The Top 10 Biggest Gold Mine In The World's
10. Kalgoorlie Super Pit
Production: 640,000 ounces
Rounding out the list of largest gold mines in the world is the Kalgoorlie Super Pit, which is 50 percent owned by Barrick and is also located in Australia. Kalgoorie’s production dropped slightly from 2014’s 652,000 ounces produced by 1.84 percent.
Production: 760,100 ounces
Located in Russia, Olimpiada is an open-pit operation owned by United Kingdom-based Polyus Gold (LSE:POLG). Olimpiada began production in 1966, and is the company’s largest gold operation. It holds proven and probable gold reserves of 30.01 million ounces. While production jumped from 735,700 ounces in 2015 to 760,100 in 2015, the mine dropped from seventh place to ninth in the list.
Production: 794,000 ounces
Production at Boddington jumped in 2015 by 14.08 percent from 696,000 ounces to 794,000 ounces of gold produced. Boddington gold-copper mine is one of the largest gold mines in Australia. It is owned by Newmont Mining, which bought out AngloGold Ashanti’s (NYSE:AU) share of the project in 2009. Boddington began commercial production in 2009.
Production 805,000 ounces
Lihir is another gold mine owned by Newcrest. This particular gold mine wasn’t on the 2014 top 10 list. Since 1997, Lihir has produced over nine million ounces of gold.
production: 886,000 ounces
Carlin is part of a much larger Nevada gold operation owned by Newmont Mining. However, the company now reports production from Carlin individually. Last year’s production dropped by 2.32 percent from 907,000 ounces in 2014 to 886,000 in 2015.
Production: 918,000 ounces
Yanacocha is South America’s largest gold mine located in Cajamarca, approximately 800 kilometers northeast of Lima, Peru. Since 1993, it has invested more than $1 billion in environmental and social responsibility projects. Yanacocha is jointly owned by Newmont Mining (TSX:NMC) (51 percent) Beunaventura (44 percent) and International Finance (5 percent).
4. Pueblo Viejo
Production: 953,000 ounces
One of the newer large gold mines in the world, Pueblo Viejo is owned in a 60/40 joint venture between Barrick Gold and Goldcorp (TSX:G). The mine is located in the Dominican Republic.
The mine’s production dropped 13.99 percent in 2015 from 2014 where they produced 1.108 million ounces
Pueblo Viejo was commissioned in 2012 and completed its production ramp up in 2014. Barrick’s share of gold production for 2016 is estimated to be between 600,000-650,000 ounces, while Goldcorp’s forecast is between 400,000-440,000 ounces.
Production: 999,000 ounces
Another large mine owned by Barrick and located in Nevada, Cortez just about ties with Goldstrike in terms of production. Cortez’s production of 999,000 ounces in 2015 is a 10.75 percent increase from its 2014 production of 902,000 ounces. In 2016, Cortez’s gold production is expected to fall in line between 980,000-1,500,000 ounces and expects its all-in sustaining costs to range between $520 and $550 per ounce. As of December 31, 2015, proven and probable mineral reserves were 11.1 million ounces of gold.
Production: 1.05 million ounces
One of Barrick’s biggest gold mines, Goldstrike, is located within Nevada’s prolific Carlin trend. The property consists of the Betze-Post open-pit mine and the Meikle and Rodeo underground mines.
Goldstrike’s proven and probable mineral reserves as of December 31, 2015 were 8.5 million ounces of gold. Its production outlook for 2016 is expected to be somewhere between 975,000-1,075,00 ounces of gold at sustaining costs of $780-$850 per ounce.
Production: 1.23 million ounces
Grasberg, a copper-gold mine in Papua, Indonesia is the largest gold mine in the world. The mine is mostly owned by Freeport-McMoran (NYSE:FCX), with the government of Indonesia owning roughly 9 percent of the complex.
The open-pit mine at Grasberg has been in operation since 1990, and is expected to continue until 2017. After that, operations will transition to focus on underground orebodies beneath and nearby the Grasberg pit.
In August, it was reported that Indonesia renewed the export license allowing Freeport to ship 1.4 million metric tonnes of concrete from the Grabserg mine through to January 11, 2017.
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