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Gold Miners and What You Need to Know
Gold is viewed as a currency be central banks today. It is used in a variety of other ways, from jewelry to circuit boards in computers and mobile devices, but is often thought of as “money” first. Because there is industrial demand on this precious metal in addition to currency demands, gold stocks and other trading commodities can be quite volatile. That’s why staying up-to-date on gold miners, their mining practices, and other perspectives in this industry is so important.
Unlike cash, you can’t just print more gold. Gold miners must bring new gold up out of the ground. You can purchase gold stocks, gold ETFs, or tangible items like American Gold Eagles or other gold coins, but it is important to remember that this is a finite resource. Only so much new gold is available every year.
Top 10 Gold Mines in the World Today
How much gold do the top 10 gold mines in the world produce on an annual basis? Upwards of 10 million ounces. This ranking of the top gold mines is based on 2014 data as it is the most recent to be released. Note that 7 of the top 10 gold mines are majority owned by just 2 companies: Barrick Gold and Newmont.
#1. Muruntau, Uzbekistan
This mine consists of open pit and heap leech operations. This is a huge mine, over 3 kilometers long, 2.5 kilometers wide, and over 550 meters deep. Nearly 2.6 million ounces of gold were believed to come from this mine in 2014.
#2. Grasberg, Indonesia
This is a gold mine that is in transition. Gold miners are transitioning from the current open pit mining operations to underground block caving, with the transition expecting to be completed by then end of 2017. About 1.1 million ounces of gold were produced here in 2014.
#3. Pubelo Viejo, DR
2014 was the first year gold miners were able to achieve full production capacity for this operation that was commissioned in 2012. This mine has one of the highest levels of expected reserves in the world today, so it will be operating for many years to come.
#4. Yanacocha, Peru
This is the largest gold mine in South America. It has four basins where gold miners work, sometimes as high as 13,000 feet above sea level. It may be high in the mountains, but it still can produce nearly 1 million ounces of gold per year.
#5. Carline Trend, NV, USA
This extensive open pit/quarry hybrid mine with underground mines is the largest in the United States and also produces about 1 million ounces of gold per year.
#6. Cortez, NV, USA
This operation saw a nearly 50% decrease in output in 2014 from 2013 numbers, but that is because this mine is transitioning from open pit operations to underground gold mining.
#7. Goldstrike, NV, USA
Gold miners at this mine were able to equal the amount of output as their Cortez counterparts for the first time in history in 2014. This was thanks to a 1% increase in total output that was achieved.
#8. Olimpiada, Russia
This gold mine is the crown jewel of an extensive gold mining province for Russia. Proprietary technologies help gold miners be able to combat the sulphide ores in the area, leading to an impressive level of output.
#9. Veladero, Argentina
At 700,000 ounces, gold output in 2014 from this mine in the San Juan Province increased by 11%. It’s also an open pit mine, associated with the Pascua-Lama Project.
#10. Boddington, Australia
With a production level just under 700,000 ounces, this Australian pit mine closes out the top 10 gold mines in the world today.
Why Gold Mines Are Important To Your Portfolio
Two countries, China and India, have accounted for nearly 50% of the total demand for gold since 2000. This has increased the level of scarcity of available gold products, which is why information about gold mines is so important today. Gold has long been regarded as something beautiful and valuable in multiple ways. Although there is always some risk involved with any investment, gold has historically always held a high level of value for many cultures.
By understanding production levels that gold miners are able to achieve, you have more information available to make an informed decision about adding gold to your portfolio. Review news about gold mines, gold miners, expected gold production levels, and much more today so that when tomorrow you may need to make an investment decision, you’ll have all the information you need to make the best decision possible.
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