In this article, we will take a look at the 5 biggest gold mines in the world. If you want to read our introduction about the value of gold.
5. Kibali
Total production in 2021: 812,000 Ounches
Another gold mine owned by Barrick, the Kibali gold mine is located in Congo. For 2022, Barrick expects the mine to produce gold in between 340,000 – 380,000 ounces.
4. Olimpiada
Total production in 2021: 1.18 Million Ounces
The Olimpiada is one of the biggest gold mines located in Russia. The mine is estimated to have a whopping 30.01 million oz of gold reserves.
3. Grasberg
Total production in 2021: 1.37 million
The Grasberg gold mine is located in the Mimika Regency, Central Papua, Indonesia. The mine is operated by the American mining giant Freeport-McMoran.
The company’s stock recently jumped as investors believe China’s reopening could bode well for the mining companies like Freeport. As of the end of the third quarter, 57 hedge funds tracked by Insider Monkey reported having stakes in the company.
2. Muruntau
Total production in 2021: Over 3 Million Ounces
Muruntau is one of the biggest gold mines in the world, located in Uzbekistan. It is the largest open-pit gold mine. This mine is operated by Uzbekistan state-owned Navoi Mining and Metallurgy Combinat.
1. Nevada Gold Mines
Total production in 2021: 3.3 Million Ounces
Nevada Gold Mines are operated primarily by one of the biggest gold companies in the world, Barrick Gold. However, Nevada Gold Mines is a joint venture between Barrick and Newmont, with the latter owning about 38.5% of the mines.
In November, Barrick Gold shares took a major slump after the company posted third quarter results. The company suffered in the period due to rising costs and production declines. The company’s revenue also fell 10.6% in the quarter and came in at $2.53 billion.
As of the end of the third quarter of 2022, 35 hedge funds tracked by Insider Monkey reported having stakes in the company.
REFERENCE: 13 Biggest Gold Mines in the World – Insider Monkey