Mining is not just about digging up ore and selling it for a profit. Gold mining companies have to dig deep into their pockets year after year in order to fund new equipment, pay for exploration activities, and generally keep their mines running smoothly. In this article, we're going to take you through some of the biggest gold miners in the world based on revenue and market capitalization so that you can get an idea of how big these industries are relative to each other.
|Mining For Profit: Largest Gold Mining Companies In The World|
Which Gold Mining Company Is The Best In The World?
Mining For Profit Mining for gold is perhaps the oldest profession on earth. It began in ancient times and has continued to thrive throughout the centuries. Today, we're going to have a look at some of the largest gold mining companies in the world. But first, let's find out what gold is and its role as a precious metal.
Newmont Mining Corp. (NEM)
Newmont Mining Corp. (NYSE: NEM) is an American-owned mining company that was incorporated in January 1927 and operates in the United States, Australia, and Peru. It is currently the largest gold mining company in the world by both reserve value ($31 billion) and production volume ($6 billion).
The company has operations on four continents: North America, South America, Africa, and Asia/Pacific Rim.
Barrick Gold Corp. (GOLD)
Barrick Gold Corp. (GOLD) is the largest gold producer in the world. It's also the largest gold producer in North America, South America, Australia, Africa, and Asia.
In addition to being a massive mining company with operations on four continents, Barrick also owns mines that produce silver and copper as well as an oil and gas business specializing in shale drilling technologies (incidentally enough).
Freeport-McMoRan Inc. (FCX)
Freeport-McMoRan Inc. (FCX) has a market cap of $15 billion and its shares are traded on the New York Stock Exchange (NYSE). Founded in Arizona in 1872, Freeport-McMoRan is considered to be the second largest publicly traded gold producer in the world after Barrick Gold Corp., which has a market cap of $17 billion.
FCX is also one of the world's leading copper producers through its ownership stake in Grasberg Mine and has been producing molybdenum for over 50 years at Tenke Fungurume Mine, both located in Africa.
AngloGold Ashanti Ltd. (AU)
AngloGold Ashanti Ltd. (AU) is a gold mining company, with its primary asset being the Obuasi Gold Mine in Ghana. The mine has been in production since 1902 and was originally owned by De Beers before AngloGold acquired it in 2002. AngloGold Ashanti’s other mines include Gounkoto, Peñas Blancas, La Libertad and Cajamarca.
The company also operates various exploration projects including the Driefontein West Extension 1-4A Extension Project located near the town of Carletonville in South Africa; El Gallo Block located within Colombia's prolific Veta Grande district; Fekola West Project which covers an area of more than 500km2 with drilling underway at five targets;
Guadalupe de Janeiro's located approximately 200km northwest from Mexico City with approval for a 3 million ounce development project; Kibali Extension Phase 2 Expansion Project covering an area of over 2km² containing four high priority targets identified during recent surface exploration work conducted by Kinross Gold Corporation before the acquisition of their 50% interest therein; Rössing Uranium Limited Partnership comprising Namibian uranium mining operations owned jointly by Rio Tinto Plc (RIO)
Agnico Eagle Mines Ltd. (AEM)
Agnico Eagle Mines Ltd. (AEM) is a Canadian-based mining company engaged in the exploration, development, and production of gold, silver, lead, and zinc. The Company’s segments include Americas which consists of its wholly-owned subsidiaries Agnico Eagle Mines Limited (AEML), which holds interests in its operating mines in Canada; Sudbury Operations; Meadowbank Gold Mining Incorporated (MDM);
Porcupine Gold Mines Limited (PGML) as well as other assets located in North America; LaRonde Partnership with Franco-Nevada Corporation; La Cigarra Project with Teck Resources Limited. In addition to this segment, we also have Europe & Asia containing all other operations including its shareholdings in Kola Goldfield Limited but excluding those joint ventures that are included within the Americas segment.
