top 10 largest gold mining companies ranked by reserves - report | kitco news
Russian gold mining giant Polyus boasts the largest gold reserves base globally after the company announced that its total proved and probable ore reserves have increased 71% to 104 million ounces of gold as at 31 December 2020, compared to 61 million ounces of gold as at 31 December 2019. The company said that the updated estimate primarily reflects the inclusion of ore reserves for Sukhoi Log.
With 94.2 Moz reported in 2020, Newmont has the second largest gold reserves base across the industry. This result was slightly lower than prior year adjusted total of 95.7 million ounces after adjusting for the KCGM and Red Lake divestments. Depletion of 7.5 million ounces was largely replaced by additions before revisions of 4.9 million ounces and net revisions of 1.1 million ounces primarily from mine plan improvements.
Barrick is third with 68 million ounces of gold reserves reported in 2020, a 4% decline over 2019. After adjusting for the disposal of Massawa, reserve replacement was 76% of depletion with a consistent reserve grade maintained. Similarly, when excluding the impact of Massawa, the net reduction in reserves year-on-year is approximately 2%.
Gold Fields is fourth with 50.3 million ounces of gold reported in 2020. A 2% increase in reserves over 2019 was primarily driven by increase at South Deep, resulting from a reduced COG and updated mine design
Newcrest sits fifth. The company reported 49 million ounces of gold as at 31 December 2020, a 6% decrease compared to 2019. This decline was due to the estimated mining depletion of approximately 2.5 million ounces, removal of 0.3 million ounces of gold following divesture of Newcrests
75% interest in Gosowong, as well as minor changes at Telfer and Lihir.
Kinross total estimated proven and probable gold reserves at December 31, 2020 were approximately 30.0 million ounces. The increase of 5.7 million ounces in estimated gold reserves compared to December 31, 2019 was mainly a result of the conversion of 6.4 million ounces of resources to probable reserves at Lobo-Marte. Amongst the operating sites, 2.2 million ounces were also added to proven and probable reserves to partially offset production depletion.
AngloGold Ashantis ore reserves declined from 43.9 million ounces in December 2019 to 29.7 million ounces in December 2020. This gross annual decrease of 14.2 million ounces includes depletion of 3.4 million ounces, and disposal of assets in the South African region and Sadiola of 16.7 million ounces.
In 2020, Polymetals gold reserves increased by 5% year-on-year
to 24.9 million ounces of gold driven by initial ore reserve estimates at East Bakyrchik (Kyzyl), Prognoz, and Pescherny (Voro hub). This has more than compensated for depletion at operating mines and ownership dilution at Veduga.
As at December 31, 2020, Agnico Eagle's proven and probable mineral reserve estimate (net of 2020 gold production) totaled 348 million tonnes of ore grading 2.15 g/t gold, containing approximately 24.1 million ounces of gold. This is an increase of approximately 2.5 million ounces of gold (12%) compared with the prior year. The large increase in proven and probable mineral reserve ounces is largely due to the inclusion of initial mineral reserves at Hammond Reef.
Harmonys total attributable gold mineral reserves amounted to 23.8Moz at 30 June 2020, a 0.4% increase on the 23.7Moz declared at 30 June 2019. Gold mineral reserve ounces in South Africa represent 48%, while the Papua New Guinea gold and gold equivalent ounces represent 52% of Harmonys total mineral reserves.
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HighGold Mining is focused on two well-known North American gold mining environments; Alaska and Timmins, Ontario - to both establish and grow existing high-grade resources. HighGolds management team has a wealth of technical experience, a track record of success in finding, growing and advancing mineral resources and a reputation for being responsible stewards of shareholders funds.
the worlds highest grade gold mines
The grade of metal in ore changes over time and every year publicly traded and other mining companies routinely reevaluate, recalculate and report mineable reserves applying different variables, with commodity prices fluctuations being the most important contributor for upgrades/downgrades in reserves.
This analysis covers those currently active gold operations throughout the world that are separate reporting units and which have recent reserves evaluation figures disclosed by the owners/operators.
Why only reserves have taken into account? This is because mineral reserve is the part of mineral resource that demonstrated economic viability in current market conditions. Therefore, ore reserves are way less speculative than ore resources and relatively precisely reflect changes in economic wellbeing of mines.
For more accurate basis of comparison, gold operations have been split into underground and open-pit, since these mining methods utilize different techniques/equipment and it does make sense to identify the best in the breed gold operations within one mining category, first. In this research, focus has been made on ore grade in reserves while putting aside other crucial parameters like ore tonnage and volume of metal contained in ore.
