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 (TSX: NGT; NYSE: NEM) US$19.2 billion acquisition of Newcrest Mining 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 the first half of 2023, based on reported production. This year’s ranking again excludes Russian producers, which stopped reporting production results after the invasion of Ukraine.
If current production was in line with the last reported production (first half of 2022), Uzbekistan- based Navoi Mining and Metallurgy and Russia’s biggest gold producer Polyus would have placed fourth and fifth on the list, with 1.4 million oz. and 1.3 million oz. produced, respectively. Majority state-owned Navoi plans to start building another mine in the home country this year. Polymetal is currently under U.S. 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 2.5 million oz. 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 (TSX: ABX; NYSE: GOLD).
#2 Barrick Gold
Holding on to second place is Canadian miner Barrick, which produced just shy of 2 million oz. of gold in this year’s first half. 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 (TSX: AEM; NYSE: AEM) takes third place, with 1.8 million oz. of gold produced from its operations in Canada, Australia, Finland and Mexico. In another high stakes M&A deal, Agnico Eagle and Pan American Silver (TSX: PAAS; NYSE: PAAS) bought Yamana Gold in a US$4.8 billion cash-and-shares transaction in January. Last year, Agnico Eagle and Kirkland Lake Gold completed a US$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 (NYSE: AU; JSE: ANG), which produced 1.1 million oz. of gold in the first six months of 2023 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 Gold Fields
Johannesburg-headquartered Gold Fields (NYSE: GFI; JSE: GFI) produced nearly 1.1 million oz. 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 (TSX: K; NYSE: KGC) is in sixth place, producing more than 1 million oz. of gold from its operations in the Americas and Mauritania in the first half of the year. In June, Kinross rebuffed a takeover approach by Endeavour, an acquisitive gold miner backed by Egyptian billionaire Naguib Sawiris.
#7 Newcrest Mining
Australia’s biggest gold miner, Newcrest Mining (TSX: NCM; ASX: NCM), is number seven, with 987,000 oz. produced at its operations in the home country, Papua New Guinea and Canada. Newcrest shareholders agreed in May to be acquired by Newmont. When the transaction closes later this year, they’ll get 0.4 of a Newmont share for every Newcrest share they own, giving them 31% ownership of the combined company.
#8 Northern Star Resources
Australia’s Northern Star Resources (ASX: NST) produced 791,000 oz. of gold from its operations in Australia and Alaska in this year’s first half. In 2020, Northern Star bought Newmont’s 50% stake in Western Australia’s Kalgoorlie Super Pit mine and its associated assets for US$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 747,000 oz. gold produced in the first half, up significantly from the 542,000 oz. produced in the same period last year. 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 (NYSE: HMY; JSE: HAR), which produced 741,000 oz. 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.
