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Top 10 largest gold mining companies in 2020 -

Friday, 5 March 2021

(Kitco News) – Kitco reports that the top 10 largest gold mining companies by output produced 27.76 million ounces of gold during the year ended December 31, 2020, a 4% decline over 2019 (29 Moz).

Newmont was the top gold producer. The company's attributable gold production for the year decreased 6% to 5.91 Moz from the prior year primarily due to Yanacocha and Cerro Negro being placed into care and maintenance in response to the Covid pandemic, lower ore grade mined at Ahafo and the sale of Red Lake and Kalgoorlie, partially offset by a full year of operations from assets acquired in April 2019.

Barrick sits second with 2020 gold production of 4.76 Moz, which was 13% lower than compared to 2019 output (5.47 Moz). President and CEO Mark Bristow said that 2020 brought unprecedented difficult operating conditions, which in addition to the pandemic had included a coup in Mali, the financial meltdown in Argentina and the Papua New Guinea government's "flirtation" with resource nationalism.
AngloGold Ashanti is third and produced 3.05 Moz of gold compared to 3.28 Moz in 2019. The 7% reduction in production was due mainly to the sale of the company's remaining South African producing assets, the cessation of mining activities at Sadiola and Morila in Mali, and the impact of the COVID-19 pandemic.

Russian gold miner Polyus is fourth with 2020 total gold output of 2.77 Moz, a 2% decline over 2019 (2.84 Moz). The decline was primarily due to a 14% gold output drop at the company's flagship Olimpiada mine caused by a decline in grades in ore processed.

Kinross is fifth with 2.37 Moz of Au equivalent produced in 2020, a 6% decline over 2019 (2.51 Moz). The company said that the decrease was consistent with plan and was a result of lower production at Paracatu, Round Mountain and Chirano, partially offset by higher production at Fort Knox and Tasiast.
Gold Fields increased its attributable gold equivalent production in 2020 by 2%, from 2.2 Moz in 2019 to 2.24 Moz in 2020.

Australian gold miner Newcrest produced 2.15 Moz of gold in the calendar year of 2020, a 8% decline over 2019 (2.35 Moz).

Agnico Eagle's payable gold production was 1.74 Moz in 2020, a 2% decrease compared to 2019 (1.78 Moz). The lower gold production was primarily due to lower production at four of the company's eight mines as a result of temporary shutdowns or reduction in activities in the second quarter of 2020 related to government mandated COVID-19 restrictions.

Russian gold and silver miner Polymetal produced 1.4 Moz of gold in 2020, a 6% increase over 2019 (1.32 Moz). Strong contribution from Kyzyl, Varvara and Albazino offset planned grade declines at Svetloye and Voro.

Kirkland Lake produced 1.37 Moz of gold in 2020, a whopping 41% increase over 2019 (0.97 Moz), primarily due to the acquisition of Detour Lake on January 31, 2020.

Top 10 gold mining companies in 2020

  Gold production, Moz    
  2020 2019 Change,
Newmont 5.91 6.29 -6  
Barrick 4.76 5.47 -13  
AngloGold Ashanti 3.05 3.28 -7  
Polyus 2.77 2.84 -2  
Kinross 2.37 2.51 -6  
Gold Fields 2.24 2.20 2  
Newcrest 2.15 2.35 -8  
Agnico Eagle 1.74 1.78 -2  
Polymetal 1.4 1.32 6  
Kirkland Lake 1.37 0.97 41  
Total 27.76 29.00 -4  

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