Jump to content

Largest gold companies

From Wikipedia, the free encyclopedia

There are different methods by which gold mining companies are ranked. One is by their annual production. Another is by their cash cost per ounce, that is, how much money it costs them to mine the gold. Since gold prices are the same everywhere, companies with lower costs per ounce make more profit. The most common method lists by market capitalization which considers the total value of capital holdings by that company. Also considered when comparing companies is their market capitalization per ounce of gold equivalent (sometimes abbreviated MV-GEO, EVO if the enterprise value is used) which takes the market value and total reserves and resources for each company as well as the price of gold into consideration. The figures for each company can be used to determine the value the stock market gives to each company's reserves on an ounce to ounce basis.[1]

If the calculation is to exclude financial assets the enterprise value is used instead of market capitalization.[2] EVO = Enterprise Value/Ounce (gold equivalent) = Enterprise Value divided by resources. The enterprise value is the difference between a company's market capitalization (product of the number of company shares and listed stock price) and its cash, investments less debt (amortization). Three of the 10 largest companies by market cap that engage in gold mining, Fresnillo, Buenaventura and Freeport-McMoran (copper/molybdenum) are not included in the first list because they are minor gold producers/most of their revenue comes from a metal other than gold (Fresnillo and Buenaventura rely more on silver, in some lists silver production is treated as gold production, converted to gold equivalent using the gold to silver price ratio; McMoran produced 32.375 tonnes of gold in 2013 (up 32% after falling by 31% in 2012) but gold accounted for only 8% of revenue (down from 10%).[3][4]

World gold production in 2008 declined by 50 tonnes despite a strong showing in market price.[5] Total production cash costs were up 4.1% industrywide in the third quarter of 2010 to US$585 per ounce of gold mined.[6] The lower price of gold in 2013 is expected to impact gold production in the coming years; Barrick Gold is slowing construction at one of its largest gold projects Pascua Lama (18 m ounces of gold, 676 m ounces of silver) while in Australia mines are being shuttered by companies in an attempt to curb costs.[7][8]

In 2016, five of the world's 10 largest producing regions recorded growth in output, they are: China (450 tons +5), Russia (250 +8 tons), USA (209 tons +9), Canada (170 tons +10), Mexico (125 tons +5) and Indonesia (100 tons +25); In 2015 only Australia, Peru, Mexico, Uzbekistan and Indonesia produced more than the year before.[9] In 2013, nine of the world's 14 major producing regions recorded growth in output, they are: Australia, Brazil, Canada, Chile, China, Indonesia, Mexico, Papua New Guinea and Russia; In 2012 only Canada, China, Ghana, Mexico, Peru and Russia produced more than the year before.[10] In 2013, the world's five leading gold producers, in order of total production were China (420 tons +17), Australia (250 tons +5), US (227 tons -8), Russia (218 tons +2), South Africa (145 tons -15).[10][11] In 2011, all of the world's 14 major producing countries recorded growth in output except for Peru, Indonesia and Brazil (global primary production up 5.5%); list was led by China (355 tons), Australia (270 tons), USA (237 tons), Russia (200 tons), South Africa (190 tons).[12] South Africa's drop in output (down 10% from 2010 to 2012) is not a result of resource depletion but rather high production costs.[13]

