In 2023, the world's top ten gold mining companies were ranked by gold production. Except for Navoi Mining and Metallurgical Company, production data is based on full-year company press releases as of December 31, 2023.
Despite an 8% decline in production compared to 2022, Newmont remains the largest gold producer, with operations spanning four continents and producing 5.5 million ounces. Last year, Newmont spent $17 billion to acquire Newcrest Mining, significantly expanding its operations in Australia and Canada and solidifying its position as the world's largest gold miner.
Barrick Gold's 2023 production was 4.05 million ounces, slightly down from the previous year (-2.1%) and below its forecast and analysts' expectations. Unlike Newmont's major moves, Barrick's CEO has repeatedly denied plans for any large-scale acquisitions, stating the company will focus on organic growth, with expansion plans in the Dominican Republic and Nevada.
In stark contrast to the "big two," Agnico Eagle's production grew by nearly 10%, thanks to its acquisition of the remaining stake in Canada's largest open-pit gold mine, Canadian Malartic, and the mines acquired from Kirkland Lake Gold in 2022. Besides consolidating its production in Canada, Agnico Eagle is also investing in growth projects in Finland, where its Kittila operation runs Europe's largest primary gold mine.
Navoi Mining and Metallurgical Company (NMMC) is Uzbekistan's largest industrial enterprise with a rich history of gold production. Although NMMC reports annual production in monetary terms, according to data from S&P Global, its 2023 production totaled 2.9 million ounces, enough to maintain its position among the top four producers.
In 2023, Polyus's production increased by 14%, reaching 2.9 million ounces, with refined gold accounting for 2.48 million ounces and the rest from flotation concentrate. Like many other Russian companies, this Moscow-based gold company faced Western sanctions last year, forcing it to gradually wind down its mining operations.
AngloGold's production in 2023 fell by 3% year-over-year due to reduced processed ore volumes and lower ore grades. Equipment failures at one of its mines in Ghana also contributed to the production decline. Despite facing floods in Australia, the Johannesburg-based gold miner maintains a 2024 production target of 2.79 million ounces.
In 2023, Gold Fields' production once again lagged behind its South African peer, dropping by 4% compared to the previous year. At the end of last year, the company sold its 45% stake in the Asanko gold mine in Ghana to its joint venture partner Galiano Gold. However, the company’s new Salares Norte mine in Chile, which saw its first gold pour in April after years of delays, is expected to offset the production loss. Rumors of merger talks between Gold Fields and AngloGold seemed to have been confirmed as the two companies formed a joint venture in Ghana in March last year.
Zijin Mining's gold production increased by 20% year-over-year, making it China's largest publicly traded gold mining company and placing it among the top eight gold mining companies worldwide. The group continues to actively seek acquisitions to enhance its production capacity.
In 2023, Kinross's production (including gold equivalent) increased by nearly 10% compared to the previous year. This Canadian mining company is set to add a new production source, with its Manh Choh project in Alaska scheduled for first production this month.
The U.S.-based Freeport-McMoRan saw its gold production grow by nearly 10% in 2023. Known for its copper operations, the company currently operates the Grasberg copper-gold mine in Indonesia, one of the largest gold mines in the world.
Previously known as Polymetal International, Solidcore Resources maintained stable gold equivalent production last year. Since facing U.S. sanctions, the group has been forced to sell most of its Russian assets, which accounted for about 70% of its production.
*Source: Mining.com
