Top 5 international gold mining companies cut production: Gold is a popular and precious metal, and you know the gold used mostly for jewelry and craft purposes, but the metal is also used in the electronics and manufacturing industries, partly due to its high electrical and heat conductivity. According to the US Geological Survey, there are about 53,000 tonnes of gold reserves around the world.
Major gold mining companies have posted gains with historically high margins since last year, as the pandemic caused a spike in gold prices. Currently, Newmont, Barrick, Polyus, AngloGold and Gold Fields continue to hold the top 5 positions looking at gold production in Q2 2021.
Last year in 2020, Newmont, Barrick, Polyus, AngloGold and Kinross were at the top of Gold.
Top 5 international gold mining companies cut production
Gold mining companies reduced their production last year as demand for physical gold declined marginally due to the pandemic. Now, there has been a steady decline in the prices in the international gold markets over the past few weeks. This will affect the profits of the miners.
Demand for digital gold, gold ETFs
In this quarter (Q2, 2021), top mining companies have again reduced their gold mining, but much larger than last year’s cut. In the current situation, the demand for digital gold, gold ETFs and sovereign gold bonds has increased substantially, and the enthusiasm for physical gold has waned.
Also, in the lockdown, people could not go out much to buy gold jewellery, which had a negative impact on demand. Additionally, the storage and safety concerns of gold jewellery are making investors queue up for virtual gold.
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Newmont World’s top gold miner increased its gold production
Newmont, the world’s top gold miner, has only increased its gold production by 15% to 1,449 koz in the second quarter of 2021, instead of a nearly 9% year-on-year production decline in 2020. In the same period of 2021, Barrick, Polyus, AngloGold and Gold Fields, and Newcrest, each of the top miners, had cut production. Barrick’s Q2 2021 gold production was down 9% y-o-y. Polyus has 3% lower y-o-y production at 672 koz, AngloGold has reduced production by 12% to 613 koz. On the other hand, the Gold Field is up 2% to 563 koz.
Reduced demand for physical gold
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The top 5 companies mostly reported a decline in production due to reduced operations and reduced demand for physical gold in response to the COVID-19 pandemic. The other 5 companies in the top 10 list were Newcrest at 542 koz (5% production decrease), Kinross at 538 koz (5% less production), Agnico Eagle at 526 koz (9% production increase), Northern Star at 451 koz. . (695 increase), and Harmony Gold at 411 koz (82% production increase).