Precious Metals
March 19, 2025
2 min
Precious Metals
The infographic above offers a visual breakdown of Q4 2024 gold production among the largest producers. In Q4 2024, significant shifts were observed compared to Q3, with several companies posting large increases while others experienced declines.
Significant Increases:
- Endeavour Mining PLC: Production surged 34.44% from 270,000 ounces in Q3 to 363,000 ounces in Q4. This boost was driven by higher ore grades processed, improved throughput following the end of the regional wet season, and the ramp-up of key projects—including the Sabodala-Massawa Expansion and the Lafigué Mine in Ivory Coast, which began production in August 2024 (Min-Met, Reuters).
- Gold Fields Ltd: Production increased 26.27% to 644,000 ounces in Q4 2024. This rise was fueled by the strategic acquisition of Osisko Mining’s assets, which strengthened its production portfolio, and by the ramp-up of operations at the Salares Norte mine in Chile (Gold Fields FY2024 Results, Reuters).
- Equinox Gold Corp: Production increased 22.98% to 213,964 ounces, primarily driven by the commencement of commercial operations at its Greenstone mine, which contributed about 111,710 ounces in Q4. Strong performances at Los Filos and RDM also boosted overall production (Equinox Gold Q4 Results).
- Newmont Corporation: Production rose 13.77% to 1.90 million ounces, thanks to higher gold prices, improved cost efficiency (AISC down 1.5% to $1,463/oz), and asset optimization through the divestiture of non-core assets like the Eleonore and Musselwhite mines.
- Barrick Gold Corp’s Q4 2024 production increased by 14.53%, reaching 1.08 million ounces. This boost was driven by improved metallurgical recovery and operational efficiencies at key assets in North America and Africa, along with enhanced processing throughput. Strategic investments in production optimization and favorable gold prices further supported the surge in output (Reuters, Barrick Q4 Report).
Significant Declines:
- Kinross Gold Corp: Production dropped 15.58% to 501,209 ounces in Q4 2024 compared to 593,699 ounces in Q3. The decline was mainly due to lower output at its La Coipa mine, driven by reduced silver grades and throughput, increased mill maintenance costs, and fewer mining activities related to capital development (GlobeNewswire, Kinross Q4 Report).
- Harmony Gold Mining Company: Production fell by 11.01% in Q4 2024. This drop was attributed to planned lower output from its South African underground mines and the Hidden Valley operation in Papua New Guinea, which had previously benefited from higher-grade ores (Harmony, Reuters).
Source: Quarterly Statements
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