The Big 10

[edit]
Rank Name Base Revenue mil.USD
Ytd Dec 2020 		2008
cap
bil $ 		2013 cap
bil USD 		2021 cap
bil USD 		profit mil USD
Ytd Dec 2020 		2020 FY
production
tonnes 		Reserves
Moz 		Total Resource
Moz 		Cash Cost
2013 year
US$ total/oz
1 Newmont  USA 11,497 Increase18%[14][15] 18.23 16.1[16]Aug.17 50 2666Decrease7%[14] 178.35Increase23%[1] 85.0 [17] 142.67 761 2013
2 Barrick Gold  Canada 12,595 Increase30%%page 51[18] 26.90 19.4[19]Aug.17 45.9 [2] 2,324Decrease41%page 53 134.94Decrease15%[20] 140.2 [21] 226.92 566 [18]
3 Franco-Nevada  Canada 1,020.2 Increase21%[22] 8.22016[23]Jn.19 25.1 [3] 326.2Decrease5%[22] 8.2Increase[4] 113.726
Jan'16[22]		 204.307 821 [22]
4 Polyus Gold  Russia 4900 Increase25%[24] 9.00 9.7 [25]Mar.12 21.8 [5] 1646Decrease15%[24] 78.4Decrease2.6%[6] 74.1 [17] 211.92 707 [26]
5 Agnico Eagle Mines  Canada 3138.1 Increase27%[27] 6.0 [28] 6.32016[29]Oct'15 14.1 [7] 511.6Increase8%[27] 49.23Increase27%[8] 9.976 [27] 15.013 637 [27]
6 Newcrest  Australia 3922 Increase5%page 21[30] 10.01 7.2 [31]Jun.26 13.8 [9] 750 Increase34%page 21 61.55Decrease12.7%[10]
59.82 Increase2013[30]
58.77 (2012)
77.44 (2011)
NC 50[32] Lihr 25[33]		 77.0 [34] 205.45
Newcrest 119.2
Lihir 86.234		 A$750 [30]
7 Gold Fields  South Africa $3,892 Increase31% [35] 7.51 5.85 [36]Aug.2 9/18 [11] 723Increase300%[35] 63.40Increase2%[12] 78.9 [17] 270.28 803 [37]
8 Kinross Gold  Canada 4,213.4 Increase20%[38] 11.14 6.1 [39]Aug.1 8.3 [13] $783.3Increase50%[38]
(3742.3)Decrease('13)
(2509.7)Decrease('12)		 67.10Decrease5.6%[14][40]
74.2 (2012)[41]
Kinross 65.14,
RB 11.40 ('10)[42]		 59.17 92.06
Kinross 74.8
Red Back 17.26		 743 [40]
9 AngloGold Ashanti  South Africa 4427 Increase25.6%[43] 11.61 6.0 [44]May.28 8.57 [15] 946Increase144%[16]
(2,200)Decrease'13loss[43]		 86.4Decrease7%[17] 74.9 [17] 264.30 830
10 Yamana Gold  Canada 1562 Decrease31.7%[45]|6.09 7.2 [46]Aug.5 5.5 [18] 203.6Decrease9.7%[45] 25.55 Increase[19] 19.4 [17] 46.35 596 [45]

these previous top companies succumbed to M&A

new Name Base Revenue mil.USD
Ytd Dec 2014 		2008
cap
bil $ 		2013 cap
bil USD 		2021 cap
bil USD 		profit mil USD
Ytd Dec 2014 		2014 FY
production
tonnes 		Reserves
Moz 		Total Resource
Moz 		Cash Cost
2014 year
US$ total/oz
NA Eldorado Gold  Canada 1123.912 Decrease2.0%[47] 3.03 5.36 [36]Aug.2 NA (641.615)Decrease[47] 20.45Increase10%[47] 18.61 [48] 20.2 494 [47]
NA Goldcorp  Canada 4687 Decrease20.9%[49] 21.63 23.0 [50]Jn.19 10.0 [20] (2709)Decreaseloss[49]
1749 (2012)		 75.60Increase10%[51] 54.38 dec'13[52]
60.1 feb'11[53]		 81.59 687 [49]

Sources and other information

  • since July 1, 2019, the acquired Newmont mines contributed revenue of $1,184 million and net income of $322 million for the year ended December 31, 2019. If the acquisition had occurred on January 1, 2019, consolidated revenue and consolidated net income for 2019 would have been $10,745 million and

$4,500 million, respectively.[21]

