Gold Fever: 10+ Biggest Gold Mines in the World Based on Production

The Global Gold Rush

The international monetary system is once again based on gold. The world moved past its fixation with precious metals after US President Richard Nixon "closed the gold window"—that is, ended the dollar's fixed-rate convertibility into gold—more than 50 years ago. The use of fiat money had entered a new phase. However, financial concerns and new technology (distributed ledgers and blockchains) are posing a threat to fiat money, and the price of gold has risen to record highs above $2,400 per ounce.

When the Cold War ended and the "end of history" arrived, a new sense of peace and stability was ingrained, and the price fell in the 1990s. The price per ounce was less than $300 at the start of the new millennium, and during the 1970s, it has increased at a rate that has outpaced overall inflation.

Gold has gained about half of that amount in price since 2016, and it is currently trading close to its all-time high of $2,000 per ounce.

2020 will see record-high profit margins for gold miners, which is reason for celebration. The average profit earned by gold miners in 2020 was $828 per ounce of gold produced. The previous high, which was $666 per ounce in 2011, is much lower than this amount.

The gold mining industry may be one to watch, given that inflation rates in several countries have risen to their highest points in a decade. This is particularly true given that gold is a well-known traditional inflation hedge.

According to the mining databases of GlobalData and other sources, the following is a list of the ten largest gold mines in the world in 2023/2024 based on the amount of gold they produce (ranked and suggested by KnowInsiders.com).

Check more: Top 9 Countries That Are The Largest Gold-Producers In The World Today

Top 10+ Biggest Gold Mines in the World by Production Today

The 10 Largest Gold Mines in the World by Production

The 10 Largest Gold Mines in the World by Production in 2022

1. Nevada Gold Mines (USA)

Nevada Gold Mines - Biggest Gold Mine in the World

An historic joint venture to combine their operations in Nevada was announced by Barrick Gold and Newmont Corporation, the two biggest gold miners in the world. The joint venture will go by Newmont Barrick Nevada. The joint corporation that resulted, Nevada Gold Mines, is today the biggest gold mining complex in the world. It is made up of six mines that together turn out over 3.3 million ounces of gold year.

Worldwide, the Nevada Gold Mines complex is the biggest gold mining operation. 68.5% more of the precious metal is produced by the Nevada Gold Mines complex than by the next biggest gold mine on this ranking. Barrick and Newmont, the global gold producer, have a joint venture for the operation. Thirty-eight percent of the asset's total value is owned by Newmont.

Nevada Gold Mines includes the following production figures: Carlin, 48.9 MT; Cortez, 22.8 MT; Turquoise Ridge, 14.26 MT; Phoenix, 5.5 MT; and Long Canyon, 2.8 MT. Within the gold-mining complex are 49 million ounces of measured and indicated resources and 29.6 million ounces of proven and probable reserves. Its location, in Nevada, the nation's most significant gold-mining state, is obvious from its name alone. Fourth in the world for gold production is the United States of America.

As part of its Greenhouse Gas Reduction Roadmap, Barrick is building a 200 megawatt alternating current photovoltaic solar facility in order to expedite its decarbonization effort.

2. Muruntau (Uzbekistan)

Muruntau - Largest Gold Mine in the World

It is estimated that the Muruntau mining complex in Uzbekistan, which is comprised of open-pit mine and heap leach operations, has produced just under 3 million ounces of gold, making it the second largest gold mine in the world.

The mine is more than 3.3 kilometers long, 2.5 kilometers wide, and nearly 600 meters deep, and it is operated by the Navoi company, which is owned by the state. It is one of the open-pit operations that holds the record for the deepest depth. Gold production at Muruntau accounts for more than 80 percent of Uzbekistan's total output of the precious metal.

3. Grasberg (Indonesia)

In addition to being the world's third-largest gold mine, the Grasberg mine is also among the world's largest copper mines.

The copper-gold deposit owned by Freeport-McMoRan and located in the Indonesian province of Papua was discovered in 1936 by a Dutch geologist who at the time referred to it as Ertsberg, which is Dutch for "ore mountain."

