL.AX)
Market Cap: $1.42 billion
Bellevue Gold Limited (ASX:BGL.AX) is an Australian gold company, which is based in Western Australia and headquartered in West Perth, Australia. They focus on exploration and mine development of gold.
Bellevue Gold Limited recently released their financials for the half-year ending on December 31, 2023. During this time period, Bellevue Gold Limited (ASX:BGL.AX) showed an improvement in their net loss as compared to the same period in the previous year; it saw an uptick to $1.43 million, from $8.19 million.
5. De Grey Mining Limited (ASX:DEG.AX)
Market Cap: 1.49 billion
De Grey Mining Limited (ASX:DEG.AX) is a West Australian company, primarily focusing on the exploration and project development of gold. They have a solid footprint over the gold industry in Australia with the Hemi Gold project as their prime focus.
De Grey Mining Limited recently released their financials for the half-year ending on December 31, 2023. For this period they showed an improvement in their sales which went up to $0.013 million as compared to $0.0088 million that De Grey Mining Limited (ASX:DEG.AX) reported for the previous year.
4. Perseus Mining Limited (ASX:PRU.AX)
Market Cap: 1.87 billion
Perseus Mining Limited (ASX:PRU.AX) is an Australian gold mining company with a hold over the gold mines of Edkan in Ghana, and Sissingué and Yaouré in Côte d’Ivoire.
Perseus Mining Limited recently disclosed their financial report for the 6-month period ending on December 31, 2023. In this period, they showed an improvement in their revenue, which is now up to $317.82 million, as compared to $289.99 million which Perseus Mining Limited (ASX:PRU.AX) reported for the same period in the previous year.
3. Evolution Mining Limited (ASX:EVN.AX)
Market Cap: 4.56 billion
Evolution Mining Limited (ASX:EVN.AX) is Australia-based gold mining company, owning five mines which generate the revenue: Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and even the Red Lake over in Ontario, Canada.
Evolution Mining Limited showed an uptick in their sales for the half year concluding on December 31, 2023. The sales figure reported for this time period is $874.37 million up from $739.09 million that Evolution Mining Limited (ASX:EVN.AX) reported for the same period in the preceding year.
2. Northern Star Resources Limited (ASX:NST.AX)
Market Cap: 10.67 billion
Northern Star Resources Limited (ASX:NST.AX) is a gold producer based in Australia, listed on the Australian Stock Exchange. It is focused on the exploration, development, mining and processing of gold before selling to the consumers.
Northern Star Resources Limited recently disclosed their financials for the year ending on December 31, 2023. They reported a revenue of $4.1 billion which shows an uptick of 9% from the figure reported by Northern Star Resources Limited (ASX:NST.AX) for the preceding year.
1. Newmont Corporation (NYSE:NEM)
Market Cap: 39.195 billion
Newmont Corporation (NYSE:NEM) is one of the most prominent Gold producers of Australia, with their operations in various regions across the globe including North America, South America, Australia, and Africa. Newmont Corporation (NYSE:NEM) recently reported a surge in the Mineral Reserves for 2023, which have reached a new height of 135.9 million ounces, up from 96.1 million ounces that Newmont Corporation announced for the previous year.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 20 Biggest Energy Companies in Australia for 2024 and Top 15 Sugar Companies and Manufactures in the World.
Suggested Articles:
- 13 Most Profitable Gold Stocks To Invest In
- 10 Best Gold ETFs To Buy Now
- Gold Hits Record High: 30 Countries That Have the Largest Gold Reserves
Disclosure: None. 20 Biggest Gold Companies in Australia for 2024 is originally published on Insider Monkey.
