Colorado-based Newmont Corp. reclaimed the title of world’s largest gold producer in 2018 as rival and partner Barrick Gold Corp.’s output fell by over 800,000 ounces. Following Newmont’s $10.01 billion acquisition of Goldcorp Inc. in 2019, its lead over Barrick grew to more than 1.5 million ounces in 2021, despite Barrick’s acquisition of Randgold Resources in January 2019.
Our analysis of Newmont’s strategies is based on a detailed compilation of its activities over the 2012-21 period, part of the Strategies for Gold Reserves Replacement study, which includes analysis of the world’s top five gold producers in 2021.
These compilations show the relationships between each company’s production, reserves, costs, exploration budgets, acquisitions, divestitures and gold discoveries during the period.
Over the past 10 years, Newmont replaced the most reserves (76.7 Moz), spent the most on reserves acquisitions ($10.83 billion), spent the most on reserves replacement ($13.23 billion) and had the second-largest reserves (92.8 Moz), after Polyus Gold, at the end of 2021.