10 Top Gold-producing Companies

10 Top Gold-producing Companies

Regardless of how the gold price is doing in any given year, there will always be companies looking to mine the desirable yellow metal. In 2014, the gold price averaged 10 percent less than the previous year, which drove up demand for jewelry and electronics.

That increased demand gave worldwide gold production numbers a 2-percent boost, with increases in production coming from Australia, Canada, China, the Dominican Republic and Russia, according to the US Geological Survey (USGS). And while there were production decreases in Peru, Tanzania, South Africa and the US, some companies operating there still managed to mine some impressive amounts of gold.

Without further ado, here's a list of the top 10 gold-producing companies of 2014, as per statistics from the USGS.

1. Barrick Gold (TSX:ABX,NYSE:ABX)

Production: 194.4 tonnes

Barrick Gold was the top gold producer in 2014, putting out 194.4 tonnes for the year. That's a relatively steep decline from the previous year, when the industry leader produced 222.9 tonnes. The fall came as the company went through structural shifts that led to modifications in production. Those adjustments allowed Barrick to become more flexible with its finances, but changed the pace of production.

"Barrick is a considerably different company today than it was a year ago — leaner, stronger and more financially flexible," said Jamie Sokalsky, president and CEO of Barrick, following Q1 2014. "Our first quarter all-in sustaining costs of $833 per ounce, $100 per ounce below the prior year quarter, demonstrate that our efforts to reduce costs are delivering tangible results."

2. Newmont Mining (TSX:NMC,NYSE:NEM)

Production: 150.7 tonnes

Newmont Mining, which has significant operations in both North and South America, as well as Asia, Australia and Africa, produced 150.7 tonnes of gold in 2014, a decrease from 2013′s 157.5 tonnes. In June 2014, the company had to suspend operations at its Batu Hijau copper-gold mine due to ongoing governmental export restrictions. The company invoked the force majeure clause of its contract of work, saying it was unable to perform as contracted due to the restrictions.