|Last Quarterly Update:||2/6/2017|
|SIC Codes:||1041, 1044|
|Industry Overview||Trends & Challenges||Industry Forecast|
|Quarterly Industry Update||Call Prep Questions||Website & Media Links|
|Business Challenges||Financial Information||Glossary & Acronyms|
Companies in this industry develop mine sites, mine and quarry gold and silver, and prepare gold and silver for sale. Major companies include Canada-based Barrick Gold, Kinross Gold, and Goldcorp as well as Newmont Mining (headquartered in the US), AngloGold Ashanti (South Africa), KGHM (Poland), Fresnillo (UK-based with primary operations in Mexico), Glencore (Switzerland), and BHP Billiton (Australia).
Worldwide, the industry produces about 3,100 metric tons of gold and 25,000 metric tons of silver annually, according to Thomson Reuters. Of those totals, the US accounts for about 230 metric tons of gold and 1,050 metric tons of silver. Gold ore is primarily mined in China, Australia, Russia, the US, and Peru. Mexico, Peru, China, Australia, and Chile are the top silver production locations.
The US gold and silver mining industry includes about 200 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $13 billion.
Many gold and silver mining companies also mine for other metals. Mining of iron, nickel, copper, and other metals, including gold and silver, is covered in the Metal Ore Mining industry profile.
Demand is driven by industrial production and economic growth. Individual company profitability depends on volume and operating efficiency. Large companies have more resources to devote to discovering and developing new deposits. Small companies typically own just one mine, limit exploration to that one property, and aim to operate it ...
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