Top 10+ Largest Gold Mines in the World by Production
Since 2016, the price of gold has increased by approximately half that amount, and it is currently trading in the vicinity of its all-time high of $2,000 per ounce.
The fact that gold miners managed to make record-high profit margins in the year 2020 is cause for celebration. In 2020, gold miners made an average profit of $828 per ounce of gold they produced. This figure is significantly higher than the previous high of $666 per ounce, which was set in 2011.
Considering that inflation rates have reached their highest levels in a decade in a number of countries, the gold mining industry could be a sector to keep an eye on. This is especially true considering gold’s status as a traditional inflation hedge.
According to the mining databases of GlobalData and other sources, the following is a list of the ten largest gold mines in the world in 2023 based on the amount of gold they produce (ranked and suggested by KnowInsiders.com).
In 2019, the world’s two largest gold miners, Barrick Gold and Newmont Corporation, announced a historic joint venture to combine their operations in Nevada. The joint venture will be known as Newmont Barrick Nevada. Nevada Gold Mines, the resulting joint corporation, is now the largest gold mining complex in the world. It consists of six mines that collectively produce more than 3.3 million ounces of gold each year.
The Nevada Gold Mines complex is the largest gold-mining operation in the world. The Nevada Gold Mines complex generates 68.5% more of the valuable metal than the next largest gold mine on this list. The operation is a joint venture between Barrick and Newmont, the company that produces the most gold in the world. Newmont has a stake in the asset that accounts for 38.5% of its total value.
Carlin, which accounts for 48.9 MT of production, Cortez, which accounts for 22.8 MT, Turquoise Ridge, which accounts for 14.26 MT, Phoenix, which accounts for 5.5 MT, and Long Canyon, which accounts for 2.8 MT are all included in Nevada Gold Mines. A total of 29.6 million ounces of proven and probable reserves, as well as 49 million ounces of measured and indicated resources, are contained within the gold-mining complex. Its name gives away the fact that it is situated in Nevada, the most important gold-mining jurisdiction in the United States. The United States of America is the fourth largest gold producing country in the world.
Barrick is in the process of accelerating its decarbonization program by constructing a photovoltaic solar facility with alternating current that has a capacity of 200 megawatts as part of its Greenhouse Gas Reduction Roadmap.
It is estimated that the Muruntau mining complex in Uzbekistan, which is comprised of open-pit mine and heap leach operations, has produced just under 3 million ounces of gold, making it the second largest gold mine in the world.
The mine is more than 3.3 kilometers long, 2.5 kilometers wide, and nearly 600 meters deep, and it is operated by the Navoi company, which is owned by the state. It is one of the open-pit operations that holds the record for the deepest depth. Gold production at Muruntau accounts for more than 80 percent of Uzbekistan’s total output of the precious metal.
In addition to being the world’s third-largest gold mine, the Grasberg mine is also among the world’s largest copper mines.
The copper-gold deposit owned by Freeport-McMoRan and located in the Indonesian province of Papua was discovered in 1936 by a Dutch geologist who at the time referred to it as Ertsberg, which is Dutch for “ore mountain.”
Near Puncak Jaya, the highest mountain in Papua, the mine sits at an elevation of 4,100 meters above sea level. It is responsible for the employment of 30,000 people. In 2001, this gold mine’s output of the precious metal reached an all-time high of more than 3,500 kilograms. And in 2021, the mine produced 1,370 koz of gold, which is a 62% increase over what it produced in 2020. This increase came as the company successfully transitioned Grasberg to be the largest underground block-caving operation in the world.
The Grasberg block cave, also known as the Deep Mill Level Zone (DMLZ), and Big Gossan are all parts of the Grasberg complex. According to reports, Grasberg’s daily production totals approximately 5 million pounds of copper and 5,000 ounces of gold.
PT Freeport Indonesia, a subsidiary of Freeport-McMoRan, is currently engaged in long-term mine development activities at the Kucing Liar deposit in the Grasberg mining district. This deposit, which is located in the Grasberg mining district, is said to have the potential to produce more than 6 billion pounds of copper and 6 million ounces of gold between the years 2028 and the end of 2041.
Olimpiada is an open-pit operation that began producing ore in 1996 and has continued ever since. It is found in Russia, which in 2022 was tied with Australia for the position of being the world’s second largest producer of gold. Polyus Gold, which is ranked as the fifth largest gold mining company in terms of production, owns the mine.
Olimpiada possesses measured and indicated resources totaling 48 million ounces of gold, in addition to proven and probable reserves measuring 21 million ounces of gold. The mined ore is processed at one of three plants on the property, which have the capacity to annually process a total of 14 million tonnes of ore when combined. As a result of the mining of rich gold-bearing zones in the Vostochny pit, Polyus anticipates that higher-grade ore will be processed in 2023, which will lead to an increase in the grade of the ore that can be processed at the Olimpiada mine.
The mined ore is processed at one of three plants in the vicinity, the combined capacity of which is thirteen million tonnes of ore per year.
The Newmont-owned and -operated Boddington gold mine is situated in the vicinity of Boddington, in the Australian state of Western Australia.
In 1987, Boddington was the first company in the world to start mining in an open pit by extracting shallow oxide ores up to 70 meters below the surface. After that, in the year 2001, it was placed under care and maintenance. 2009 marked the beginning of a new phase of commercial production at the Boddington gold mine, which is anticipated to have a mine life of up to 20 years.
