Top 10 largest gold mining companies in Q1 2022 – report

Gold & Silver

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(Kitco News) – Kitco ranked the top 10 largest gold mining companies by production in Q1 2022 based on publicly reported quarterly data.

This rating does not include Russia’s biggest and one of the world’s largest gold miners, Polyus, which has decided to switch from quarterly to semiannual reporting of its operating results and consolidated financial statements effective the first half of 2022.

Newmont was the top gold producer in Q1 2022. The company’s attributable gold production decreased 8% to 1,344 thousand ounces from the prior year quarter primarily due to lower mill throughput at CC&V, Tanami, Porcupine and Nevada Gold Mines, lower ore grades milled at Peñasquito, Pueblo Viejo, Éléonore and Porcupine, and a build-up of in-circuit inventory. These decreases were partially offset by higher ore grade milled at Boddington and higher production at Yanacocha due to the acquisition of Buenaventura’s 43.65% ownership in February 2022.

Barrick sits second with 990 thousand ounces of gold produced on Q1 2022, a 10% decrease compared to Q1 2021 (1,101 thousand ounces). Lower gold production was due to the depletion of stockpiled higher-grade Carlin and Cortez underground ore. Production at Kibali, Turquoise Ridge and North Mara impacted by planned mill maintenaance.

Agnico Eagle is third with payable gold production in the first quarter of 2022 of 661 thousand ounces. These results include a full quarter of production from the Agnico Eagle mines and 52 days of production from the legacy Kirkland Lake Gold mines (Detour Lake, Macassa and Fosterville).

AngloGold Ashanti is fourth and produced 588 thousand ounces of agold in Q1 2022. Production was flat year-on-year as AngloGold Ashanti continued to progress its reinvestment across key assets. Production was notably up year-on-year at Sunrise Dam (+33%), Cerro Vanguardia (+21%), Siguiri (+17%) and Tropicana (+14%), driven by a combination of higher throughput and generally improved overall yields across these operations.   



Gold Fields sits fifth. Gold Fields said that despite the global challenges, the company had a solid Q1 2022. Group attributable equivalent gold production was 580 thousand ounces, up 7% year-over-year.

Kinross is sixth with 506 thousand gold equivalent ounces produced in Q1 2022. The decrease compared to Q1 2021 (559 thousand ounces) was largely due to lower production at Round Mountain and Paracatu, partially offset by record high quarterly production at Tasiast.

Newcrest produced 480 thousand ounces of gold in Q1 2022, down 6% compared to Q1 2021 (512 thousand ounces).

China’s Zijin Mining produced 421 thousand ounces of gold in Q1 2022, up 17% over Q1 2021.

Freeport-McMoRan sits ninth and produced 415 thousand ounces of gold in Q1 2022, up 40% over Q1 2021, primarily due to the ramp-up of underground mining at the Grasberg minerals district.

Northern Star Resources is tenth. The company produced 380 thousand ounces of gold in Q1 2022, a 4% increase over Q1 2021.        

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