Melbourne-Gold-CompanyWith Australia estimated to have the world’s largest gold reserves, it’s no surprise that the country is home to some of the world’s largest mining companies involved in the metal’s extraction.
According to a 2015 study by Minerals.org.au, Australia’s gold reserves are more than 16% of the world’s gold reserves — approximately 9,500 tonnes. Australia is also a big contributor to the global gold industry, having the largest share of economic gold reserves in the world.
Australia is the world’s second-largest gold producer, trailing only China, with 282 tonnes of the precious metal produced in 2015-16, the highest yield in 13 years. In terms of earnings, gold is Australia’s third-biggest precious metal export.
In Australia, approximately 75 mines produce gold as their primary output, with many mining from both open-cut and underground operations. Australia is a major player in the precious metal refining industry. Most of the gold mined in the country is refined in Australia and then exported to the rest of the world.
Australia’s top three gold mining companies
Newcrest Mining Inc.
This list is headed by Newcrest Mining Limited, which is headquartered in Melbourne, Victoria. Newcrest began operations in 1996. Its mines are located in Australia, Papua New Guinea, Indonesia, and the African country of Ivory Coast.
Newcrest discovered the Cadia Hill ore body near Orange, New South Wales, in 1992. Following the start of commercial production in 1999, Cadia grew to become one of Australia’s largest gold mining operations, producing over nine million troy ounces of gold annually. Another Newcrest mine, Telfer, in Western Australia’s Great Sandy Desert, produces about 500,000 troy ounces of gold per year.
Newcrest Mining’s success is based primarily on a portfolio of a lot of mines that are seemingly inexpensive, aided by a variety of new exploration projects. In 2018, Newcrest reported that it produced a little over 76.4 tonnes of gold.
The mine has a market capitalization of $24.8 billion on the Australian Stock Exchange.
Northern Star Resources, Inc.
Northern Star Resources is ranked second on this list, with one of the best gold production rates in the world. Its primary operations are concentrated in the Northern Territory and Western Australia.
Starting with a single mine and an annual gold refinery production of 100,000 troy ounces in 2010, Northern Star has grown to now operate five gold mines with annual gold production ranging from 525,000 to 575,000 troy ounces. The Jundee, Kanowna Belle, Plutonic, Kundana mine, and Paulsens mines have produced more than 20 million troy ounces of gold.
Northern Star has a market capitalization of $9.8 billion on the Stock Exchange.
Mining for Evolution
Evolution Mining, headquartered in Perth, is Australia’s sixth-largest mining company and the third on our list. With operations beginning in 2011, Evolution is a relative newcomer to the mining industry, ranking 49th in the world.
Evolution has three mining operations in Queensland, one in Western Australia, and one in New South Wales. The miner’s portfolio of production and growth has seen it become the second-biggest listed gold mining company on the Australian stock exchange, with a 100% interest in its projects.
In addition, Evolution Mining Limited owns 49% of the future gold, silver and copper, and production from Ernest Henry mine.
The current market capitalization of Evolution Mining on the Stock Exchange is $9.1 billion.
Source 1: https://www.sbma.org.sg/media-centre/publication/crucible-issue-10/the-australian-gold-industry-trade-and-markets/Source 2: https://www.newcrest.com/our-assets/cadia
