10 Major Mining Companies Produced
over 900 Tons of Gold in 2022

As global economic uncertainty continues to rise, the demand for gold as a safe haven investment and commodity has also increased, driving up its value and demand. As a result, leading gold production companies are looking to fulfill the demand by recording significant production of the precious metal.

In this line, data acquired by Finbold.com, a financial news provider, indicates that the world's leading 10 gold mining companies cumulatively produced 902.66 tons of the precious metal in 2022. Newmont led the way, which produced 186.13 tons, accounting for approximately 20% of the total gold produced by the 10 firms.

US-based Newmont remains a leading global gold production industry player. This status is driven by factors such as the company’s size, operational efficiency, and expansive reach. One of Newmont’s strengths is its ability to maintain a diverse portfolio of mines across various regions.

This approach helps mitigate risks associated with country-specific issues, including political instability or regulatory changes.

Newmont continues to grow its global footprint through strategic acquisitions. For instance, the company has entered into a definitive agreement to acquire Newcrest Mining, an Australian-based rival. With a focus on maintaining its operational position, Newmont is poised to remain a top player in the global gold production industry.

“The combination of Newmont and Newcrest represents an exceptional value proposition for shareholders and other stakeholders. It creates an industry-leading portfolio with a multi-decade gold and copper production profile in the world’s most favorable mining jurisdictions,” said Tom Palmer, President and CEO of Newmont.

Mr. Palmer continued: “This transaction also increases Newmont’s annual copper production – a metal vital for the new energy economy – and adds nearly 50 billion pounds of copper reserves and resources from Newcrest to our robust and balanced portfolio.” Barrick Gold ranked second, producing 129.41 tons, followed by Agnico Eagle at 97.97 tons.

AngloGold Ashanti claimed the fourth spot with 85.69 tons, while Polyus accounted for the fifth-highest production at 79.41 tons.

Other companies leading in gold production include Gold Fields (74.9 tons), Kinross Gold (68.75 tons), Newcrest Mining (67.59 tons), Freeport-McMoran (56.59 tons) and Zijin Mining (56.16 tons).

Gold Production Shows Resilience

The research highlighted the implication of the produced gold by the companies amid an environment of challenges stemming from different factors. According to the research report:

"The cumulative production by the highlighted companies shows the resilience of the gold mining sector, which is still attempting to recover from the effects of the pandemic. At the same time, despite significant gold production by the major companies, the industry experienced rising costs in 2022 due to the extended effects of the pandemic and geopolitical events such as Russia's invasion of Ukraine."

The world's leading gold mining companies are seeing their produced gold hit a market that is currently experiencing a resurge, driven by various factors. In addition, the consumption of gold in the form of products such as jewelry is also on the rise, further driving demand for the commodity.

Indeed, the ability of the firms to sustain production will be determined by factors such as the economic outlook and overall market demand.

Editor’s Note: Reporting by Justinas Baltrusaitis for Finbold.com, a rapidly expanding platform that provides extensive coverage of the latest financial news from the stock market, cryptocurrency, banking, and other relevant sectors.