Inventory: The 20 largest gold mines in the world
1. PebbleStage: Pre-feasibility study/Scoping study Ranked first is Northern Dynasty Minerals' Pebble project, with gold resources of 69.84 million ounces. Located near the Bristol Bay watershed in Alaska, the project has been stalled for over 10 years. The US Environmental Protection Agency's rejection of the project has led to legal disputes, and the fate of Pebble remains uncertain.
2. Olympic DamStage: Expansion Olympic Dam ranks second, with gold resources of 65.6 million ounces. BHP Billiton plans a large-scale expansion of this copper, gold, and uranium complex in South Australia over the next few years. BHP plans to invest A$840 million in a series of growth projects to develop other deposits. Olympic Dam is also one of the world's largest copper mines.
3. GrasbergStage: In production Ranked third is the Grasberg copper-gold mine in the Sudirman Mountains, with gold resources of 54 million ounces. Operated by Freeport McMoRan, the mine made headlines this year due to a fatal accident at its largest underground deposit, causing supply concerns in the copper market. Parts of Grasberg are still under long-term development, such as the Kucing Liar ore body and the early-stage Dom deposit.
4. KSMStage: Pre-feasibility study/Early construction Seabridge Gold's Kerr-Sulphurets-Mitchell (KSM) project ranks fourth with gold resources of 41.4 million ounces. This project in British Columbia has been federally approved for 10 years, and since 2022, KSM has advanced early construction work, investing over C$550 million in construction. KSM is also involved in a legal dispute between its operator, Seabridge Gold, and neighboring explorer Tudor Gold.
5. Donlin
Stage: Construction/Planning Donlin is the second Alaskan project to enter this directory, ranking 5th with 40 million ounces of gold resources. Mining giant Barrick Gold previously owned a 50% stake in the project, but transferred its ownership to partners Novagold Resources and American hedge fund magnate John Paulson earlier this year. The new owners are considering a new feasibility study in 2027.
6. Siembra Minera
Stage: Pre-feasibility/Scoping Study Venezuela's Siembra Minera gold mine ranks 6th with 26.82 million ounces of gold resources. The project is owned by Siembra Minera, a joint venture between Gold Reserve (55%) and the Venezuelan government (45%). Last year, Gold Reserve raised $36 million to advance the development of this copper-gold project located in Bolívar State.
7. La Colosa
Stage: Pre-feasibility/Scoping Study AngloGold Ashanti's La Colosa project in Colombia ranks 7th with 23.35 million ounces of gold resources. The project has faced local opposition. Based on the results of a 2017 referendum, the Tenth Administrative Court of Ibagué approved a mining ban in Cajamarca, Colombia, and the mine has been stalled ever since.
8. Filo del Sol
Stage: Pre-feasibility/Scoping Study The Filo del Sol project, located on the border of Chile and Argentina, has 22.3 million ounces of gold resources. Previously owned by Canadian company Filo Corp., the project advanced to the pre-feasibility study stage based on its surface oxide ore resources. Earlier this year, the project was acquired by BHP and Lundin Mining.
9. Pascua-Lama
Stage: Late-Stage Exploration. Barrick Gold's troubled Pascua-Lama project in Chile has gold resources of 21.87 million ounces. Environmental issues plagued the project, and after a Chilean court ordered its "complete and permanent" closure, Barrick had to spend $136 million to terminate the project.
10. Cascabel
Stage: Feasibility Study Begins. SolGold's Cascabel project in Ecuador ranks 10th, with gold resources of 21.8 million ounces. The company moved its headquarters to Switzerland this year and is pushing forward with the project's development. Cascabel is supported by mining giants such as BHP and Newmont.
11. Treaty Creek
Stage: Resource Expansion. Tudor Gold's Treaty Creek gold mine in northwestern British Columbia ranks 11th, with gold resources of 21.66 million ounces. This year, Tudor applied for an underground exploration permit for the project.
12. South Deep
Stage: Producing Gold Mine. Gold Fields' South Deep gold mine ranks 12th, with gold resources of 21.1 million ounces. The mine has been in operation since the 1970s, and its estimated lifespan extends beyond 2100, potentially making it the last large gold mine in South Africa.
13. Nevada Gold Mines
Stage: Production Expansion. Nevada Gold Mines, a joint venture between Barrick and Newmont, ranks 13th, with gold resources of 20.16 million ounces. The partnership between the two companies dates back to 2019, when Barrick launched a hostile takeover bid for Newmont, which was smaller at the time. Currently, Newmont could launch a bid to acquire Barrick's stake in the mine.
14. Norte Abierto
Stage: Pre-Feasibility/Scoping Study. Norte Abierto is a joint venture between Barrick and Newmont in Chile, with each company holding a 50% stake, and has gold resources of 20 million ounces. The mine is located in the Atacama Region in the north of the country and was established in 2017 as a joint venture between Barrick's Cerro Casale and Newmont's Caspiche.
15. Onto
Stage: Pre-feasibility/Scoping Study Vale's Onto copper-gold mine in Indonesia has gold resources of 20 million ounces, similar to Aviemore North, although the proportion of proven and probable resources is slightly higher. The mine was first announced in 2020 by Sumbawa Timur Mining, a joint venture between Eastern Star Resources Pty (80%) and Vale.
16. Golden Summit
Stage: Pre-feasibility/Scoping Study Freegold Venture's Golden Summit project in Alaska ranks 16th with gold resources of 18.24 million ounces. A resource update in July increased its estimated metal content by 42%, and the company's share price reached a 5-year high.
17. Elang-Dodo
Stage: Resource Expansion The Elang-Dodo project on Sumbawa Island in West Nusa Tenggara province, Indonesia, has gold resources of 16.78 million ounces. The project is owned by PT Amman Mineral Nusa Tenggara, which also operates the nearby Batu Hijau mine.
18. Metates
Stage: Pre-feasibility/Scoping Study Chesapeake Gold's Metates project in Durango, Mexico, has gold resources of 16.77 million ounces. In 2021, the company announced a breakthrough in the heap leaching of sulfide ore at the Metates project, which will improve the project's economics.
19. Panguna
Stage: Pre-feasibility/Scoping Study The Panguna gold mine in Papua New Guinea has gold resources of 16.1 million ounces. The mine has a turbulent history; previously owned by Rio Tinto, it is currently operated by Bougainville Copper. The mine was closed in 1989 due to a decade-long civil conflict sparked by opposition to the mine, which resulted in over 20,000 deaths. Rio Tinto divested its stake in the project in 2016. In September, Papua New Guinea's national court dismissed a multi-billion dollar class-action lawsuit against Rio Tinto.
20. Detour Lake
Stage: Ranking last among producing mines is Agnico Eagle Mines' Detour Lake project in Ontario, with gold resources of 15.79 million ounces. Last year, the company updated its plans for the project, including a preliminary economic assessment of an underground mine.
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