This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The World's 3 Largest Gold Mines

The World's 3 Largest Gold Mines

The Grasberg open pit's recoverable proven and probable gold reserves are estimated at 6.5 million ounces.

Gold is a rare commodity. Although estimates vary, recent data from Thomson Reuters GFMS suggests that there are only 171,300 tonnes of the precious metal in the world. Despite that fact, gold mines can be found in numerous countries.

Here's a look at the three largest gold mines in the world.

Grasberg mine

Operated by Arizona-based miner Freeport-McMoRan Copper & Gold (NYSE: FCX), the Grasberg mine is considered by most experts to be the biggest gold mine in the world. It is also one of the largest copper mines.

Grasberg is located in the province of Papua in Indonesia. Open-pit operations at the mine began in 1990 and the company expects that they will continue through 2016. As of December 31, 2012, the Grasberg open pit's recoverable proven and probable gold reserves sat at 6.5 million ounces.

The mine's targeted gold output for 2013 is 1.25 million ounces, but recent setbacks may cause it to only produce 80 percent of that estimate. A mine tunnel collapsed May 14, forcing Freeport to shut down operations, and production did not resume until July 9.

There are still expansion projects in progress in the Grasberg mineral district, including the development of large-scale, high-grade underground ore bodies, according to the company's 2012 annual report.

Yanacocha mine

Located in the Andes Mountains in Peru, the Yanacocha mine is the largest gold mine in Latin America. It opened in 1993 and contains three active pits. Since its inception, the mine has produced more than 26 million ounces of gold.

Yanacocha is owned and operated by Colorado-based gold producer Newmont Mining (NYSE:NEM,TSX:NMC). The company holds a 51.35-percent interest in the property and the rest is claimed by Compania de Minas Buenaventura (NYSE:BVN).

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs