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Gold output among top LatAm miners falls

11 June 2019


Gold production of the biggest miners in Latin America fell in Q1 on lower output at a number of key mines and asset sales.The region's top five gold miners produced 1.07Moz of the metal, down 10% from 1.19Moz in the same quarter last year, according to reported figures and a BNamericas estimate.The decline is the third consecutive drop, down from 1.41Moz in 1Q17 and 1.57Moz in the same quarter of 2016.


1. Goldcorp: 278,000oz (BNamericas estimate)


Goldcorp did not issue Q1 production results prior to the US$10bn merger with Newmont Mining, which was completed shortly after the end of the quarter.


Companywide output by Goldcorp was about 530,000oz, a spokesman for Newmont Goldcorp told BNamericas. No breakdown by mine was available.


The estimated Q1 Latin American output assumes the same percentage of production came from the company’s mines in the region as in 1Q18 (310,000oz of the 590,000oz total, or 52%).


Newmont Goldcorp looks set to assert its dominance as the region's top gold producer in Q2, combining Goldcorp's Peñasquito and Cerro Negro mines (plus a 40% stake in Pueblo Viejo in the Dominican Republic) with Newmont's Yanacocha and Merian assets in Peru and Suriname, respectively.


2. Barrick Gold

Barrick's Latin American production fell to 253,000oz from 281,000oz, due to lower output at all three of its mines in the region (60% of Pueblo Viejo, Veladero in Argentina and Lagunas Norte in Peru).


Looking to the future, the company's Latin American output will be boosted by a proposed US$1bn expansion at Pueblo Viejo.


Barrick is also reviewing and re-evaluating its portfolio of Chilean projects and mines, which include the Zaldívar copper operation and Norte Abierto and Alturas projects.


3. Industrias Peñoles: 220,000oz


The Mexican miner saw gold output slip from 241,000oz, in part due to lower ore volumes at Noche Buena and slower recovery speeds at Herradura (both mines are operated by precious metals subsidiary Fresnillo).


4. AngloGold Ashanti: 165,000oz


Output at the South African miner's Latin American assets fell from 191,000oz, with production dropping at all three mines (AngloGold Ashanti Mineração and Serra Grande in Brazil and Cerro Vanguardia in Argentina).


5. Yamana Gold: 152,000oz


Output declined from 165,000oz in 1Q18, reflecting the sale of the Gualcamayo mine in Argentina and former Brio Gold assets in Brazil last year.


On the plus side, the new Cerro Moro mine in Argentina contributed 38,471oz gold in Q1.