  • 2008 ranking Gold Strategist
  • total resource [22]
  • 1 tonne = 1000 kg = 2204.6 lbs = 35,273.9619 ounces; 1 ton = 2000 lbs = 32,000 ounces
  • Newcrest Mining started including Lihir Gold assets in mid-2010 (revenue and profit changes are based on pre merger assets in 2009 and merged assets in 2010).
  • Metrics such as cash costs, revenue for years prior to 2011 were changed due to the transition in accounting standards from Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards.[54]
  • For 2012 Barrick Gold's overall losses can be attributed to a $4 billion writedown on copper assets incurred during the final quarter.
  • Gold Fields production down due to unbundling of certain assets in South Africa into a newly created company called Sibanye Gold.[37]
  • 3 of the companies took on major writedowns on their assets in the last quarter of 2011 and that affected their annual profits (Newmont $1.6B, Kinross $2.94B, Agnico-Eagle Mines $644.9M).
  • Newmont operates Australia's two biggest gold mines, Boddington and Kalgoorlie.[55]
  • On July 25, 2011, Polyus Gold and KazakhGold merged.
  • In 2013 Goldcorp, Newmont, Newcrest, Kinross, AngloGold, and Eldorado produced more gold than the previous year. In 2012 it was Yamana, Kinross, and Polyus Gold that produced more. In 2011 it was Newmont, Newcrest, Kinross and Eldorado.
  • November 8, 2012 – Goldcorp (+3.5%) overtakes Barrick Gold (-25%) in market value.

Canadian companies

[edit]

Even though Canada lags far behind its counterparts in its amount of central bank gold reserves, Canadian companies dominate the industry. These companies are big players in the Canadian industry which ranks 7th globally[56] but rely mostly on assets in foreign countries (Barrick Gold alone produced 209.79 tonnes of gold in 2009,[57] Canada produced 100 tonnes). In fact 75% of the world's mining companies are headquartered in Canada.[58] Canada's biggest undeveloped gold deposit is the Kerr Sulphurets Mitchell copper-gold property in northwestern British Columbia; It holds 38.2 million ounces of gold (2P reserves steady in 2012, up 27% in 2011).[59] Another project in the Detour Lake area of Ontario ranks 4th among North America's deposits (up from six in July 2010).[60][61][62] Among the largest gold containing properties controlled by Canadian companies is Goldcorp's wholly owned billion ounce silver, 18 million ounce gold Penasquito mine in Mexico and Ivanhoe Mines' 81.3 billion pound copper, 46.4 million ounce gold Oyu Tolgoi deposit in Mongolia.[63][64] Barrick Gold owns 50% of Super Pit, Australia's biggest gold mine.[65]

60% of the country's gold output come from six mines, they are Red Lake 493,000 oz, Malartic 475,277 oz, Meadowbank 430,613 oz, Porcupine 291,900 oz, Musselwhite 256,300 oz, Detour Lake 232,287 oz.[66]

In 2018 the Canadian embassy in Athens, Greece was attacked with sledgehammers and red paint by an anarchist group opposed to the embassy's support for Eldorado Gold Corp.’s mining plans in Greece.[67]

As of September 2009, there were 20 companies in the country with a market cap of 1 billion dollars or more.[68] Barrick Gold Corp. is the country's largest gold mining company by several measures of size. After growing 3.35% on the year, on November 8, 2012 Goldcorp leapfrogs Barrick Gold in capitalization – Barrick lost 25% of its market value that year.[69] In the following table are Canada's 10 highest valued gold mining companies for 2010 as well as 6 other mid cap companies.

Large Cap 2010 cap 2020 Mid Cap 2010 cap 2020 other 2020
Barrick Gold $40 bil [70] Jan $60 billion Yamana Gold $8.17 billion [71] May $6 billion Franco-Nevada $33 bil
Goldcorp defunct IAMGOLD $6.87 bil [72] $2 billion New Gold $2 bil
Kinross Gold $19 bil[73] Sept $13 bil Red Back Mining $5.80 billion[74] May (see Kinross) Alamos Gold $5 billion
Agnico-Eagle $11.4 bil Oct. $23 billion Osisko Mining $5.2 billion[75] July 31 $2 billion Seabridge Gold $2 billion
Kirkland Lake Gold $15.0 billion $15 bil Centerra Gold $3.03-4.776 billion [76][77] $3 billion NovaGold Resources $4 bil
Franco-Nevada $33 bil Endeavour Mining na $5.0 billion
  • Notes – Kinross Gold was 13.50 billion in May before it acquired Red Back Mining.[72] Osisko Mining was $10 million in 2005 and $3.5 billion May 2010.[78]

South Africa

[edit]

