In recent years, gold’s value has risen in the global financial markets as precious metal continues to rank among the highly sought-after commodity for investors and consumers alike. As a result, the world’s leading gold mining companies have ramped up their production efforts to capitalize on this lucrative trend amid prevailing economic uncertainty.
In this line, data acquired by Finbold indicates that the world’s leading 10 gold mining companies cumulatively produced 902.66 tons of the precious metal in 2022. Newmont (NYSE: NEM) led the way, which produced 186.13 tons, accounting for approximately 20% of the total gold produced by the 10 firms.
Barrick Gold ranked second, producing 129.41 tons, followed by Agnico Eagle at 97.97 tons. AngloGold Ashanti claimed the fourth spot with 85.69 tons, while Polyus accounted for the fifth-highest production at 79.41 tons.
Elsewhere, prices of the precious metal have recorded steady growth in recent months, with gold value as of May 11, 2023, standing at $2,021.33 per ounce. The value represents a 6.55% increase from January’s $1,897.
Gold production sector resilience
The cumulative production by the highlighted companies highlights the resilience of the gold mining sector, which is still attempting to recover from the effects of the pandemic.
At the same time, despite significant gold production by the major companies, the industry experienced rising costs in 2022 due to the extended effects of the pandemic and geopolitical events such as Russia’s invasion of Ukraine. These factors disrupted global supply chains and increased logistics costs amid a prevailing economic uncertainty.
