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What is the Cost of Mining Gold?

Cost of Mining Gold infographic

We’ve analyzed the Top 50 Gold Mines to find the cost per ounce of gold by continent. The top 50 gold mines alone contain more than 33.5% of the world’s gold ounces.




  • 1234567890openmind .

    I’m a new subscriber to your site. Thank you for posting this information rich article. I’ll be referring to it and your five part series a lot in the coming days and weeks. If I may pose a question, the last time I checked (2011 or 2012 I believe) on the all-in cost to mine an ounce of Gold was between $1215 and $1250 an ounce. Do you recall seeing those figures? We saw them in a WGC report or in one of the numerous email newsletters we received during that period.

    • http://www.jeffdesjardins.ca Jeff Desjardins

      Here’s some data from Spring 2014 from Tickerscores.com:

      —–
      In the most recent quarter, the majors mostly had all-in costs ranging from $1,000 to $1,300.

      For example, Goldcorp (GG) came in at $1,072/oz, Newmont (NEM) had$1,258/oz, and Barrick (ABX) was at $1,347/oz.

      Using our data from Tickerscores, we looked at the average all-in cash cost of 32 smaller gold producers that we cover (under $2 billion market cap). It came in at $1,390/oz. Of the 32 producers, only 17 of them have a cost lower than the current gold price.

      Also, looking at more recent data it seems that most companies are able to lower their costs. However, this is usually at the expense at limiting exploration and also high-grading their deposits (only mining the highest grade parts, which means later on they will not be able to produce the same cash flow)

  • Thomas Lepere

    Your audience is wondering about the Pebble Beach, Alaska, USA mine being developed into a producing mine by 2015? It is my understanding that the precious metal mine is owned by Northern Dynasty and is about to begin producing gold & silver? What is Northern Dynasty’s current stock symbol and price? What does “Anglo American” have to do with the Pebble Beach project? Jeff Desjardins or some other expert needs to do an article update to give information from which speculative investors can reach a reliable decision to invest in the company before it begins production of precious metals in 2015.

    • junkyardnut

      Pebble is fast becoming a non starter because of salmon swimming so close by and many Alaskans would not let Pebble take off at all. EPA already started doing blocking work ongoing and will make things very difficult for Pebble to start digging at all. You got to ask yourself where the heck Pebble can leave up to 5 billon tons of tailings over the lifetime of the mine? I can only suggest that Pebble use a very long conveyor belt to place tailing very , very far away from the watershed like 100 mles away !

      • mbee1

        The EPA already has shut the project, with a new congress it might be done but we need a new president. As to the tailing what is wrong with dumping it away from the salmon runs like you suggest, 100 miles is a bit much but 5 billion tons is not a lot of dirt in comparson to a mountain

  • 到 大

    Thanks for sharing the figures. my question is what the difference between “cash cost” and “all in cost” is?

  • junkyardnut

    It used to cost $200-300 overall to produce an ounce just ten years ago. Now it is over a thousand an ounce.

    • mbee1

      You noticed to. the only explanation is fraud, incompetence, deposits of very poor quality and huge cost to develope due to fraud, incompetence and government taxes. The chile mine says cash cost of 277 which is right in line with your numbers so the rest are fraud, government taxes, incompetence and fraud.

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