Sunday, 25, February, 2024

Kitco ranked the world’s top 10 largest gold mining companies by production in H1 2023 based on publicly reported data, in which the Navoi mining and metallurgical plant was placed 5th.

1. Newmont, 2,513 koz. Newmont (NYSE: NEM) (TSX: NGT) was the top gold producer in H1 2023. The company’s attributable gold production decreased 11% to 2,513 thousand ounces from the prior year period primarily due to lower production at Peñasquito, Akyem, Merian, Cerro Negro and Boddington. In addition, lower than planned production was delivered from the non-managed joint venture at Pueblo Viejo.

2. Barrick, 1,961 koz. Barrick (NYSE: GOLD) (TSX: ABX) sits second with 1,961 thousand ounces of gold produced on H1 2023, a 4% decline compared to H1 2022 (2,033 thousand ounces). The company said that its H1 2023 production was lower y-o-y primarily due to the conversion of the Goldstrike autoclave to a conventional CIL process in the first quarter of 2023 and the closure of the Gold Quarry concentrator at the beginning of the second quarter.

3. Agnico Eagle, 1,686 koz. Agnico Eagle (NYSE: AEM) (TSX: AEM) is third with payable gold production of 1,686 thousand ounces in H1 2023, up 11% compared to 1,519 thousand ounces produced in H1 2022. The company said that its record gold production reflects 100% ownership of Canadian Malartic for the full Q2 2023, combined with a strong operational performance at all producing sites. The company also noted the inclusion of additional days of production in Q1 2023 at the Detour Lake, Fosterville and Macassa mines.

4. Polyus, 1,448 koz. Russia’s Polyus (MSE: PLZL) (OTC: OPYGY), the world’s fourth largest gold producer, reported that its total gold output increased 36% and amounted to 1,448 thousand ounces in H1 2023 compared to 1,068 thousand ounces in H1 2022. The company said this growth was driven by higher grades in ore mined at Olimpiada as Polyus conducted mining activities at high-grade areas of the Vostochny pit as well as an increase in refined gold production at Blagodatnoye, driven by higher head grades.

5. Navoi, 1,425 koz. Uzbekistan’s Navoi, a state owned mining company, sits fifth and produced 1,425 thousand ounces of gold in H1 2023, up 2.1% from H1 2022. The company owns and operates the Muruntau open pit mining complex, one of the largest gold mining operations in the world by production and reserves / resources.

6. AngloGold Ashanti, 1,236 koz. AngloGold Ashanti (NYSE: AU) (JSE: ANG) is sixth and produced 1,236 thousand ounces in H1 2023, flat year-over-year, with solid contributions from Obuasi, Sunrise Dam, Geita, Iduapriem and Tropicana.

7. Gold Fields, 1,154 koz. Gold Fields (NYSE: GFI) (JSE: GFI) sits seventh. The company’s attributable gold equivalent production for H1 2023 was 1,154 thousand ounces, a 4% decrease year-over-year (H1 2022: 1,201 thousand ounces), primarily due the planned decline in production from the Damang mine.

8. Newcrest, 1,066 koz. Newcrest (TSX: NCM) (ASX: NCM) produced 1,066 thousand ounces of gold in H1 2023, down 5% compared to H1 2022 (1,124 thousand ounces).

9. Zijin Mining, 1,029 koz. China’s Zijin Mining (SHA: 601899) (2899.HK) produced 1,029 thousand ounces of mine-produced gold in H1 2023, up 19% over H1 2022.

10. Kinross, 1,021 koz. Kinross (TSX: K) (NYSE: KGC) produced 1,021 thousand gold equivalent ounces in H1 2023. The 23% year-over-year increase was primarily attributable to higher production at La Coipa, and higher grades and recoveries at Paracatu and Tasiast.

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