The world's 5th largest gold producer (170 tons in 2012) that is home to two of the world's ten largest gold mines.[79] As recently as 2007 South Africa was the world's top gold producer. The drop in its global ranking is not due to resource depletion (South Africa ranks close behind leader Australia in reserves) but rather to its high costs of production. In fact South Africa has the highest mining cash costs among all major producing regions.[13]

Notable South African gold companies include:

  • AngloGold Ashanti – world's 3rd biggest gold producer (but has very high cash costs per ounce) at 3.944 million ounces in 2012.[80] AngloGold is also South Africa's largest producer of uranium (1.46 million pounds in 2010), a position that was strengthened in July 2011 when it acquired 20% of Canada's First Uranium.[81]
  • Gold Fields – produced 2.2 million ounces of gold in 2013, down from 3.254 million ounces on the year ended June 30, 2012; 2011 production [82] roughly the same as 2010.[83] Its largest new mine has the potential to produce at a rate of 1 million ounces annually (though it produced 175,000 in 2009).[84] It is South Africa's second leading producer.[85] During 2013 the company spun off some of its assets into a new company called Sibanye Gold.
  • Harmony Gold (mining) – was the 5th largest producer of gold in 2008 (has since fallen off a bit, production was 2.33 million ounces (66.05 tonnes) in 2008 compared to 1.56 million (44.23 tonnes) in fiscal 2010)[86][87]

Forbes Global 2000

[edit]

The Forbes Global 2000 list is produced annually by Forbes. Compiling information about each of the 2000 largest companies globally it ranks them. These are all of the gold companies that made the list in 2015. Companies that dropped out of the list, 2016: Osisko Gold Royalties; 2015: Polyus Gold, Newcrest Mining; 2014: Anglogold Ashanti, Yamana, Gold Fields, Kinross, Buenaventura, Shandong Mining, Eldorado; 2013: Iamgold; 2012: Agnico Eagle Mines.

It ranks them based on a number of factors, the top companies on its list aren't necessarily the biggest. Data reflects the 12-month period ending March 2016 for companies based in the United States, Canada and Bermuda. For all other countries, data is for the last fiscal year period.

May 2016
Cum. Rank 		Name Rank
2013 		Rank
2014 		Rank
2015 		Rank
2016 		Base 2016 rev
(bil.USD) 		2016 Profit
(mil.USD) 		Assets
2016 (bil$.) 		Market cap
April (mil$.)
1 Freeport-McMoRan 273 224 659 740  United States 16.2 (12,200) 46.6 14,600
2 Barrick Gold 659 771 895 913  Canada 9.1 (3,000) 26.3 18,800
3 Newmont 448 1033 891 977  United States 7.8 89 24.6 16,600
4 Goldcorp 559 1160 1268 1290  Canada 4.4 (4,400) 21.4 14,200
5 Newcrest na na na 1607  Australia 3.4 3,440 11.3 10,600

