10 Top Gold-producing Companies

Interested in the gold space? Here's an overview of the 10 top gold-producing companies of 2016.

gold-producing companies

Regardless of how the gold price is doing in any given year, there will always be companies looking to mine the yellow metal.

2016 was a volatile year for the gold market due to increasing geopolitical uncertainty, and according to Thomson Reuters GFMS, gold production increased by less than 1 percent that year. While there were increases in output from Australia and North American countries, they were offset by declines in production in Mexico, Peru and Mongolia.

But what were the top gold-producing companies of 2016? The list below was put together by Dante Aranda, senior mining analyst at Thomson Reuters GFMS, and it shows which companies produced the most of the yellow metal last year. Read on to learn a little about each of them.

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Chart via Thomson Reuters GFMS. 

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1. Barrick Gold (TSX:ABX,NYSE:ABX)

Production: 171.6 tonnes

Barrick Gold took the top spot on the list in 2016 despite seeing a slight decline in output from the previous year. The company’s production dropped more drastically between 2013 and 2014, when it declined from 222.9 tonnes to 194.4 tonnes. That fall came as Barrick went through structural shifts that led to modifications in production. Those adjustments allowed the industry leader to become more flexible with its finances, but changed its pace of production.

In 2017, Barrick expects to produce 5.6 to 5.9 million ounces of gold. The company reported proven and probable reserves of 85.9 million ounces of gold in December 2016.

2. Newmont Mining (NYSE:NEM,TSX:NMC)

Production: 163.3 tonnes

Newmont Mining, which has significant operations in North and South America, as well as Asia, Australia and Africa, produced 163.3 tonnes of gold in 2016, an increase from 2015′s 156.6 tonnes. In 2017, the company expects to increase its output to between 4.9 and 5.4 million ounces — full-year production at its Merian and Long Canyon mines should more than offset declines at its Twin Creek and Yanacocha operations.

3. AngloGold Ashanti (NYSE:AU)

Production: 112.8 tonnes

AngloGold Ashanti produced 112.8 tonnes of gold in 2016, a relatively substantial drop from the 122.8 tonnes it produced in 2015. The South African company has 17 gold operations in nine countries, as well as numerous exploration projects around the world. Its production forecast for 2017 is between 3.6 and 3.75 million ounces of gold, as its Obuasi mine is not expected to produce this year.

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4. Goldcorp (TSX:G,NYSE:GG)

Production: 89.4 tonnes

Next on the list of last year’s top gold-producing companies is Goldcorp, whose gold production decreased from 107.8 tonnes in 2015 to 89.4 tonnes last year. The company is one of the world’s fastest-growing senior gold producers, and operates four mines in Canada, three in Mexico and four in Central and South America. The company’s 2017 gold production is expected to be 2.5 million ounces.

5. Kinross Gold (TSX:K,NYSE:KGC)

Production: 84.2 tonnes

Kinross Gold has projects in Brazil, Chile, Ghana, Mauritania, Russia and the US. In 2016, the company produced 84.2 tonnes of gold — up from the 78.4 tonnes it produced in 2015.

The company reported that in 2016 it achieved a fifth straight year of meeting or exceeding production and cost guidance. In 2017, Kinross expects to produce 2.5 to 2.7 million gold equivalent ounces.

6. Newcrest Mining (ASX:NCM)

Production: 76.7 tonnes

Newcrest Mining produced 76.7 tonnes of gold in 2016, slightly down from the 77.4 tonnes it produced the previous year. The company operates mines in four countries.

According to Newcrest, it has one of the largest group gold ore reserves of any company in the world. With an estimated 69 million ounces of gold ore reserves, Newcrest’s reserve life was approximately 28 years as of June 2016.

7. Navoi Mining and Metallurgical Combinat

Production: 75.5 tonnes

Navoi Mining and Metallurgical Combinat bumped its production to 75.5 tonnes of gold in 2016 compared to 75 tonnes produced the year before. According to the Uzbekistan-based company, active government support and constant attention from President I.A. Karimov are the primary reasons it has been able to grow into one of the world’s largest gold-producing companies.

