4 & 5. Gold - companies

The largest gold mining companies can be ranked by production, market cap. Some companies mine other metals as well.

Newmont Corporation (5-6% of global mined gold)

It seems Newmont Corporation mines the highest volume of gold.Based in Colorado, US, it seems to have mines across the world.

"Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index. Newmont was founded in 1921 and has been publicly traded since 1925.

Global portfolio includes more than half of the world’s Tier 1 gold mines"

It seems to have industry's largest gold reserves to the tune of  135.9 million ounce. In 2024, it produced 5.68 (??) million oz. 17 managed operations across 9 countries.

Another number puts the attributable gold production at 6.8 million oz.

Here's a snapshot of the mines and their production

Total revenue for the company for FY2024 was USD 18.68 billion (USD 11.8 billion in FY2023). EBITDA of $7.5 billion

It seems that the average realized gold price was $2,408 per ounce in FY24 against $1,954 in FY23. (6.8 million oz against 5.5 million oz - FY24, FY23)

Most of the above revenue is from Gold. 15% is other metals - 7% copper, 4% silver, 1% lead, 3% zinc.

The other interesting parameters are around gold costs.There is gold costs applicable to sales (1126 $/oz) and AISC (all-in sustaining costs 1516 $/oz)

In terms of direct costs - 50% are labour costs (both direct and contract), 30% are material and consumables costs  (chemicals, exlposives, consumables, maintenance parts, wear parts), 15% Fuel & Energy Costs (Diesel, Electric Power).

Market Cap USD 54.44 billion

Barrick Gold

Second largest. 3.91 million oz gold produced in 2024. Total reserves ~89million oz.

The company was founded by Peter D. Munk in 1983 and is headquartered in Toronto, Canada.

Total revenue $12.9 billion. ($11.8 billion from Gold, $855 million from Copper, $247 million other.)

$5.1 billion EBITDA. Forecast Cost of Sales $1,460–$1,560/oz. Forecast All-In Sustaining Cost $1,460–$1,560/oz

Market cap USD 34.41 billion

Here following is an interesting chart detailing the acquisition costs of different mines. 

Here's the segment P&L overview

Agnico Eagle Mines

Same market cap as Newmont. USD 54.44 billion.

Payable production of 3,485,336 ounces of gold. All-in sustaining costs (ii) in 2024 of $1,239 on a by-product basis and $1,276 on a co-product basis. 

2025 guidance Gold production – 3.3 to 3.5Moz 

Total cash costs2 – $915 to $965 /oz

Strong Mineral Reserve and Mineral Resource Base3 Proven &Proveable : 54.3 Moz Measured and Indicated: 43.0 Moz Inferred: 36.2 Moz

Agnico Eagle is a Canadian-based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Total revenue of USD 8.28 billion. Out of which gold is USD 8.17 billion,  rest from silver mainly, some zinc and copper.

Given that its revenue is significantly lower than Newmont, and yet it has similar market cap:

"Both Newmont and Barrick have significantly underperformed from a share price perspective, compared to their peers Agnico Eagle and Kinross Gold. The two largest global gold producers share interests in the form of their joint venture Nevada Gold Mines.

The disappointing share price performance reflects a recent pattern of missed production targets and higher operational costs from both gold players. Investors appear to have soured over their inability to fully capture surging bullion prices. There have since been material downgrades to production guidance and increases in costs with Newmont’s five-year outlook slashed."

Here is Agnico's segment results, which is also an indication of how a gold co p&l works:

At production costs level, Agnico seems to do better than Barrick and Newmont (?) 37% costs at production level against 46-47% of other two.

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In terms of other companies and their production,

Kinross Gold produced 2.128 million ounces. (USD 15.5 million market cap.5.1 billion revenue)

from China:

Zijin Mining. It mined 1.8 million oz in 2022. Additionally it refined processed 8.3 million oz of gold (?)

Second largest in China is Shandong. USD 5.2 billion revenue.

Founded in 2002, Shandong Gold Mining specializes in the exploration, mining, processing, refining and retailing of gold products. The company operates mines in China, Argentina and Ghana, in which four of the bases have a cumulative gold output over 100 tons respectively. In addition, the company also engaged in precious metal, nonferrous metal products, and gold jewelry businesses.