Top 10 biggest gold mining companies reduced production 5% in Q3 2021 - report
(Kitco News) - Kitco ranked the top 10 largest gold mining companies based on their quarterly production figures reported in Q3 2021.
1. Newmont. 1,422 koz. The company’s gold production in Q3 2021 decreased 7% to 1,422 koz compared to Q3 2020 (1,521 koz) primarily due to lower leach production, lower mill recovery and lower ore grade milled at CC&V in North America, the ramp down of the mill and lower leach pad production at Yanacocha in South America, lower throughput, lower grade milled and lower recovery at Boddington in Australia, lower throughput at Tanami in Australia as the mine was placed under care and maintenance in the current year, lower ore grade milled at Ahafo in Africa and lower throughput at NGM in Nevada.
2. Barrick. 1,092 koz. For the three month period ended September 30, 2021, Barrick’s attributable gold production of 1,092 koz was 63 thousand ounces or 5% lower than the same prior year period, primarily as a result of the mechanical mill failure at Carlin's Goldstrike roaster on May 26, 2021 which negatively impacted production, combined with lower grades and throughput at Tongon reflecting the change in the mine plan related to the previously disclosed mine life extension to 2023 and fewer tonnes mined at Hemlo.
3. Polyus. 770 koz. Polyus, Russia’s largest gold miner, produced 770 koz of gold in Q3 2021, which was virtually unchanged compared to 771 koz produced in Q3 2020. Doré gold output at its flagship Olimpiada gold mine stood at 293 thousand ounces in the third quarter of 2021, a decline of 8% over Q3 2020.
4. AngloGold Ashanti. 613 koz. Production for the third quarter of 2021 was 613 koz, down 17% compared to 741 koz for the third quarter of 2020. The company said that its year-on-year performance, which saw costs rise and production decline from the third quarter of 2020, was impacted by the voluntary suspension of underground mining activities at Obuasi in May, lower grades at certain operations, inflationary effects, and the ongoing impacts of COVID-19.
5. Gold Fields. 606 koz. Gold Fields had a solid September 2021 quarter, with attributable gold equivalent production for Q3 2021 of 606 koz, up 9% compared to Q3 2020. South Deep in particular had a good quarter, with production up 30% QoQ
6. Agnico Eagle. 542 koz. Including Hope Bay, the company’s payable gold production in the third quarter of 2021 was new record of 541,663 ounces at production costs per ounce of $845, total cash costs per ounce of $784 and AISC per ounce of $1,059.
7. Kinross. 483 koz. Kinross produced 483,060 gold eq. oz. in Q3 2021, down 20% compared with 603,312 gold eq. oz. in Q3 2020, primarily due to lower production at Tasiast as a result of the suspension of milling operations after the mill fire in June 2021.
8. Harmony. 414 koz. Harmony Gold reported that its September quarter 2021 (Q3 2021) gold production of 413,714 oz was 32% higher than a year ago (Q3 2020: 313,725 oz), primarily due to improved production at Moab Khotsong, Kusasalethu, Doornkop and surface source business.
9. Polymetal. 399 koz. Russian mining company Polymetal, a top-10 global gold and silver producer, reported that its Q3 2021 gold production decreased by 9% y-o-y to 399 koz as results reverted to the mean from the all-time quarterly production record set in Q3 2020.
10. Newcrest. 396 koz. The company’s September quarter 2021 gold production of 396 koz was 21% lower than the prior year period, mainly driven by lower mill throughput rates at Cadia, Lihir and Telfer. Cadia’s mill capacity was limited by the replacement and upgrade of the SAG mill motor resulting in lower gold production during the period. Mill throughput rates were also lower at Lihir and Telfer following planned and unplanned shutdown activities.
Top 10 largest gold mining companies produced 6,737 koz of gold in Q3 2021, down 5% compared to 7,096 koz produced in Q3 2020.