 |
| Muruntau mine in Uzbekistan was the world's largest gold mine by production in 2019. Five out of ten largest gold mines are owned / co-owned by Barrick. Image: Navoi Mining |
Over the past month, Mines and Metals created a series of stories covering largest gold mining operations in different regions, including Canada, Australia, West Africa, Russia, South America. Now it is a good time to look at the holistic picture and identify the true gold behemoths worldwide.
Below is an overview of the top 10 largest gold mines in the world developed by Mines and Metals on the basis of 2019 production figures and our in-depth knowledge of gold industry.
Due to numerous mergers, acquisitions, consolidations and development strategies changes occurred across the gold mining industry over the past year, this list underwent some noticeable changes compared to 2018 version.
The iconic Grasberg mine in Indonesia that regained the crown as the world’s biggest gold mining operation in terms of output in 2018, is now hanging on the brink of leaving the top ten list.
Mined since the 1970s by US-based Freeport McMoran, the Grasberg mining complex is transitioning to an underground operation with planned return to full production set for 2022. Therefore, Grasberg won’t top the rankings again any time soon.
On July 1, 2019, Barrick’s Goldstrike and Cortez and Newmont’s Carlin were contributed to Nevada Gold Mines and that consolidation created two new reporting entities that have no comparative numbers for 2018.
As usual, we took very conservative approach when estimated gold output at world’s largest Muruntau gold mine in Uzbekistan due to the fact that precise numbers for this state-owned mine are not being disclosed.
Here’s the 2019 ranking developed by Mines and Metals.
Top 10 Biggest Gold Mines in 2019
*Estimated production.
** On July 1, 2019, Barrick’s Goldstrike and Newmont’s Carlin were contributed to Nevada Gold Mines and are now referred to as Carlin. As a result, the amounts presented represent Goldstrike on a 100% basis (including Barrick’s
60% share of South Arturo) up until June 30, 2019, and the combined results of Carlin and Goldstrike (including Barrick’s 60% share of South Arturo) on a 61.5% basis thereafter. No comparative data for 2018 is available.
*** On July 1, 2019, Cortez was contributed to Nevada Gold Mines, a joint venture between Barrick and Newmont Corporation. As a result, the amounts presented are on an 100% basis up until June 30, 2019, and on a 61.5% basis thereafter. No comparative data for 2018 is available.
1. Muruntau
The Muruntau mining complex, located in Uzbekistan and consisting of open-pit mine and heap leach operations, is estimated to have produced slightly more than 2 million ounces of gold in 2019. Operated by state-owned Navoi Mining and Metallurgical Combinat, the mine is more than 3.3km long, 2.5km wide nearly 600m deep. Considering the stunning resource base, estimated in excess of 150m ounces, Muruntau will likely keep its ranking as world’s biggest gold mine.
2. Olimpiada
 |
| Olimpiada gold mine. Source: Polyus |
Located in one of Russia’s most prolific gold mining provinces, gigantic Olimpiada mine is Polyus’ largest operation. The mine began production in 1996 and currently accounts for over a half the Moscow-based company’s total gold output. The ore mined at the site is processed at three plants with a combined capacity of 13 million tonnes of ore annually. Olimpiada produced 1.389 million ounces of gold in 2019, a 5% increase over the prior year.
Source: Vladimir Basov | Kitco News
No comments:
Post a Comment