Source: May 6, 2015: The Global 2000

References

[edit]
  1. ^ "Digging for Outliers in the Gold Mining Field". April 13, 2010.
  2. ^ "Valuing a Company". 2008.
  3. ^ "Yamana Gold Provides Mercedes Pre-Feasibility and Ernesto/Pau-a-Pique Scoping Study Results and Further Update". February 12, 2009.
  4. ^ "Freeport-McMoran 2013 Annual Report" (PDF). 2014.
  5. ^ "Gold production in the world". Energy and Mining Newsletter. 2009. Retrieved September 11, 2009.
  6. ^ "Gold mine costs up 4.1% in Q3". November 26, 2010.
  7. ^ "Barrick To Slow Gold Mine Project". Business Insider. June 29, 2013.
  8. ^ "Alacer Sees Gold Output Falling In Australia". August 5, 2013. Archived from the original on August 5, 2013.
  9. ^ US Geological Survey, Mineral Commodity Summaries – 2017, Jan. 2017.
  10. ^ a b "USGS Annual Review" (PDF). February 2014.
  11. ^ "U.S. Geological Survey, Mineral Commodity Summaries, January 2013" (PDF). 2013.
  12. ^ "Mineral Commodity Summaries 2012" (PDF). January 24, 2012.
  13. ^ a b "South Africa's mining industry mired in disarray". The Globe and Mail. May 26, 2011.
  14. ^ a b "Newmont Mining 2020 SEC 10-k" (PDF). February 22, 2020. Retrieved May 5, 2020.
  15. ^ "Newmont Goldcorp Corporation Revenue & Earnings Per Share (EPS)".
  16. ^ "Newmont Mining (NEM) – Research". October 21, 2012.
  17. ^ a b c d e "Reserves & Resources". goldval. January 15, 2010.
  18. ^ a b "Barrick Gold 2013 Year End Results" (PDF). February 13, 2014. Archived from the original (PDF) on March 16, 2014. Retrieved March 6, 2014.
  19. ^ "Gold Roundup". August 17, 2013. Archived from the original on September 6, 2013. Retrieved September 6, 2013.
  20. ^ "Barrick 2020 Annual Report" (PDF). 2021.
  21. ^ "Barrick Gold 2012 40-F SEC Filing". February 2013. Archived from the original (PDF) on December 25, 2018. Retrieved March 6, 2014.
  22. ^ a b c d "Franco Nevada 2020 Edgar Filing". 2021.
  23. ^ "Franco-Nevada: Royalty of the gold industry". Mining. January 14, 2016.
  24. ^ a b "Polyus Gold Factsheet". Retrieved May 5, 2021.
  25. ^ "Polyus Gold to be included in FTSE indices". Mineweb. March 12, 2013.
  26. ^ "Polyus Gold 2013 Annual Report". 2014.
  27. ^ a b c d "Agnico Eagle Year End Results 2020" (PDF). February 2020.
  28. ^ "Kittila begins production". December 5, 2008.
  29. ^ "fool". October 7, 2015.
  30. ^ a b c "YTD June 2013" (PDF). September 2013.
  31. ^ "Newcrest Mining (ASX:NCM) revisited – a tarnished reputation?". June 26, 2013. Archived from the original on March 5, 2017. Retrieved September 6, 2013.
  32. ^ "Newcrest Mining 2010 Annual Report". 2011. Archived from the original on March 4, 2016. Retrieved August 9, 2011.
  33. ^ "Half Year Financial Results For the 6 months ended Dec 2010" (PDF). 2011. Archived from the original (PDF) on June 24, 2012. Retrieved March 5, 2011.
  34. ^ "Newcrest says Lihir deal to result in huge capital savings". August 30, 2010.
  35. ^ a b "Gold Fields 2020 Income Statement" (PDF). 2021.
  36. ^ a b "Gold Volume Actives (nyse)". August 2, 2013. Archived from the original on March 10, 2014. Retrieved September 6, 2013.
  37. ^ a b "Goldfields 2013 Annual Results". February 13, 2014.
  38. ^ a b "Kinross 2020 Income Statement". 2021.
  39. ^ "Gold's slide takes $2.4-billion toll on Kinross". Globe and Mail. August 1, 2013.
  40. ^ a b "Kinross 2013 CY Results" (PDF). February 12, 2014.
  41. ^ "Kinross Reports 2012 fourth quarter and year-end results" (PDF). February 13, 2012. Archived from the original (PDF) on April 25, 2013.
  42. ^ "Kinross Reports 2010 fourth quarter and year-end results". February 16, 2011.
  43. ^ a b "AngloGold Ashanti 2020 Report Results" (PDF). February 29, 2020.
  44. ^ "Short Interest in AngloGold Ashanti, Harmony Gold Surges". May 28, 2013.
  45. ^ a b c "Yamana Gold Financial Report year ended Dec. 31, 2020". Retrieved February 11, 2021.
