Precious Metals
October 29, 2024
2 min
Precious Metals
The second quarter of 2024 has shown dynamic shifts in gold production among major mining companies compared to the same period in 2023. Below is a closer look at how some of the leading gold producers performed, highlighting the top increases and decreases in production year-over-year.
Leaders in Production Growth
- Newmont Corporation reported a notable 29.84% increase in gold production, reaching 1,610,000 ounces in Q2 2024 compared to 1,240,000 ounces in Q2 2023.
- Iamgold Corp demonstrated the most impressive growth, with a 55.14% increase in production. The company produced 166,000 ounces in Q2 2024, up from 107,000 ounces in Q2 2023.
- Zijin Mining Group also saw a strong rise, increasing its production by 16.61% year-over-year. The company produced 656,130 ounces in Q2 2024 compared to 562,690 ounces in the same quarter last year, reinforcing its growth trajectory in the global market.
- Northern Star Resources production grew by 7.51% compared to Q2 2023.
Companies Facing Production Declines
- Gold Fields Ltd faced a significant production drop of 21.32%, with production falling to 454,000 ounces in Q2 2024 from 577,000 ounces in Q2 2023.
- Glencore PLC saw a 7.69% reduction in output, producing 168,000 ounces in Q2 2024 versus 182,000 ounces in Q2 2023.
- Barrick Gold Corp produced 948,000 ounces in Q2 2024, a 6.05% drop from the previous year’s 1,009,000 ounces.
- Endeavour Mining PLC also reported a decline of 6.34%, with production dropping from 268,000 ounces in Q2 2023 to 251,000 ounces in Q2 2024.
- B2Gold Corp - production decreased by 16.96%, dropping from 245,961 ounces to 204,241 ounces.
Companies with Stable Production or Marginal Changes
In contrast to the larger fluctuations seen across the industry, several companies maintained relatively stable gold production in Q2 2024, with only minor changes from the previous year. The companies with the smallest changes were:
- Agnico Eagle Mines Ltd (Ontario) – A modest increase of 2.59%, from 873,204 ounces to 895,838 ounces.
- Alamos Gold Inc – Production rose by 2.28%, moving from 136,000 ounces to 139,100 ounces.
- Lundin Gold Inc – Production grew by 2.57%, from 129,731 ounces to 133,062 ounces.
- Pan American Silver - Production declined by 1.28%, with production at 220,400 ounces, slightly down from 223,258 ounces in Q2 2023.
- Kinross Gold Corp experienced a slight decrease of 3.55%, from 555,036 ounces in Q2 2023 to 535,338 ounces in Q2 2024.
The information presented here may contain inaccuracies and is subject to rounding. We do not guarantee that all information is complete or correct. We accept no responsibility for any errors, omissions, or outcomes resulting from the use of this information. This is not investment advice.
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