Largest gold companies

There are different methods by which gold mining companies are ranked. One is by their annual production. Another is by their cash cost per ounce (how much money it costs them to mine the gold. Since gold prices are the same everywhere companies with lower costs per ounce profit more money). The most common method lists by market capitalization which considers the total value of capital holdings by that company. Also considered when comparing companies is their market capitalization per ounce of gold equivalent (sometimes abbreviated MV-GEO, EVO if the enterprise value is used) which takes the market value and total reserves and resources for each company as well as the price of gold into consideration. The figures for each company can be used to determine the value the stock market gives to each company's reserves on an ounce to ounce basis.^[1] If the calculation is to exclude financial assets the enterprise value is used instead of market capitalization.^[2] EVO = Enterprise Value/Ounce (gold equivalent) = Enterprise Value divided by resources. The enterprise value is the difference between a company's market capitalization (product of the number of company shares and listed stock price) and its cash, investments less debt (ammortization). Three of the 10 largest companies by market cap that engage in gold mining, Fresnillo, Buenaventura and Freeport-McMoran (copper/molybdenum) are not included in the first list because they are minor gold producers/most of their revenue comes from a metal other than gold (Fresnillo and Buenaventura rely more on silver, in some lists silver production is treated as gold production, converted to gold equivalent using the gold to silver price ratio; McMoran produced 53.47 tonnes of gold in 2010 (down 27%) but gold accounted for only 12% of revenue).^[3][4]

World gold production declined by 50 tonnes in 2008 despite a strong showing in market price.^[5] Total production cash costs were up 4.1% industrywide in the third quarter of 2010 to US$585 per ounce of gold mined.^[6] In 2010 the world's four leading gold producers, in order of total production were China (341 tons), Australia, USA (240 tons) and South Africa (200 tons).^[7]

Contents 1 The Big 10 2 Canadian companies 3 South Africa 4 Forbes Global 2000 5 References

The Big 10

Rank	Name	Base	Revenue mil.USD Ytd Dec'10	2008 cap bil $	2011 cap bilUSD	profit mil USD Ytd Dec'10	2010/2011 FY production tonnes	Reserves Moz	Total Resource Moz	Cash Cost 2010 year US$ total/oz
1	Barrick Gold	Canada	10,92434.3%[8]	26.90	50.0[9] May.10	3274(lost 4274 in'09)[8]	220.3[10]	138.5[11]	226.92	457[8]
2	Goldcorp	Canada	3799.839.5%[12]	21.63	39.7[13]May.11	1566.1557.5%[12]	70.87[14]	46.3[11] 60.1 Feb'11[15]	81.59	443[12]
3	Newcrest Mining	Australia	3579.841.4%[16][17][18]	10.01	29.0[19] Mar.28	1,019.7111%[16][17][18]	74.47 (Newcrest 49.95,[20] Lihir 24.52)[21]	77.0[22]	205.45 Newcrest 119.2 Lihir 86.234	A$493[23]
4	Newmont Mining	United States	954023.8%[24]	18.23	28.1[25]Feb.11	189339.3%[24]	145-150 2011 est[26]	85.0[11]	142.67	485[24]
5	Kinross Gold	Canada	kinross 3010.1 25%[27]	11.14	19.0[28]Mar.14	478.857.0%[27]	76.54[29] (Kinross 65.14, Red Back 11.40)[27]	59.17	92.06 Kinross 74.8 Red Back 17.26	508[27]
6	AngloGold Ashanti	South Africa	551440.8%[30]	11.61	17.0[31]May.13	129[30]	129-134.7 2011 est[32]	74.9[11]	264.30	638[30]
7	Gold Fields	South Africa	4592[33][34][35][36]	7.51	11.3[37] May.18	253.5[33][34][35][36]	99.14[38]	78.9[11]	270.28	760[39](2011)
8	Polyus Gold	Russia	604 36.7%[40] 1H'10	9.00	11.1[41]	104.6 30.3%[42] 1H'10	39.7-42.5 2011 est	74.1[11]	211.92	na
9	Yamana Gold	Canada	1686.81142.5%[43]	6.09	10.0[44] Apr.13	451.444134.4%[43]	29.8[43]	19.4[11]	46.35	442[43]
10	Agnico-Eagle Mines	Canada	1422.5131.8%[45]	7.74	09.8[46] Feb.19	332.1283.9%[45]	37.14*est ('10-'17; 2.6x2009)[47]	23.2[48]	38.32	451[49]

Sources and other information

• 2008 ranking Gold Strategist
• total resource [1]
• 1 tonne = 1000 kg = 2204.6 lbs = 35,273.9619 ounces; 1 ton = 2000 lbs = 32,000 ounces
• Newcrest Mining started including Lihir Gold assets in mid 2010 (revenue and profit changes are based on pre merger assets in 2009 and merged assets in 2010).
• Goldcorp reserves are from January 2010 and so it does not take into account the acquisition of Andean Resources (September) which increased proved gold reserves by at least 2.1 million ounces (not including the 20.6 million ounces of silver) ^[50] and may not include the sale of 21.1% of the Morelos gold project in Mexico with a total resource of 3.0 million ounces (agreed in December 2009 but completed in February 2010).^[51]

