Precious Metals
January 10, 2025
2 min
Precious Metals
In this graphic and article, we examine gold production by the world's largest producers in Q3 2024, comparing it to the same period in 2023. Explore the shifts in production levels and the factors behind these changes.
Top Producers and Performance
- Newmont Corporation retained its top spot with 1,670,000 ounces, a significant 29.46% increase from Q3 2023. This growth came from higher output at the Cerro Negro mine in Argentina and the integration of Newcrest's assets, including the Lihir project.
- Barrick Gold Corp produced 943,000 ounces, down 9.24% due to lower output at its Nevada operations (Carlin and Cortez mines). However, Barrick expects a stronger Q4 to meet its full-year target.
- Agnico Eagle Mines Ltd showed a modest 1.53% growth, producing 863,445 ounces, maintaining steady output.
Growth Leaders
- Evolution Mining Ltd saw a 22.27% increase, reaching 193,554 ounces due to operational improvements at Red Lake in Ontario and higher-grade ore processing.
- Equinox Gold Corp posted 16.70% growth with 173,983 ounces, driven by the ramp-up of the Greenstone Mine.
- Zijin Mining Group continued its upward trend, increasing output by 6.24% to 665,231 ounces.
Declines Among Major Players
- Freeport-McMoRan Inc had the steepest decline, with a 14.29% drop to 456,000 ounces due to lower ore grades.
- B2Gold Corp's production fell by 25.65% to 180,553 ounces, mainly due to delays in accessing high-grade ore, equipment issues, and adverse weather at its Fekola Mine.
- AngloGold Ashanti PLC and Gold Fields Ltd reported moderate declines of 2.81% and 5.90%, respectively.
Steady Performers
- Kinross Gold Corp (593,699 ounces, +1.41%) and Northern Star Resources Ltd (373,904 ounces, +1.33%) maintained consistent production with stable operations.
Source: Company reports
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