The company's principal activities involve exploration for precious metals such as gold and silver as well as base metals such as copper and zinc through their three business lines - Exploration & Development where they explore for new deposits; Mineral Processing where they process ore from their existing mines by crushing or grinding them into small pieces so that it can be treated further through chemical reactions or heat to separate out minerals from rock or soil material until there is nothing left but pure metal.; Processed Ore Sales where they sell processed ore from their existing mines mostly through third parties like smelters who will recover other valuable substances besides just gold/silver such as lead batteries for cars etc.
Franco-Nevada Corp. (FNV)
Franco-Nevada Corp. (FNV) is a gold and silver mining company that was founded in 1988. The company is headquartered in Reno, Nevada, and employs about 1,200 people. Franco-Nevada is a precious metals streaming company that provides financing and other services to gold and silver mining companies by purchasing royalty interests in their mines at the outset of production, when they may be more difficult to sell on the open market.
Newcrest Mining Ltd. (NCM)
Newcrest Mining Ltd. is a leading international gold producer with interests in Australia, New Zealand, Papua New Guinea, and Indonesia. The company also has a growing portfolio of copper and other related assets. In May 2017, it was the first gold producer to begin production at Tanami Expansion Project (TAP). TAP is an underground mine located in Western Australia's Northern Territory that is expected to produce about 400,000 ounces of gold per year for its first five years of operation until 2022.
The company is currently developing additional assets in Papua New Guinea and Indonesia through exploration programs designed to expand current reserves into new areas which will ultimately increase production capacity levels over time as well as help mitigate risks associated with complex geological challenges found within these emerging regions such as Timika East Mine (TEM), Porgera Underground Mine (PUM).
Harmony Gold Mining Co. Ltd. (HMY)
Harmony Gold Mining Co. Ltd., or HMY, is a South African-based gold mining company. The company's main asset is the Elang open-pit gold mine in Indonesia.
The Elang project consists of two open pits: the Baru Pit and the West Pit. Mining operations commenced in 2007 and are expected to continue until 2021. In addition to these two open pits, Harmony operates an underground mine called the East Pit that began operations in 2013 and is expected to continue until 2023.
The East Pit’s production has been lower than anticipated due to difficult geology, as well as problems with its crushing circuit; these issues have also affected overall production at Elang by about 1 million ounces of gold between 2013 and 2017 (as opposed to what was originally forecast).
Hecla Mining Co. (HL)
Hecla Mining Co. is a gold mining company headquartered in Coeur d'Alene, Idaho, United States. The company was founded in 1891 by Frank Hecla and Edward Crossett. It is a producer of gold and silver with operations in Alaska, Canada, and Mexico. Its mines are located in Kellogg (Idaho), Grass Valley (Nevada), Faraday (Ontario), and La Colorada (Mexico). The current CEO is Jase Gifford who took over from Mr. Jordon Ridd on 1st May 2018 after he passed away due to cancer.
Goldcorp Inc. (GG)
Goldcorp Inc. (GG) is a Canada-based gold producer with operations in Mexico, Canada, the United States, Brazil, and Argentina. The company is the largest gold producer in Canada and one of the largest gold producers in Mexico. In 2015 it produced over 8 million ounces of gold at cash costs averaging $600 per ounce produced. Goldcorp's share price has been trending higher in recent years as demand for physical bars and coins has increased globally due to geopolitical uncertainty and rising inflationary pressures worldwide.
- Newmont Mining Corp. (based in Denver, Colorado) - $21.7 billion revenue; $2.8 billion profit; $39.4 billion assets.
- Barrick Gold Corp. (based in Toronto, Canada) - $19.9 billion revenue; $1.6 billion profit; $26.6 billion assets.
- Freeport-McMoRan Inc (based in Phoenix, Arizona) - $18.5 billion revenue; $2 billion profit; $26 million assets.
- AngloGold Ashanti Ltd (based in Johannesburg, South Africa) -$14 million revenue; $1 million profit; $18 million assets.
- Agnico Eagle Mines Ltd (based out of Montreal and Toronto) -$12 million revenue/$0 profits/$16 million asset value.