Canadian companies

Ironically even though the country lags far behind its counterparts in reserves, Canadian companies dominate the industry. These companies are big players in the Canadian industry which ranks 7th globally^[52] but rely mostly on assets in foreign countries (Barrick Gold alone produced 209.79 tonnes of gold in 2009,^[10] Canada produced 100 tonnes). Canada's biggest undeveloped gold deposit currently (May 2011) is the Kerr Sulphurets Mitchell copper-gold property in northwestern British Columbia; It holds 38.5 million ounces of gold (2P reserves, up 27% in 2011).^[53] Another project in the Detour Lake area of Ontario ranks 4th among North America's deposits (up from six in July 2010).^[54][55] Among the largest gold containing properties controlled by Canadian companies is Goldcorp's wholly owned billion ounce silver, 18 million ounce gold Penasquito mine in Mexico and Ivanhoe Mines' 81.3 billion pound copper, 46.4 million ounce gold Oyu Tolgoi deposit in Mongolia.^[56][57] Barrick Gold owns 50% of Super Pit, Australia's biggest gold mine.^[7]

As of September 2009, there were 20 companies in the country with a market cap of 1 billion dollars or more.^[58] BarrickGold Corp. is the country's largest gold mining company by several measures of size. In the following table are Canada's 10 highest valued gold mining companies for 2010 as well as 6 other mid cap companies.

Large Cap	2010 cap	Mid Cap	2010 cap	other Mid Cap	other
Barrick Gold	$40 billion [59] January	Yamana Gold	$8.17 billion [60] May	Franco-Nevada	European Goldfields
Goldcorp	$29.478 billion [61] April	IAMGOLD	$6.87 billion [62] May	New Gold
Kinross Gold	$19.0 billion[63] Sept	Red Back Mining	$5.80 billion[64] May	AuRico Gold
Agnico-Eagle Mines	$11.4 billion [65] October	Osisko Mining	$5.2 billion[66] July 31	Detour Gold
Eldorado Gold	$10.2 billion [65] October	Centerra Gold	$3.03-4.776 billion [67][68]	NovaGold Resources

• Notes - Kinross Gold was 13.50 billion in May before it acquired Red Back Mining.^[62] Osisko Mining was $10 million in 2005 and $3.5 billion May 2010.^[69]

South Africa

The world's 4th (200 tons in 2010) largest gold producer that is home to 7 of the 13 leading gold producing mines.^[7] The Witwatersrand area of South Africa is home to the world's largest gold mine.^[70]

Notable South African gold companies include:

• AngloGold Ashanti - world's 3rd biggest gold producer (but has very high cash costs per ounce) at 4.664 million ounces in 2009 (production in the first 3 quarters of 2010 is on pace to be 3.77% lower for 2010).^[71] AngloGold is also South Africa's largest producer of uranium (1.46 million pounds in 2010), a position that was strengthened in July 2011 when it acquired 20% of Canada's First Uranium.^[72]
• Gold Fields - produced 3.23 million ounces (91.57 tonnes) of gold in the year leading up to June 30, 2010^[73] Its largest new mine has the potential to produce at a rate of 1 million ounces annually (though it produced 175,000 in 2009).^[74] It is South Africa's second leading producer.^[39]
• Harmony Gold (mining) - was the 5th largest producer of gold in 2008 (has since fallen off a bit, production was 2.33 million ounces (66.05 tonnes) in 2008 compared to 1.56 million (44.23 tonnes) in fiscal 2010)^[75][76]

Forbes Global 2000

The Forbes Global 2000 list is produced annually by Forbes. Compiling information about each of the 2000 largest companies globally it ranks them. These are all of the gold companies that made the list in 2011 (Eldorado Gold dropped out, Iamgold didn't make the list in 2010). It ranks them based on a number of factors, the top companies on its list aren't necessarily the biggest. The market value for all companies is from March 11, 2011 (after trading closed). The other statistics are based on the 12 month period ending March 2011 for companies based in the United States, Canada and Bermuda. For all other companies, the data comes from the last fiscal year period.

March 2011 Cum. Rank	Name	Rank 2010	Rank 2011	Base	2011 rev (bil.USD)	2011 Profit (mil.USD)	Assets 2011 (bil.$)	Market cap March 11 (mil.$)
1	Freeport-McMoRan	240	222	United States	19.00	4,300	29.40	46,800
2	Barrick Gold	704	274	Canada	10.90	3,300	33.30	50,500
3	Newmont Mining	398	394	United States	9.50	2,300	25.70	25,700
4	Goldcorp	872	562	Canada	3.80	1,600	28.80	37,700
5	Kinross Gold	1150	834	Canada	3.30	771.6	16.4	17,300
6	Gold Fields	1329	1083	South Africa	4.10	479.1	8.90	12,400
7	Anglogold Ashanti	1263	1169	South Africa	5.90	96.2	9.40	17,800
8	Newcrest Mining	1473	1193	Australia	2.40	468.0	5.10	28,900
9	Buenaventura	1886	1268	Peru	1.10	667.6	3.10	12,200
10	Yamana Gold	1416	1271	Canada	1.70	451.4	10.30	9,400
11	Polyus Gold	1951	1549	Russia	1.30	336.8	3.80	11,100
12	Agnico-Eagle Mines	1970	1553	Canada	1.50	332.1	5.50	11,200
13	Iamgold	na	1893	Canada	1.20	279.8	3.50	7,800

Source: March 11, 2011: The Global 2000

References