The mine had a gold reserve that was 12.35 Moz in quantity. In 2015, Newmont invested close to half a billion dollars in the significant expansion of the mine’s south pit. As a result of this investment, the mine’s life is expected to be extended until 2025.
The gold and copper mine at Boddington is one of the most productive mines in Australia in terms of the amount of gold it produces. Since 2009, Newmont has been the sole owner of the mine, and it has been operating continuously since that year.
With an eye toward the future, it is anticipated that the robust production at Boddington will have a sizeable influence on the consistency of Newmont’s total gold output for the year 2023. However, according to a report published by the company, “(b)ased on mine sequencing, it is expected that gold production will decline in 2024 and 2025 due to lower grade ore and stripping in the South pit.”
In the Democratic Republic of the Congo, the Kibali gold mine can be found close to the town of Doko and 210 kilometers away from Arua, which is located on the Ugandan border. Kibali is owned jointly by AngloGold Ashanti (45%), Barrick Gold Corporation (45%) after its merger with Randgold Resources (45%), and Société Minière de Kilo-Moto (SOKIMO), which is a state-owned gold mining company (10%). AngloGold Ashanti owns 45%, Barrick Gold Corporation owns 45%, and SOKIMO owns 10%.
The mine is operated by Barrick and is both the largest gold mine in Africa and the fifth largest gold mine in the world. Production at the mine began in 2013.
The measured and indicated gold resources at Kibali total 7.1 million ounces, while the proven and probable gold reserves at Kibali amount to 4.6 million ounces. In March of 2023, Barrick announced that “(f)or the fourth successive year, exploration more than replaced the gold that Kibali mined in 2022, extending the mine’s Tier One production profile to 2033.”
In the Dominican Republic, the Pueblo Viejo mine is located roughly 100 kilometers to the northwest of the nation’s capital city of Santo Domingo. The gold mine, which has been operational since 2012, is managed by Pueblo Viejo Dominicana, a joint venture that is composed of equal parts Barrick and Newmont.
The mine is managed by the Pueblo Viejo Dominicana Corporation, which is a partnership between Barrick (with a 60% ownership stake) and Newmont (with a 40% ownership stake).
In an effort to extend the mine’s life to at least 2040, work is currently being done at Pueblo Viejo to convert 9 million ounces of measured and indicated resources into proven and probable reserves. This will increase the mine’s resource base.
The gold mine known as Lihir can be found on the island of Lihir in Papua New Guinea. In 2010, Newcrest Mining completed a merger with the exploration company LGL, which resulted in the acquisition of the business by Newcrest Mining. In 2022, Newcrest occupied the eighth spot on the list of the most productive gold companies. Recently, the company that produces the most gold, Newmont, made an offer for Newcrest that was worth US$19.5 billion.
The measured and indicated gold resources at Lihir total 42 million ounces, while the proven and probable gold reserves at Lihir come in at 22 million ounces. Newcrest stated in a recent investor presentation that “Lihir is entering its high grade phase,” and that the mining of the Kapit orebody is scheduled to begin in the fiscal year 2026.
The Loulo-Gounkoto gold mine, which is located in Western Mali and has been operating for close to twenty years, is an important contributor to the economy of the country. The State of Mali owns the remaining 20 percent of the complex, while Barrick controls 80 percent of the ownership in the property.
According to Barrick, the ore production at a third underground mine located at Gounkoto is scheduled to begin in the second quarter of 2023. The Loulo-Gounkoto gold mine has measured and indicated gold resources of 9.7 million ounces and proven and probable gold reserves totaling 6.7 million ounces.
The Canadian Malartic mine is the largest gold mine in the country, and it can be found in the Abitibi greenstone belt in the province of Quebec.
The province of Quebec is the second most important gold-producing jurisdiction in Canada, and Canada as a whole is the third most important gold-producing country in the world. 2011 was the year that the open pit Canadian Malartic mine began producing on a commercial scale.
In the past, Yamana Gold and Agnico Eagle Mines participated in the project as equal partners in a 50/50 joint venture. Prior to its acquisition by Pan American Silver in March 2023, Yamana sold its stake in the Canadian Malartic to Agnico Eagle. This gave Agnico Eagle full control of the ninth largest gold-producing mine in the world, which was previously controlled jointly by Yamana and Pan American Silver.
It is anticipated that production will continue at Canadian Malartic until the year 2029; however, ongoing development of the underground Odyssey deposit is anticipated to extend the mine’s overall life to the year 2039. Agnico announced in February 2023 that it anticipated production to begin at the Odyssey mine in March 2023. The company also stated that going forward, the Canadian Malartic mine and the Odyssey mine will combine to form the Canadian Malartic complex.
In addition, Agnico Eagle Mines owns the entire tenth largest gold producing mine in the world, which gives it a total ownership of one hundred percent. 20.3 metric tons (MT) of gold were extracted from the Detour Lake mine in 2022, making it the most productive gold mine owned by the company. The gold mine can be found in Ontario, Canada, in the section of the Abitibi greenstone belt that is located the farthest to the north.
According to Agnico’s estimates, the gold reserves at Detour Lake total 15.03 million ounces, and the mine is expected to remain operational until 2042. The President and Chief Executive Officer of the company, Ammar Al-Joundi, has stated that the company’s “focus will be on optimizing and growing Detour Lake and Canadian Malartic and on establishing a plan to capitalize on existing infrastructure, including our excess mill capacity,” in the Abitibi region of Quebec, with the potential to produce up to 500,000 ounces of gold per year by the end of the decade. This statement pertains to 2023.
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