Data retrieved from the IntelligenceMine database, which provides researchers, investors and suppliers with up to date global mining market intelligence mining and mineral exploration company reports; mine, project and processing facility reports; securities filings; an interactive mapper and much more.Learn more about IntelligenceMine.
2. Macassa gold operations, Ontario, Canada, owned by Kirkland Lake Gold Inc., is part of one of Canadas oldest and richest systems. The Kirkland Lake Main Break system boasts production of 24 million troy ounces of gold over a span of 86 years and average historic grade of 16.5 g/t. With 22.2 g/t average gold grade reported in reserves, South Mine complex of Macassa operations holds the second place.
3. Kedrovka mine, Republic of Buryatia, Russia, owned by the local Zapadnaya Gold Mining company, enjoys the third highest grade underground mine and has a 22 g/t average ore grade in reserves. The mine is currently focused on the Osinovaya vein a huge quartz vein, which has significant exploration upside potential with at least 100 identified veins.
4. Barricks Turquoise Ridge mine complex (Nevada, United States), fourth in our ranking with 16.9 g/t gold in reserves, has considerable untapped potential and is becoming a core operation for Barrick.
After we have identified highest grade underground gold operations, the second step is to lookup for the leader amongst them when apply two components combined; ore grade and volume of gold contained in reserves, which is derived from ore reserves tonnage in-situ and grade (see Figure 1).
You are missing ABM resources Australia ASX (ABU), next 2 1/4s Jly-Sep & Oct Nov 2015 will be maiden production run 12-15 gpt, Mining operation has started mining as open pit. The trial mining run produced > 3200oz from between 8 9,000 tonnes of ore at 85% recovery the new plant is performing at 95% while still accumulating gold in circuit, expected to be 97-98% recovery once the plant is saturated.
There is a more glaring problem
with this article that shows a general lack of understanding and it is in the opening
comment The grade or concentration of a mineral or metal in ore directly
affects costs associated with mining, etc. The costs are the costs. A
tonne of rock needs drilling, blasting, mucking, trucking crushing and grinding
etc. There is difference in cost between development and production tonnes ore
/ waste dependent upon mining methods etc. But take a single stope for example.
Part of it may be very high grade and part low grade with an average grade
somewhere in-between. The cost per tonne of getting the high grade and the low
grade ore to the surface is the same and unaffected by the grade. Higher grades
just mean you can have high costs and still make money. Thats why we have cut
off grade. Material below cut-off is unprofitable because there is less
recoverable contained value that the cost of liberating the value. However the cost
of mining a comparable tonne below cut-off and above is the same.
The author was referring to the cost per unit weight of extracted metal (refer to second paragraph) with the point being that all other things being equal, a higher grade generally means lower total cost per ounce. The grade does not affect the cost but affects the calculation of the cost. Im sure he will try harder to get his articles word perfect for you in future.
Interesting analysis but incomplete if the aim to is create a full and meaningful basis for evaluating the actual and life of mine value of a resource and whether it should even be considered a resource. Few miners( actually none that Ive seen are qualified mine economists or qualified experts in in mine finance. Also financial viability must include costs to produce using proven methods and technologies that control and avoid accruing environmental liability, the structure terms and costs of debt, capital costs per tonne of annual capacity. I agree that financial feasibility is constantly moving and changing based on global markets and global market conditions. I dont agree that even the top miners undertake the rigorous well informed constant reassessment you suggest is the norm.
Given some of the comments below, I think its worth repeating that Mining.com is not a technical report for investors. Articles like this one are of general interest to folks like myself who are interested in geology, prospecting, mining and the industry in general. I dont expect much more than that. On the other hand, I wouldnt know how to discriminate between the different levels of sophistication that could be applied to interpreting the given data. Therefore, its useful to read the comments of those who are more knowledgeable than I.
about the Zaruma Mine that Dynasty Metals and Mining (DMM.TO) placed into
production 5 quarters ago. 2.5 million ounces total resources with 1.094 million ounces of measured and indicated at an average grade of 12.83 gpt and 1.448 million ounces at 12.2 gpt inferred. In the first quarter
of commercial production (Q3 2013) they mined high grade resource material at an average 15.1 gpt. Since then they were working through some underground
development issues, which have been dealt with and should get back up to a 10
gpt head grade going forward and mining at approximately 500 tpd. The Zaruma mill has a current processing capacity of 300,000 tonnes per annum and can be easily upgraded to 800,000 tpa with additional CAPEX of $3 4 million.