This year has been a great year for mergers and acquisitions in the global gold industry amid record gold purchases by central banks across the world. The biggest news in the gold sector was Newmont Corp.’s $19.2 billion acquisition of Australia-based Newcrest Mining, undoubtedly one of the largest gold producers on the globe.
With the Colorado-based Newmont Corp. playing an equally large role in global gold production, the acquisition cemented Newmont’s status as the undisputed top gold producer. A recent report from Mining Intelligence ranked Newmont as the largest producer of gold at 2,514 koz of the precious metal produced in the first half of 2023.
Acquiring Newcrest Mining granted Newmont access to one of the highest-grade gold mines in the world, the Brucejack Mines. Newmont’s global gold empire also includes running Nevada Gold Mines, in partnership with Barrick Gold.
Canadian miner Barrick Gold ranked as the second-largest gold producer at 1,196 koz of gold produced in the first half of the year. Barrick Gold formed a joint venture with Newmont in early 2019 that would see both miners combine their mining operations, reserves, talent and assets in Nevada in order to access to up to $5 billion in synergies.
Earlier this year, Barrick Gold CEO Mark Bristow said the Canadian miner would be open to taking over Newmont’s stake in the joint venture as Newmont negotiated its takeover deal with Newcrest.
Agnico Eagle Mines ranked third after Newmont and Barrick Gold, producing 1,767 koz of gold from its mining operations in Mexico, Canada, Finland and Australia. Agnico Eagle closed a $10 billion merger with Kirkland Lake Gold in February 2022 and partnered with Pan American Silver to purchase Canadian miner Yamana Gold in a $4.8 billion cash and shares deal earlier this year. The Toronto-based miner also became the sole owner of Canadian Malartic, the second-largest gold mine in the country, in July and began posting record production numbers.
AngloGold Ashanti from Johannesburg, South Africa, ranked as the fourth-largest gold miner in H1 2023, producing 1,138 koz of gold from mines in the Americas, Australia and Africa. Company shareholders recently approved plans to exit the South African market by switching AngloGold’s primary listing to New York and building its new headquarters in London.
Johannesburg-based Goldfields was the fifth-largest gold producer at 1,080 koz of gold from operations in Peru, Australia and Africa followed by Kinross Gold, which produced 1,021 koz of gold in the first half of 2023. Australian miner Newcrest was the seventh-largest gold producer at 987 koz of gold from mines in Canada, Australia and Papua New Guinea.
Northern Star Resources in Australia, Zijin Mining from China and South Africa’s Harmony Gold ranked as the eighth, ninth and tenth gold miners, producing 791 koz, 747 koz and 741 koz of gold respectively.
While the companied mentioned in these ranking pull some weight in the gold industry, other actors such as Royal Gold Inc. (NASDAQ: RGLD) also make decent contributions to ensure that the seemingly endless demand for the yellow metal is met around the world.
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