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8. Gold Fields (NYSE:GFI)

Production: 63 tonnes

Gold Fields is a globally diversified gold producer with eight operating mines in Australia, Ghana, Peru and South Africa. In 2016, the company produced 63 tonnes of the metal, a small increase from the 62.9 tonnes it produced in 2015.

Gold production for the company in 2017 is expected to be between 2.1 and 2.15 million ounces, unchanged from the updated guidance it provided in 2016.

9. Polyus Gold International (LSE:PGIL)

Production: 61.2 tonnes

Polyus Gold International produced 61.2 tonnes of gold in 2016. That’s slightly higher than its 2015 total, which was 54.8 tonnes. The company is the largest gold producer in Russia and holds over 67 million ounces of proven and probable gold reserves. Its principal operations are located in Eastern Siberia and the Far East; those include five operating mines, alluvial operations and several advanced development projects.

“2017 is expected to become another year of growth as we anticipate breaking through the 2 million ounces level and delivering 2.075-2.125 million ounces of production,” Pavel Grachev, CEO of Polyus, said in a press release.

10. Agnico Eagle Mines (TSX:AEM)

Production: 51.7 tonnes

Finally, Agnico Eagle Mines made it onto the list of top gold-producing companies with gold production of 51.7 tonnes, a drop from its 2015 output of 52 tonnes.

“New operations, along with optimizations at existing mines, are expected to result in production growth from current levels to approximately 2.0 million ounces in 2020, along with a decline in unit costs,” Sean Boyd, Agnico Eagle’s CEO, commented in a recent release.

This is an updated version of an article first published by the Investing News Network in 2015.

Don’t forget to follow us @INN_Resource for real-time news updates.

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

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This article is updated periodically. Please scroll to the top for the most recent information.

Regardless of how the gold price is doing in any given year, there will always be companies looking to mine the yellow metal. 2015 wasn’t a great year for the gold price, and 2016 has been volatile for the yellow metal.

Despite rising prices, gold production around the world is predicted to decline for the year. Thomson Reuters GFMS found that gold production increased less than one percent, or 3,158 tonnes, in 2015. An increase in output from Indonesia and North American countries was offset by decreases in production in China and in a number of African countries. Looking ahead to 2016, the firm expects gold mine production to decrease for the first time since 2008.

Here’s a list of the top 10 gold-producing companies of 2015, as per statistics from the Thomson Reuters GFMS gold survey. This will be updated when new figures become public.

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1. Barrick Gold (TSX:ABX,NYSE:ABX)

Production: 190.3 tonnes

Barrick Gold took the top spot on the list of the world’s largest gold producers again in 2015, despite seeing a slight decline in output from the year previous. However, the drop isn’t as steep as the one company saw between 2013 and 2014, when the industry leader went from 222.9 tonnes of gold production to 194.4 tonnes. The fall came as the company went through structural shifts that led to modifications in production. Those adjustments allowed Barrick to become more flexible with its finances, but changed the pace of production.

“Our production will be measured by quality, not quantity,” the company stated in its 2015 results release. “While we are producing fewer ounces today than we have in recent years, we are generating significantly more cash. With the largest reserve and resource base in the industry, we have many options within our existing portfolio to maintain and grow free cash flow beyond 2020. ”

Barrick found itself in hot water following the leakage of over a million liters of cyanide solution from its Veladero mine in Argentina last September.

2. Newmont Mining (NYSE:NEM,TSX:NMC)

Production: 156.6 tonnes

Newmont Mining, which has significant operations in both North and South America, as well as Asia, Australia and Africa, produced 156.6 tonnes of gold in 2015, an increase from 2014′s 150.7 tonnes. In June 2014, the company had to suspend operations at its Batu Hijau copper-gold mine due to ongoing governmental export restrictions.

The company received a six month export permit in November 2015, and noted an increase in gold production at the mine in Q4.

