Top 10 largest gold mining companies ranked by reserves – report

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Kitco ranked gold mining companies based on their most recent reported attributable proven & probable reserves in-situ.

Russian gold mining giant Polyus boasts the largest gold reserves base globally after the company announced that its total proved and probable ore reserves have increased 71% to 104 million ounces of gold as at 31 December 2020, compared to 61 million ounces of gold as at 31 December 2019. The company said that the updated estimate primarily reflects the inclusion of ore reserves for Sukhoi Log.

With 94.2 Moz reported in 2020, Newmont has the second largest gold reserves base across the industry. This result was slightly lower than prior year adjusted total of 95.7 million ounces after adjusting for the KCGM and Red Lake divestments. Depletion of 7.5 million ounces was largely replaced by additions before revisions of 4.9 million ounces and net revisions of 1.1 million ounces primarily from mine plan improvements.

Barrick is third with 68 million ounces of gold reserves reported in 2020, a 4% decline over 2019. After adjusting for the disposal of Massawa, reserve replacement was 76% of depletion with a consistent reserve grade maintained. Similarly, when excluding the impact of Massawa, the net reduction in reserves year-on-year is approximately 2%.

Gold Fields is fourth with 50.3 million ounces of gold reported in 2020. A 2% increase in reserves over 2019 was primarily driven by increase at South Deep, resulting from a reduced COG and updated mine design
and scheduling.

Newcrest sits fifth. The company reported 49 million ounces of gold as at 31 December 2020, a 6% decrease compared to 2019. This decline was due to the estimated mining depletion of approximately 2.5 million ounces, removal of 0.3 million ounces of gold following divesture of Newcrest’s
75% interest in Gosowong, as well as minor changes at Telfer and Lihir.

Kinross’ total estimated proven and probable gold reserves at December 31, 2020 were approximately 30.0 million ounces. The increase of 5.7 million ounces in estimated gold reserves compared to December 31, 2019 was mainly a result of the conversion of 6.4 million ounces of resources to probable reserves at Lobo-Marte. Amongst the operating sites, 2.2 million ounces were also added to proven and probable reserves to partially offset production depletion.

AngloGold Ashanti’s ore reserves declined from 43.9 million ounces in December 2019 to 29.7 million ounces in December 2020. This gross annual decrease of 14.2 million ounces includes depletion of 3.4 million ounces, and disposal of assets in the South African region and Sadiola of 16.7 million ounces.

In 2020, Polymetal’s gold reserves increased by 5% year-on-year
to 24.9 million ounces of gold driven by initial ore reserve estimates at East Bakyrchik (Kyzyl), Prognoz, and Pescherny (Voro hub). This has more than compensated for depletion at operating mines and ownership dilution at Veduga.

As at December 31, 2020, Agnico Eagle‘s proven and probable mineral reserve estimate (net of 2020 gold production) totaled 348 million tonnes of ore grading 2.15 g/t gold, containing…

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