Gold mining is a thriving global industry, with numerous mining companies operating in various countries worldwide. In this article, we will explore the top ten gold mines in terms of production for the year 2021. By analyzing data compiled from S&P Global Market Intelligence and company reports, we can gain insights into the locations and contributions of these remarkable mines.
Note: The information presented in this article is based on publicly available global production data from the World Gold Council, with slight variations from the calculations made by S&P.
Exploring the Top Gold Mines of 2021: Spanning across North America, Oceania, Africa, and Asia, the ten largest gold mines made a significant impact on the global gold production landscape in 2021. Combined, they accounted for approximately 13 million ounces, representing 12% of the total global gold production for the year.
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Nevada Gold Mines, USA: Leading the pack is Nevada Gold Mines, situated in the United States. This mine produced a staggering 3,311,000 ounces of gold, constituting 2.9% of global production.
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Muruntau, Uzbekistan: In Uzbekistan, the Muruntau mine holds the distinction of being the second-largest gold mine worldwide. With its impressive output of 2,990,020 ounces, it contributed 2.6% to the global gold production in 2021.
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Grasberg, Indonesia: Located in Indonesia, the Grasberg mine secured the third spot on the list. Notably, it produced 1,370,000 ounces of gold, accounting for 1.2% of the global production.
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Olimpiada, Russia: Russia's Olimpiada mine claimed the fourth position, with a production volume of 1,184,068 ounces, representing 1.0% of the global gold production.
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Pueblo Viejo, Dominican Republic: The Pueblo Viejo mine in the Dominican Republic secured the fifth spot by producing 814,000 ounces of gold, contributing 0.7% to the global production.
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Kibali, Democratic Republic of the Congo: In the Democratic Republic of the Congo, the Kibali mine extracted 812,000 ounces of gold, making it the sixth-largest gold mine and accounting for 0.7% of the global production.
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Cadia, Australia: Australia's Cadia mine produced 764,895 ounces of gold, placing it at the seventh position. Its contribution to the global production stood at 0.7%.
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Lihir, Papua New Guinea: With a production volume of 737,082 ounces, the Lihir mine in Papua New Guinea secured the eighth position, representing 0.6% of the global gold production.
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Canadian Malartic, Canada: Canada's Canadian Malartic mine contributed significantly with its output of 714,784 ounces, claiming the ninth spot on the list and accounting for 0.6% of the global production.
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Boddington, Australia: Rounding up the top ten is the Boddington mine in Australia, which produced 696,000 ounces of gold, representing 0.6% of the global production.
In addition to the individual mines, the cumulative production from these top ten gold mines amounted to a staggering 13,393,849 ounces, contributing to 11.7% of the global gold production in 2021.
Insights and Noteworthy Facts: In 2019, Barrick Gold and Newmont Corporation, the world's two largest gold miners, joined forces through a historic joint venture in Nevada. This partnership resulted in the formation of Nevada Gold Mines, now recognized as the world's largest gold mining complex. With its six mines collectively producing over 3.3 million ounces annually, Nevada Gold Mines continues to lead the industry.
Uzbekistan's Muruntau mine, known for its status as one of the world's deepest open-pit operations, played a pivotal role in the country's gold production, contributing over 80% to the overall output.
Grasberg, apart from being the third-largest gold mine globally, also holds the distinction of being one of the largest copper mines on the planet. Olimpiada, owned by the Russian gold mining giant Polyus, boasts an impressive 26 million ounces of gold reserves.
Polyus, recently crowned as the largest miner in terms of gold reserves globally, holds a remarkable 104 million ounces of proven and probable gold across its various deposits.
The Profitability of Gold Mining: As the price of gold has increased by approximately 50% since 2016, currently nearing an all-time high of $2,000 per ounce, gold mining has become a highly profitable sector. In 2020, gold miners experienced record-high profit margins, with an average of $828 earned per ounce produced. This significant figure surpassed the previous record of $666 per ounce set in 2011.
Considering the current high inflation rates observed in several countries, gold mining presents itself as a sector worth monitoring, given gold's traditional role as a hedge against inflation.
The world's largest gold mines in terms of production for 2021 are spread across multiple continents, reflecting the global nature of the gold mining industry. These mines play a crucial role in shaping the global gold supply and have significant economic implications. With gold prices reaching new heights and inflation concerns prevailing, the future of gold mining remains an intriguing prospect.
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