Near Puncak Jaya, the highest mountain in Papua, the mine sits at an elevation of 4,100 meters above sea level. It is responsible for the employment of 30,000 people. In 2001, this gold mine's output of the precious metal reached an all-time high of more than 3,500 kilograms. And in 2021, the mine produced 1,370 koz of gold, which is a 62% increase over what it produced in 2020. This increase came as the company successfully transitioned Grasberg to be the largest underground block-caving operation in the world.

The Grasberg block cave, also known as the Deep Mill Level Zone (DMLZ), and Big Gossan are all parts of the Grasberg complex. According to reports, Grasberg's daily production totals approximately 5 million pounds of copper and 5,000 ounces of gold.

PT Freeport Indonesia, a subsidiary of Freeport-McMoRan, is currently engaged in long-term mine development activities at the Kucing Liar deposit in the Grasberg mining district. This deposit, which is located in the Grasberg mining district, is said to have the potential to produce more than 6 billion pounds of copper and 6 million ounces of gold between the years 2028 and the end of 2041.

4. Olimpiada (Russia)

The Olimpiada gold mine in Russia

Olimpiada is an open-pit operation that began producing ore in 1996 and has continued ever since. It is found in Russia, which in 2022 was tied with Australia for the position of being the world's second largest producer of gold. Polyus Gold, which is ranked as the fifth largest gold mining company in terms of production, owns the mine.

Olimpiada possesses measured and indicated resources totaling 48 million ounces of gold, in addition to proven and probable reserves measuring 21 million ounces of gold. The mined ore is processed at one of three plants on the property, which have the capacity to annually process a total of 14 million tonnes of ore when combined. As a result of the mining of rich gold-bearing zones in the Vostochny pit, Polyus anticipates that higher-grade ore will be processed in 2023, which will lead to an increase in the grade of the ore that can be processed at the Olimpiada mine.

The mined ore is processed at one of three plants in the vicinity, the combined capacity of which is thirteen million tonnes of ore per year.

5. Boddington (Australia)

The Newmont-owned and -operated Boddington gold mine is situated in the vicinity of Boddington, in the Australian state of Western Australia.

In 1987, Boddington was the first company in the world to start mining in an open pit by extracting shallow oxide ores up to 70 meters below the surface. After that, in the year 2001, it was placed under care and maintenance. 2009 marked the beginning of a new phase of commercial production at the Boddington gold mine, which is anticipated to have a mine life of up to 20 years.

The mine had a gold reserve that was 12.35 Moz in quantity. In 2015, Newmont invested close to half a billion dollars in the significant expansion of the mine's south pit. As a result of this investment, the mine's life is expected to be extended until 2025.

The gold and copper mine at Boddington is one of the most productive mines in Australia in terms of the amount of gold it produces. Since 2009, Newmont has been the sole owner of the mine, and it has been operating continuously since that year.

With an eye toward the future, it is anticipated that the robust production at Boddington will have a sizeable influence on the consistency of Newmont's total gold output for the year 2023. However, according to a report published by the company, "(b)ased on mine sequencing, it is expected that gold production will decline in 2024 and 2025 due to lower grade ore and stripping in the South pit."

6. Kibali (Congo)

In the Democratic Republic of the Congo, the Kibali gold mine can be found close to the town of Doko and 210 kilometers away from Arua, which is located on the Ugandan border. Kibali is owned jointly by AngloGold Ashanti (45%), Barrick Gold Corporation (45%) after its merger with Randgold Resources (45%), and Société Minière de Kilo-Moto (SOKIMO), which is a state-owned gold mining company (10%). AngloGold Ashanti owns 45%, Barrick Gold Corporation owns 45%, and SOKIMO owns 10%.

The mine is operated by Barrick and is both the largest gold mine in Africa and the fifth largest gold mine in the world. Production at the mine began in 2013.

The measured and indicated gold resources at Kibali total 7.1 million ounces, while the proven and probable gold reserves at Kibali amount to 4.6 million ounces. In March of 2023, Barrick announced that "(f)or the fourth successive year, exploration more than replaced the gold that Kibali mined in 2022, extending the mine's Tier One production profile to 2033."

