Wallace Refiners has launched its 2021 Outlook, which offers the most comprehensive coverage of precious metals markets in the new year. Trillions of dollars were pumped into financial markets in 2020 and that won’t come without consequences. Economists expect that investors will be Bracing For Inflation in 2021.
(Wallace Refiners) – Battered by the pandemic, global gold production fell by 12% in Q2 2020, to the lowest level since 2013. Carlin operation in the United States was the world’s largest gold mine by production.
The world’s gold mining industry faced unprecedented challenges this year caused by Covid-19 related suspensions that were major factors behind a noticeable production drop recorded in several regions. North America, South America and Africa felt the greatest impact.
Wallace previously reported that Canada produced 1,160 koz of gold in Q2 2020. This was significantly less (-22%) than 1,482 koz mined in Q2 2019. Gold production in Quebec in Q2 2020 declined by a record 32% over Q2 2019 and output of yellow metal in Ontario decreased by 17%.
Now it is a good time to look at the holistic picture of the state of the gold mining industry in Q2 2020 and review the performance of the most remarkable mines worldwide.
Based on quarterly reported corporate data, it is estimated that the world’s gold mining sector produced 13.76 Moz of gold in Q2 2020, which is 12% less than a year before (15.71 Moz in Q2 2019).
Quarterly global gold output, koz.
Therefore, Q2 2020 was the worst quarter for the world’s gold mining industry in seven years.
Barrick’s Carlin complex in Nevada was the largest gold mining operation in the world during Q2 2020, with gold output amounted to 382 koz. 105% growth in production over Q2 2019 was mainly due to the formation of a joint venture between Barrick and Newmont in Nevada on July 1, 2019.
With 308 koz of gold mined in Q2 2020, Polyus’ gigantic Olimpiada operation was the largest gold producing center in Russia and second largest gold mine worldwide. Total gold output (refined and concentrate) declined by 12% compared to Q2 2019 (351 koz).
With 237 koz of gold mined in June Quarter 2020, Newcrest’s Cadia East mine was the largest gold producing center in Australia and third biggest operation in the world.
Another Barrick’s Cortez operation sits fourth with 215 koz of gold produced in Q2 2020.
Another Newcrest’s Lihir mine in Papua New Guinea is fifth with 207 koz produced in Q2 2020.
Seven out of the top ten largest gold mines have faced a decline in production.
On the bright side, many gold miners have posted record gold output growth in Q3 2020 as they were eager to make up for production lost during suspensions.
The complete list is below.
The world’s top 10 largest gold mines in Q2 2020.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
