10 Biggest Gold Mining Companies in the World: 2020 Rankings

While the gold market may not be as strong as it once was, the top 10 biggest gold mining companies in the world show no signs of abating. 2018 wasn’t a particularly lucrative year for the gold market, as the market was more or less lackluster, mainly due to the steadiness of the US dollar throughout the year, as when the dollar falls, investors look to invest in gold bullions in order to protect their assets. This led to investors considering other potential markets instead of gold, which is why the gold prices actually fell in 2018, to the tune of 5%, even though they had gained 13% in the year before.

Due to the hit to the gold market, production also followed suit and decreased around 11% in the year, with some of the biggest gold mining companies reducing their production as well. While figures for 2019 aren’t yet available, the market did improve significantly in the second half of the year, thereby achieving the benchmark rate of $1,400 an ounce, going on to hit a five year high. Thus, it would be safe to assume that gold production in 2019 will have increased significantly when compared with 2018.

So why has there been so much fluctuation in what is considered to be a relatively stable market? Well, you have the two biggest superpowers in the world to thank for that, as it was because of a trade deal between China and the US, two of the biggest gold producers, which has been drawn out for 18 months and sparked the price increase in the second half of 2019. Serious geopolitical uncertainties have also dominated the year, with Brexit and nuclear tensions with Iran further propelling interest in investing in gold, which is why 2019 seems to be a really good year for gold mining companies.

This continued in 2020 as the Federal Reserve in the United States and the European Central Bank printed vast amounts of money to counter the coronavirus induced global recession. Typically, gold prices increase when there in uncertainty globally, and considering the political and economic environment currently, this could very well continue throughout 2021 as well. This is why it seems like it’s a good time to invest in gold mining companies, and the below list, based on the total production, is a good way to start. If you want to consider changes in this list from the previous year, you should check out the 13 biggest gold mining companies in the world.

10. Randgold Resources

Production: 55.1 tonnes
Randgold, operating in Mali and listed on the London and NASDAQ stock exchanges, earned its place in this list by increasing production in a time when the overall market was falling.

9. Goldfield

Production: 63.3 tonnes

Goldfield was one of the gold mining companies which gained during the 2008 recession as people rushed to protect their money by investing it in the relatively stable gold market. It has not looked back since, and this South African country now has mines in South Africa, Peru, Australia and Ghana.

8. Goldcorp

Production: 71.4 tonnes

Goldcorp’s production has continued falling, decreasing 8.5 tonnes from the previous as the company’s business was hit by the lackluster market. However, Goldcorp has merged with Newmont Minting Corporation and aims to become the largest gold producer in the world.

7. Polygus Gold International

Production: 75.9 tonnes

Polygus is in one of the world’s biggest gold mining country in Russia, and is the largest producer of gold in the country. It produced 2.44 million ounces in 2019 to establish itself as the dominant Russian gold mining company and is listed in both London and Moscow.

6. Freeport-McMoRan

Production: 75.9 tonnes

This company is more famous for being one of the largest copper producers in the world, but thanks to its majority holding of the largest gold mine in the world by production in the Grasberg mining district, it boasts significant gold reserves as well, thereby making the list of 10 biggest gold mining companies in the world.

5. Newcrest Mining

Production: 76.4 tonnes

Newcrest is located in the second biggest gold producing country in the world in Australia, but has expanded it operations beyond the borders and now has a presence in Indonesia, Papa New Guinea and the Ivory Coast.

4. Kinross Gold

Production: 77 tonnes

Kinross Gold is located in Canada, and is currently operating 8 mines, located in several countries including the United States of America, Brazil and Russia.

3. AngloGold Ashanti

Production: 106.1 tonnes

While it is headquartered in South Africa, AngloGold Ashanti is truly a global organization, listed on London, Johannesburg, Accra, Australian and New York stock exchanges.

2. Barrick Gold

Production: 140.8 tonnes

Headquartered in Toronto, Barrick Gold has a presence in over a dozen countries, even though it has faced significant controversy regarding its practices, with the accusations pertaining to rape, abuse, murders, arson and white collar crimes such as bribery, money laundering and tax evasions.

1. Newmont Goldcorp

Production: 158.8 tonnes

Unsurprisingly, an American company tops the list of 10 biggest goldmining companies in the world, with Newmonth being a behemoth in the gold industry. It currently has nearly 25,000 employees and is the only gold company in the S&P 500.