3. AngloGold Ashanti (NYSE:AU)

Production: 128 tonnes

AngloGold Ashanti produced 128 tonnes of gold in 2015, a relatively substantial drop from the 138 tonnes it produced in 2014. The South African company has 17 gold operations in 9 countries, as well as numerous exploration projects around the world.

In April 2016, AngloGold reported that illegal miners had taken control of parts of its Obuasi mine in Ghana, according to Bloomberg. Hundreds of men invaded the mine in February. More recently, CEO for Obuasi has accused the company of “dabbling in local politics” by putting up billboards with NPP and AGA logos, although AngloGold has denied the allegations.

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4. Goldcorp (TSX:G,NYSE:GG)

Production: 107.8 tonnes

Goldcorp upped its gold production from 82.9 tonnes in 2014 to 107.8 tonnes last year. The company is one of the world’s fastest-growing senior gold producers and is headquartered in Vancouver. Goldcorp operates four mines in Canada, three in Mexico and four in Central and South America.

For 2016, Goldcorp is forecasting between 2.8 and 3.1 million ounces of gold production.

5. Kinross Gold (TSX:K,NYSE:KGC)

Production: 78.4 tonnes

Kinross Gold is a Canada-based mining company with projects in Brazil, Chile, Ghana, Mauritania, Russia and the US. In 2015, the company produced 78.4 tonnes of gold — down from the 82.2 tonnes it produce in 2015.

“In 2015, Kinross continued to deliver consistent and strong operational results. We finished the year at the high end of our production guidance and the low end of our guidance for all-in sustaining costs while recording the lowest cost of sales since 2011,” said Kinross CEO J. Paul Rollinson in the company’s 2015 results release.

6. Newcrest Mining (ASX:NCM)

Production: 77.4 tonnes

Newcrest Mining produced 77.4 tonnes of gold in 2015, slightly up from the 72.4 tonnes it produced the previous year. The company operates mines in four countries.

Newcrest resumed mining operations at part of its Gosowong operations in Indonesia following the rescue of a miner from the Kencana mine. Kencana was struck by a geotechnical event in February, leaving a miner trapped underground for eight days.

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7. Navoi Mining and Metallurgical Combinat

Production: 74.9 tonnes

Navoi Mining and Metallurgical Combinat bumped its production to 74.9 tonnes of gold in 2015 compared to 73 tonnes produced the year before. According to the Uzbekistan-based company, the active support and constant attention from the government and President I.A. Karimov are the primary reasons it has been able to grow into a major producer of gold.

8. Gold Fields (NYSE:GFI)

Production: 62.9 tonnes

Gold Fields is a globally diversified gold producer with eight operating mines in Australia, Ghana, Peru and South Africa. In 2015, the company produced 62.9 tonnes of the metal, a drop from the 63.6 tonnes it produced in 2014.

9. Polyus Gold International (LSE:PGIL)

Production: 54.8 tonnes

Polyus Gold produced 54.8 tonnes of gold in 2015. That’s slightly higher than its 2014 total, which came in at 52.7 tonnes.

Polyus is the largest gold producer in Russia and holds over 67 million ounces of proven and probable gold reserves. Principal operations are located in Eastern Siberia and the Far East; those include five operating mines, alluvial operations and several advanced development projects.

10. Agnico Eagle (TSX:AEM)

Production: 52 tonnes

Finally, Agnico Eagle made it onto the list of the world’s largest gold miners this year with 52 tonnes of production, a sizeable increase from its 2014 prodcution of 44.5 tonnes.

2015 marked the fourth year in a row that Agnico Eagle exceeded its production guidance, and the company expects to see stable production and costs through 2018. “Over the next three years, we are forecasting stable annual production and costs, which should allow us to continue to invest in our existing mines, maintain funding levels at our key exploration projects, advance our development pipeline in Nunavut at a steady and measured pace and maintain our history of continuous dividend payments to shareholders,” said Agnico Eagle CEO Sean Boyd in the company’s release.

This article was originally published by the Investing News Network in 2015. 

Don’t forget to follow us @INN_Resource for real-time news updates!

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