Six Major Gold Miners with Massive Reserves

Summary

  • Gold prices have been edging higher over the weaker US dollar and growing inflationary pressure.
  • China, Russia, Australia, Canada, and the US are the major gold suppliers, accounting for a significant portion of the global gold deposits.
  • Polyus, Newmont, Barrick, Kinross, AngloGold Ashanti, and Newcrest are among the world's leading gold mining companies based on the reserve size.

2020 was an eventful period for gold, which hit an all-time high of  USD 2,073.41 per ounce in August last year. The yellow metal is commonly considered as a safe haven in times of market stress or turmoil.

On 19 May 2021, gold prices were hovering around US$1873.95. Recently, gold prices have been heating up on the back of the weaker US dollar and growing inflationary pressure.

Source: © Theohudayanto | Megapixl.com

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As the gold prices are gaining traction, various gold miners across the globe like DRDGOLD Limited (NYSE: DRD), AngloGold Ashanti Limited (NYSE: AU), Perseus Mining Limited (ASX: PRU), and Evolution Mining Ltd (ASX: EVN) are capitalising on the trend.

Globally, China, Russia, Australia, Canada, and the US are the leading gold suppliers, which account for a significant portion of the global gold deposits.

Let us skim through some of the leading gold mining companies based on their reserve size.

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Polyus (104Moz):

Source: Company Website

Polyus (MCX: PLZL) is a Russia-based gold mining company, boasting the largest reserve base, globally, as per a company update in late-April 2021. 

The company increased its total proved and probable ore reserves from 61Moz at the end of December 2019 to 104Moz in December 2020.  

Polyus is committed towards expanding its resource base with exploration activities across the group. 

Barrick Gold Corporation (68Moz):

Headquartered in Canada’s Toronto, Barrick Gold Corporation (ETR: ABR) is a well-known name in the gold mining industry.

Holding an extraordinary gold reserve base, Barrick has operations in 16 sites across 13 countries. The miner reported 68Moz gold reserves as of 31 December 2020, down 4% from the same period a year ago. The drop in its reserve size has been attributed to the divestment of Massawa.

However, excluding the divestment of Massawa, Barrick’s total mineral resources grew in 2020.

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AngloGold Ashanti (29.7Moz):

AngloGold Ashanti is a South Africa-based gold miner formed by the merger of AngloGold and Ashanti Goldfields. The miner has around 21 operations across the globe.

The miner reported a reserve base of 29.7Moz in December 2020, significantly less than the 2019 reserve base of 43.9Moz. The drop in reserve base has been attributed to a reserve drop of 3.4Moz and disposal of assets in Sadiola and South Africa (16.7Moz).

However, the miner has added 4.5Moz with exploration and modelling changes. Even after losing nearly 32% of the reserves, the miner accounts for one of the largest gold reserve bases, globally.

Newcrest Mining Limited (49Moz):

Newcrest Mining (ASX: NCM) is an Australia-based gold mining company with operations in Canada, Papua New Guinea, and Australia. The Australian miners hold a reserve base of 49Moz, as per the company's December 2020 reporting.

The figure is lower than 2019 reserves owing to the divestment of 75% interest in Gosowong business and slight changes at Lihir and Telfer.  

Kinross Gold Corporation (30Moz):

Kinross is a Canada-based gold and silver-focused miner with operations in Ghana, Chile, US, Russia, and Brazil.

The miner increased its gold reserves by 5.7Moz or 23% in 2020. It expects to boost its global exploration program with a focus on Russia and Chirano in 2021. With a view to make mineral resource and reserve additions, the company is focused on prioritising opportunities within the footprint of existing mines in its global portfolio.

Newmont Corporation (94.2Moz):

Newmont Corporation (NYSE: NEM) is a US-based gold mining company with operating mines in Australia, the US, Peru, Argentina, Ghana, Canada, Dominican Republic, Mexico, and Suriname.

The miner holds a gold reserve base of 94.2Moz, according to a company update in February 2021.  

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