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Top 10 largest gold mining companies in Q1 2021 - report

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(Kitco News) - Newmont was the largest gold mining company by production in Q1 2021. Northern Star was a newcomer to the top 10 list, while Polymetal and Kirkland Lake have dropped out of the quarterly ranking.

Kitco ranked the top 10 largest gold mining companies by production in Q1 2021.

Newmont was the top gold producer in Q1 2021. The company’s attributable gold production was in line compared to the prior year quarter, decreasing 2% to 1,455 thousand ounces primarily due to the sale of Red Lake, lower leach pad production and the ramp down of the mill at Yanacocha, lower mill throughput at Nevada Gold Mines, lower ore grade milled at Merian and lower production at Cerro Negro as the site focuses on returning operations to full capacity while managing ongoing Covid-related impacts.

Barrick sits second with 1.1 Moz of gold produced on Q1 2021, a 12% decrease compared to Q1 2020 (1.25 Moz). Production in the latter half of the year is expected to be higher than the first, mainly due to mine sequencing at Nevada Gold Mines, the commissioning of the new leach pad facility at Veladero in Argentina, the ramp-up of underground mining at Bulyanhulu and higher anticipated grades at Lumwana in Zambia.

Russian gold miner Polyus is third with total gold output in Q1 2021 amounted to 592 thousand ounces, which was virtually unchanged compared to 595 thousand ounces in Q1 2020.

AngloGold Ashanti is fourth and produced 588 Koz in Q1 2021, compared with 630 Koz in the same period in 2020. Solid production performances were delivered at AGA Mineração, Serra Grande, Siguiri and Obuasi, more than offset by declines at other mines in the portfolio.                            

Kinross is fifth with 559 Koz produced in Q1 2021, compared with 567 Koz in Q1 2020. This slight decrease was primarily due to lower production at Tasiast and at Round Mountain, partially offset by higher production at Bald Mountain.

Gold Fields sits sixth. The company said that notwithstanding the impact of COVID-19 on Q1 2021 (particularly impacting Cerro Corona and South Deep), the company’s attributable equivalent gold production was 541 Koz, largely flat compared to Q1 2020.
Including Hope Bay, Agnico Eagle’s payable gold production in the first quarter of 2021 was 517 Koz. Strong operational performance in March has driven record quarterly gold production – Better than forecast performance at LaRonde, Kittila, Meliadine and Meadowbank in March resulted in record payable gold production for Agnico Eagle.

Newcrest gold production in Q1 2021 was 1% lower than in Q1 2020, reflecting the impact of planned shutdown events at Cadia and Lihir. This was partially offset by an increase in gold production at Telfer driven by higher throughput rates and gold recovery improvements.

Harmony Gold reentered the top 10 list on ninth place. The sequential increase year-on-year in production was largely due to the successful integration of Mponeng and related assets into the company’s portfolio.

Northern Star Resources entered the top 10 list on tenth place. The company produced 366 Koz of gold in Q1 2021, a 54% increase over Q1 2020, mainly due to the merger with Saracen Mineral Holdings.

Endeavour Mining’s Q1 2021 consolidated production increased by 175 Koz or 102% which was double that of Q1 2020, as a result of the addition of four new mines (Mana, Boungou, Wahgnion and Sabodala-Massawa) since the end of Q1 2020. Endeavour is closely following the top 10 gold mining companies by production landing on eleventh place in Q1 2021.   

Polymetal and Kirkland Lake Gold have dropped out of the top 10 largest gold mining companies list in Q1 2021 ranking twelfth and thirteenth, respectively.

Top 10 gold mining companies in Q1 2021

Company

Gold production, thousand (Koz) ounces

Change, %

Q1 2021

Q1 2020

1

Newmont

1,455

1,479

-2

2

Barrick

1,101

1,250

-12

3

Polyus

592

595

-1

4

AngloGold Ashanti

588

630

-7

5

Kinross

559

567

-1

6

Gold Fields

541

537

1

7

Agnico Eagle

517

409

26

8

Newcrest

512

519

-1

9

Harmony

379

302

25

10

Northern Star

366

237

54

11

Endeavour

347

172

102

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.