  46. ^ "Yamana Gold Price Target". August 5, 2013.
  47. ^ a b c d "Eldorado Gold Year-Ended December 31, 2013" (PDF). February 20, 2014. Archived from the original (PDF) on August 7, 2015. Retrieved March 6, 2014.
  48. ^ "Eldorado Gold Management Analysis" (PDF). February 21, 2012. Archived from the original (PDF) on May 14, 2013.
  49. ^ a b c "Goldcorp 2013 Edgar Filing" (PDF). February 12, 2014.
  50. ^ "Goldcorp grows in Canada". The Northern Miner. June 19, 2013.
  51. ^ "Goldcorp 2013 form 40-F". February 13, 2014.
  52. ^ "Goldcorp Proven + Probable Reserves as of December 31, 2013" (PDF). 2014.
  53. ^ Rocha, Euan (February 9, 2011). "Goldcorp says gold reserves rose 23 pct". Reuters.
  54. ^ "Many Canadian companies plan for bulk of IFRS conversion in 2010". Retrieved March 4, 2012.
  55. ^ Chambers, Matt (September 15, 2011). "Newmont's Boddington mine is sick but no longer critical". The Australian.
  56. ^ "Gold production in the world". Energy and Mining Newsletter. May 2009. Retrieved September 11, 2009.
  57. ^ "Barrick Profit Tops Estimates as Gold Production Rises". October 28, 2010. Archived from the original on November 3, 2010.
  58. ^ "Canadian Civil Society Demands Canadian Mining Companies Be Held Accountable for Overseas Abuses". November 22, 2010. Archived from the original on July 14, 2014. Retrieved March 4, 2012.
  59. ^ "Golden plans coming together in BC for Pretium". May 12, 2011.
  60. ^ "Detour Gold reserves grow to 14.9M ounces". February 1, 2011.
  61. ^ "The Stock Market, Canadian Stock Exchange | TMX Group". Archived from the original on October 3, 2012. Retrieved February 3, 2011.
  62. ^ "Detour Gold set to shine north of Timmins". July 27, 2010.
  63. ^ "2011 Outlook: Silver Mine Supply To Grow". December 27, 2010.
  64. ^ Riseborough, Jesse (September 13, 2010). "Rio Tinto Raises Ivanhoe Mines Stake to 35% as Loan Converts Into Shares". Bloomberg.
  65. ^ "Australia Remains World's Second-largest Gold Producer". February 28, 2011.
  66. ^ "Canada's Largest Gold Producing Mines". July 1, 2014.
  67. ^ "Canadian embassy in Athens attacked with sledgehammers, red paint". October 22, 2018.
  68. ^ "Top 20 biggest Canadian Gold Stocks". MoneyEnergy. September 10, 2009. Retrieved September 11, 2009.
  69. ^ "Goldcorp now biggest gold miner in the world by market cap". November 8, 2012.
  70. ^ "investing in US gold stocks". January 8, 2010.
  71. ^ "yamana gold incorporated results". May 4, 2010.
  72. ^ a b "The 10 Best Managed Gold and Silver Companies". May 6, 2010.
  73. ^ "Mining Journal Outstanding Achievement Awards 2010". November 8, 2010.
  74. ^ Willis, Andrew (May 4, 2010). "red back mining finds suitor". The Globe and Mail. Toronto.
  75. ^ "takeover rumors around osisko mount". May 17, 2010.
  76. ^ "2010 stock picks continued gold stock". January 21, 2010.
  77. ^ "Centerra Gold Inc. Valuecruncher". Retrieved November 19, 2010.[dead link‍]
  78. ^ "Osisko Mining". July 31, 2010.
  79. ^ "The World's Ten Largest Gold Mines". Retrieved April 24, 2013.
  80. ^ "AngloGold Ashanti 2012 Report for the Year Ended December 31, 2012" (PDF). February 20, 2013.
  81. ^ First Uranium shares soar 50% as AngloGold buys stake
  82. ^ "Goldfields 2012 Annual Results" (PDF). February 14, 2013.
  83. ^ "Goldfields Dec 2, 2010 SEC Report page 55" (PDF). December 2, 2010.
  84. ^ "Gold Fields Targets Annual Production of 1 Million Ounces from South Deep". September 17, 2010.
  85. ^ Gunnion, Stephen (February 20, 2012). "South African Stocks: BHP, Gold Fields, Morevest, Wilson Bayly". Bloomberg.
  86. ^ "FACTBOX-The top 10 gold companies based on production". Reuters. September 8, 2008. Archived from the original on July 18, 2012.
  87. ^ "Harmony Gold". Retrieved September 11, 2009.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Largest_gold_companies&oldid=1245441215"