According to the World Gold Council (WGC), these were the top-performing gold companies globally in 2017, measured in terms of produced ounces.
Despite strong performance across the board, not every company on the list made its full-year guidance. The list features one Australian producer (Newcrest, in sixth place) and several others with operations in Australia (Barrick Gold, Newmont, Gold Fields and AngloGold Ashanti).
- Barrick Gold – 32 million ounces (Moz)
- Newmont Mining – 5.27Moz
- AngloGold Ashanti – 3.76Moz
- Kinross Gold – 2.67Moz
- Goldcorp: – 2.57Moz
- Newcrest Mining – 2.38Moz
- PJSC Polyus – 2.16Moz
- Gold Fields – 2.16Moz
- Agnico Eagle Mines – 1.71Moz
- Freeport McMoran – 1.43Moz
In the WGC’s separately released annual review of 2017, it stated that gold demand fell to its lowest level since 2009 and that two countries, India and China, accounted for 41 per cent of global demand (and 55 per cent of annual gold jewellery purchases). China in particular has seen massive growth in demand buoyed by cultural preferences, surging 2500 per cent since 1987.
The price of gold, however, continued to rise across the year, supported by a weak US dollar, geopolitical instabilities and increased investment. The organisation, headquartered in London, identified four themes for gold performance in 2018; synchronised global economic growth; shrinking balance sheets and rising policy rates; high asset prices; and market transparency, efficiency and access.
The report also reflects Australian Mining‘s view that despite media hype surrounding the rise of cryptocurrencies such as bitcoin and ethereum in the second half of 2017, they are not a substitute for gold — WGC’s report did acknowledge that cryptocurrencies might become “an established part of the financial system”, however.