Gold has always been used as a safe haven asset, particularly in times of economic upheaval, as the metal maintains its value during these periods instead of depreciating. With the global costs of living rising and the economy on the brink of a recession, gold mining companies could be making a killing as demand for gold rises.
Data from the World Gold Council shows that the top-10 gold producers in the world accounted for 12%, or 13 million ounces of worldwide gold production last year. These mines are situated in nine countries across Africa, Asia, North America and Oceania. The mines include the following:
Nevada Gold Mines
This is currently the largest gold mining operation in the world. The mine was formed from a partnership between Newmont Corporation (NYSE: NEM) (TSX: NGT) and Barrick Gold, the two largest gold miners in the world. Nevada Gold Mines consists of six mines that produce more than 3.3 million ounces of gold per year.
Muruntau
This is a gold mine owned by the Uzbekistan government. It is the world’s second-largest gold mine with around 170 million ounces of gold ore, producing a little under 3 million ounces of gold and accounting for more than 80% of the gold produced in Uzbekistan.
Grasberg
Located in Indonesia, this mine comes in third in terms of size. On top of being one of the largest gold mines in the world, the mine is also one of the globe’s premier copper miners. The Indonesian mine produced slightly more than 1.3 million ounces of gold in 2021.
Olimpiada
This is a gold mine in Russia that’s owned by local mining behemoth Polyus. It has 26 million ounces worth of gold reserves and produced 1.1 million ounces of gold last year.
Pueblo Viejo
This mine, which is located in the Dominican Republic, is the largest mine in either North or South America. It has 6.55 million ounces of gold reserve and produced 814,000 ounces of gold in 2021.
Kibali
This is one of the largest mines in Africa. It is owned by Barrick, Société Miniére de Kilo-Moto (SOKIMO), and AngloGold Ashanti and produced 812,000 ounces of gold last year.
Cadia
This is one of the largest gold mines in Australia, and it produced 764,000 ounces of gold last year.
Lihir
This mine, which is located in Papua New Guinea, contains up to 10,000,000 ounces of probable and proven reserves. Last year, the mine produced roughly 737,000 ounces of gold.
Canadian Malartic
This is an open-pit gold mine in Quebec, Canada, with an estimated 1,767,000 ounces that produced 714,783 ounces of gold in 2021.
Boddington
This is a gold and copper mine located northwest of Boddington, Western Australia. It is the largest gold mine in the country, and it produced 696,000 ounces of gold in 2021.
Will these giants be supplanted by smaller upstarts in the years to come? Only time can tell since these top 10 currently account for just a little more than 10% of the global production of gold.
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