RANKED: Top gold producers of H1 2023

Gold has taken centre stage this year as a flurry of multi-billion dollar M&A deals have played out in the industry. Newmont’s $19.2 billion acquisition of Newcrest was the biggest headline, cementing its status as the world’s largest gold producer.

In a snapshot of the world’s gold supply, Mining Intelligence data provides a ranking of the largest gold producers in H123, based on reported production in kilo troy ounces (koz). This year’s ranking again excludes Russian producers, who stopped reporting production results after the invasion of Ukraine.

If current production was in line with the last reported production (H1-2022), Uzbekistan- based Navoi Mining and Metallurgy and Russia’s biggest gold producer Polyus would have placed fourth and fifth on the list, with 1,396 koz and 1,275 koz produced, respectively. Majority state-owned Navoi plans to start building another mine in the home country this year.

Polymetal, whose production in H1-2022 would have positioned it on the list, is currently under US sanctions. It planned to separate its Russian and Kazakh businesses, and now intends to sell its assets in Russia.

#1 Newmont

Colorado-based Newmont holds the top spot, reporting 2,514 koz of gold produced in the first half of the year. The Newcrest acquisition will add the Brucejack mine in British Columbia, one of the world’s highest grade gold mines, to the company’s portfolio. Newmont owns 38.5% of Nevada Gold Mines, a joint venture with Barrick Gold.

#2 Barrick Gold

Holding on to second place is Canadian miner Barrick, which produced 1,996 koz of gold in H123 from its global operations. Barrick owns 61.5% and operates Nevada Gold Mines, the world’s largest gold mining complex. CEO Mark Bristow said earlier this year that Barrick would be open to taking over Newmont’s stake in its Nevada Gold Mines joint venture, amidst the flurry of high level M&A’s.

#3 Agnico Eagle

Agnico Eagle Mines takes third place, with 1,767 koz of gold produced from its operations in Canada, Australia, Finland and Mexico. In another high stakes M&A, Agnico Eagle and Pan American Silver  bought Yamana Gold in a $4.8 billion cash-and-shares transaction in January. Last year, Agnico Eagle and Kirkland Lake Gold completed a $10 billion merger. This year, Agnico became the sole owner of Canadian Malartic, one of North America’s biggest gold mines.

#4 Anglogold Ashanti

In fourth place is Anglogold Ashanti, which produced 1,138 koz of gold in H123 from its operations in Africa, Australia and the Americas. In August, Anglogold shareholders voted in favour of the miner’s plans to switch its primary listing from Johannesburg to New York, clearing the way for its exit from South Africa and to establishing its headquarters in London, UK.

#5 Goldfields

Johannesburg-headquartered Goldfields produced 1,080 koz of gold from its operations in Africa, Australia and Peru. After Goldfields lost the bidding war for Yamana Gold to Agnico Eagle Mines and Pan American, the miner’s CEO stepped down.

#6 Kinross Gold

Canada’s Kinross Gold is in sixth place, producing 1,021 koz of gold from its operations in the Americas and Mauritania in H123. In June, Kinross rebuffed a takeover approach by Endeavour, an acquisitive gold miner backed by Egyptian billionaire Naguib Sawiris.

 #7 Newcrest

Australia’s biggest gold miner, Newcrest, is number seven, with 987 koz produced at its operations in the home country, Papua New Guinea and Canada. When Newcrest was acquired in May by Newmont, shareholders got 0.4 shares in Newmont for every Newcrest share they own, giving them 31% ownership of the combined group.

#8 Northern Star Resources

Australia’s Northern Star Resources produced 791 koz of gold from its operations in Australia and Alaska in H123. In 2020, Northern Star bought Newmont’s 50% stake in Western Australia’s Kalgoorlie Super Pit mine and its associated assets for $775 million. This year, it forecasted higher gold sales in fiscal 2024.

#9 Zijin Mining

Zijin, China’s largest gold miner, is in ninth place with 747 koz gold produced in H123, up significantly from the 542 koz produced in H122.  Zijin Mining Group is reportedly planning an expansion of its Cukaru Peki copper and gold mine in eastern Serbia, as demand for copper is expected to surpass supply.

#10 Harmony Gold

Rounding out the top ten is South Africa’s Harmony Gold, which produced 741 koz of gold from its assets in the home country and Papua New Guinea. In April, Harmony signed a framework agreement with the Papua New Guinea government that set terms to jointly develop the Wafi-Golpu copper and gold project.

More data is at Mining Intelligence.