lowest cost gold mines in Q1 2021
World's lowest cost gold mines in Q1 2021 - report
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(Kitco News) - Barrick's Long Canyon mine in the United States was the lowest cost gold operation worldwide in Q1 2021 measured by AISC.
Kitco looked at costs at operating primary gold mines globally in Q1 2021 using all-in sustaining cost (AISC) metric that serves as a globally accepted benchmark of a mine's operating efficiency.
Primary gold operations are defined by Kitco as "mines where gold contributed to 90% or more of revenues from operating activities". The ranking excludes privately-owned mines and tailings re-processing operations.
Barrick's Long Canyon gold mine located in Nevada, USA, was the lowest cost gold operation worldwide in Q1 2021. In Q1 2021, Long Canyon's AISC of $156/oz decreased by 72% compared to Q1 2020 primarily due to a significant increase in leach pad inventory ounces, which has lowered the cost per ounce, and decreased minesite sustaining capital expenditures.
Kirkland Lake's Fosterville mine in Australia sits second with ASIC of $423/oz reported in Q1 2021. Fosterville's AISC increased 35% compared to Q1 2020 primarily due to a significantly higher business volumes with tonnes mined and milled considerably higher than in Q1 2020, as well as the impact of a significantly stronger Australian dollar in Q1 2021 versus Q1 2020.
Polyus' Olimpiada mine in Russia is third with its AISC demonstrated a decline of 31% to $458/oz in Q1 2021 because of lower sustaining capital expenditures compared to Q1 2020.
Another Polyus' Blagodatnoye mine in Russia is fourth with AISC of $542/oz in Q1 2021. Blagodatnoye's AISC was higher 11% compared to Q1 2020 due to a temporary decline in average grades in ore processed, as well as a decrease in the recovery rate.
Another Polyus' Verninskoye mine, also located in Russia, sits fifth with AISC of $566/oz in Q1 2021, virtually unchanged from Q1 2020.
The complete list is on the chart.
World's top 10 lowest cost gold mines in Q1 2021
https://www.kitco.com/news/2021-09-09/World-s-lowest-cost-gold-mines-in-Q1-2021-report.html