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Top gold miners rebounded strongly post COVID-19 interruptions

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(Kitco News) - In Q3 2020, biggest gold miners have seen a 11% increase in their total gold output compared to the pandemic impacted Q2 2020. Newmont was the top gold mining company.

Kitco looked at production results for the top ten largest gold mining companies in Q3 2020.

Overall, the biggest gold miners have seen a 11% increase in their gold output compared to the previous quarter, from 6,530 koz in Q2 2020 to 7,237 koz in Q3 2020, a strong rebound after COVID-19 interruptions have disrupted gold mining industry in Q2 2020.

Compared to Q3 2019, the top gold miners’ production fell by 4%, from 7,561 koz in Q3 2019 to 7,237 koz in Q3 2020.

Newmont, the world’s largest gold mining company, reported that its attributable gold production in Q3 2020 decreased 6 percent to 1,540 thousand ounces from the prior year quarter primarily due to ongoing Covid-related impacts at Yanacocha, Cerro Negro and Éléonore mines as the operations continued to ramp up in the third quarter from care and maintenance, in addition to the sale of Red Lake and Kalgoorlie, partially offset by higher production at Peñasquito and Musselwhite.

Barrick, the world’s second largest gold miner, produced 1,155 koz of gold in Q3 2020. Gold output dropped by 12% compared to Q3 2019 (1,306 koz) and rose by 1% over previous quarter (1,149 koz).

AngloGold Ashanti’s production improved by 1% year-on-year to 837 koz compared with 825 koz in the same period in 2019. The solid production result was underpinned by strong performances at most sites, with standout performances at Sunrise Dam and AGA Mineração.

Polyus’ total gold output increased by 12% to 771 thousand ounces compared to the previous quarter. Year-on-year, volumes of doré gold remained flat, while total gold output grew by 2% respectively.

Kinross produced 603 koz in Q3 2020, compared with 608 koz in Q3 2019. The slight decrease was largely due to lower production at Paracatu, Maricunga and Kupol, largely offset by increases at Fort Knox and Bald Mountain.

Gold Fields’ attributable gold production for Q3 2020 was 557koz, up 7% YoY (up 1% QoQ). Q3 2020 was a period of recovery for the company’s operations that were most severely disrupted by COVID-19, namely South Deep and Cerro Corona.

Newcrest’s production in Q3 2020 was 12% lower than the prior period across all operations. In line with prior years, a series of planned shutdown events reduced throughput rates at Cadia, Lihir and Telfer. Additionally, production was also impacted by lower grades at Cadia, Lihir and Red Chris, the impact of unplanned outages and autoclave availability at Lihir and lower recovery rates at Telfer, Red Chris and Lihir.

Agnico Eagle’s payable gold production in the third quarter of 2020 was 492,693 ounces (including 13,305 ounces of pre-commercial gold production from the Barnat deposit at Canadian Malartic and 1,982 ounces of pre-commercial gold production at the Tiriganiaq open pit at Meliadine). In the third quarter of 2020, new operational records were established at several of the company's mines.

Polymetal’s Q3 2020 gold production increased by 9% y-o-y to 438 Koz driven by strong contributions from Omolon, Varvara, and Kyzyl.

Kirkland Lake’s consolidated Q3 2020 production totalled 339,584 ounces, a 37% increase from 248,400 ounces in Q3 2019 and 3% higher than 329,770 ounces the previous quarter. The main contributor to the strong growth compared to the same period in 2019 was 140,067 ounces of production from Detour Lake, following the acquisition of Detour Gold on January 31, 2020.

Here is the complete Q3 2020 ranking compiled by Kitco.

Largest Gold Mining Companies in Q3 2020.

Company

Q3 2020 Au output, koz

Q2 2020 Au output, koz

Q3 2019 Au output, koz

Q3 2020 / Q3 2019 change, %

Q3 / Q2 2020 change, %

1

Newmont

1,540

1,260

1,640

-6

22

2

Barrick

1,155

1,149

1,306

-12

1

3

AngloGold Ashanti

837

753

825

1

11

4

Polyus

771

690

753

2

12

5

Kinross

603

576

608

-1

5

6

Gold Fields

557

550

523

7

1

7

Newcrest

503

573

512

-2

-12

8

Agnico Eagle

493

331

744

-34

49

9

Polymetal

438

318

402

9

38

10

Kirkland Lake

340

330

248

37

3

Total

7,237

6,530

7,561

-4

11

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