7. Pueblo Viejo (Dominica)

In the Dominican Republic, the Pueblo Viejo mine is located roughly 100 kilometers to the northwest of the nation's capital city of Santo Domingo. The gold mine, which has been operational since 2012, is managed by Pueblo Viejo Dominicana, a joint venture that is composed of equal parts Barrick and Newmont.

The mine is managed by the Pueblo Viejo Dominicana Corporation, which is a partnership between Barrick (with a 60% ownership stake) and Newmont (with a 40% ownership stake).

In an effort to extend the mine's life to at least 2040, work is currently being done at Pueblo Viejo to convert 9 million ounces of measured and indicated resources into proven and probable reserves. This will increase the mine's resource base.

8. Lihir (Papua New Guinea)

The gold mine known as Lihir can be found on the island of Lihir in Papua New Guinea. In 2010, Newcrest Mining completed a merger with the exploration company LGL, which resulted in the acquisition of the business by Newcrest Mining. In 2022, Newcrest occupied the eighth spot on the list of the most productive gold companies. Recently, the company that produces the most gold, Newmont, made an offer for Newcrest that was worth US$19.5 billion.

The measured and indicated gold resources at Lihir total 42 million ounces, while the proven and probable gold reserves at Lihir come in at 22 million ounces. Newcrest stated in a recent investor presentation that "Lihir is entering its high grade phase," and that the mining of the Kapit orebody is scheduled to begin in the fiscal year 2026.

9. Loulo-Gounkoto (Mali)

The Loulo-Gounkoto gold mine, which is located in Western Mali and has been operating for close to twenty years, is an important contributor to the economy of the country. The State of Mali owns the remaining 20 percent of the complex, while Barrick controls 80 percent of the ownership in the property.

According to Barrick, the ore production at a third underground mine located at Gounkoto is scheduled to begin in the second quarter of 2023. The Loulo-Gounkoto gold mine has measured and indicated gold resources of 9.7 million ounces and proven and probable gold reserves totaling 6.7 million ounces.

10. Canadian Malartic (Canada)

The Canadian Malartic mine is the largest gold mine in the country, and it can be found in the Abitibi greenstone belt in the province of Quebec.

The province of Quebec is the second most important gold-producing jurisdiction in Canada, and Canada as a whole is the third most important gold-producing country in the world. 2011 was the year that the open pit Canadian Malartic mine began producing on a commercial scale.

In the past, Yamana Gold and Agnico Eagle Mines participated in the project as equal partners in a 50/50 joint venture. Prior to its acquisition by Pan American Silver in March 2023, Yamana sold its stake in the Canadian Malartic to Agnico Eagle. This gave Agnico Eagle full control of the ninth largest gold-producing mine in the world, which was previously controlled jointly by Yamana and Pan American Silver.

It is anticipated that production will continue at Canadian Malartic until the year 2029; however, ongoing development of the underground Odyssey deposit is anticipated to extend the mine's overall life to the year 2039. Agnico announced in February 2023 that it anticipated production to begin at the Odyssey mine in March 2023. The company also stated that going forward, the Canadian Malartic mine and the Odyssey mine will combine to form the Canadian Malartic complex.

11. Detour Lake (Canada)

In addition, Agnico Eagle Mines owns the entire tenth largest gold producing mine in the world, which gives it a total ownership of one hundred percent. 20.3 metric tons (MT) of gold were extracted from the Detour Lake mine in 2022, making it the most productive gold mine owned by the company. The gold mine can be found in Ontario, Canada, in the section of the Abitibi greenstone belt that is located the farthest to the north.

According to Agnico's estimates, the gold reserves at Detour Lake total 15.03 million ounces, and the mine is expected to remain operational until 2042. The President and Chief Executive Officer of the company, Ammar Al-Joundi, has stated that the company's "focus will be on optimizing and growing Detour Lake and Canadian Malartic and on establishing a plan to capitalize on existing infrastructure, including our excess mill capacity," in the Abitibi region of Quebec, with the potential to produce up to 500,000 ounces of gold per year by the end of the decade. This statement pertains to 2023.

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