Nevada was the number one gold-producing state in the United States in 2019. Despite California being known as the Golden State, no other state comes close to producing as much gold as Nevada.

The purpose of this article is to clearly and concisely index all of the producing gold mines in Nevada and their 2019 production and 2020 forecasted production. Also, this article provides each gold mine’s proven and probable reserves and each gold mine’s all-in-sustaining cost as of 2019 to make this information easily accessible.

This chart below shows Nevada, Alaska, and every other state’s production from 2010 to 2017.

Source: Statista

Six public companies operate gold producing mines in Nevada.

  1. Barrick Gold(GOLD)
  2. Newmont Gold(NEM)
  3. Kinross Gold(KGC)
  4. Hecla Mining(HL)
  5. SSR Mining(SSRM)
  6. Coeur Mining(CDE)

Here are the gold mine locations for these six companies.

Source: Created by the Author

Barrick Gold

Barrick Gold merged its Nevada mining operations with Newmont Gold in 2019 into a company called Nevada Gold Mines LLC. Barrick Gold owns 61.5 percent of the new entity with Newmont Gold owning the remainder. It was difficult to parse through the financial statements of both companies and piece what I believe to be correct production, forecasted production, and reserves numbers together.

Their producing gold mines are included in the following list. Certain mines in this list are combined because this is how Barrick Gold groups them in their financial statements.

  1. Carlin/Goldstrike – Represents various Barrick/Newmont mines located in the Carlin Trend. The Goldstrike Mine is located 40 miles northwest of Elko.
  2. Cortez/Goldrush – Represents various Barrick/Newmont mines located in the lower end of the Battle Mountain-Eureka Trend.
  3. Turquoise Ridge/Twin Creeks – Represents two mines of the same name located in the Getchell Trend. They are located northeast of Winnemucca, about 40 miles.
  4. Phoenix/Lone Tree – Represents two mines of the same name in the upper part of the Battle Mountain-Eureka Trend. They are located near I-80 in the Valmy area.
  5. Long Canyon – The Long Canyon Mine is located near I-80 east of Wells.
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Newmont Mining

Newmont Mining merged its Nevada mining operations with Barrick Gold in 2019 into the new company called Nevada Gold Mines LLC. Newmont Mining owns 38.5 percent of the new entity with Barrick Gold owning the remainder. See above in the Barrick Gold section to see a list of mines included in the Nevada Gold Mines LLC.

Kinross Gold

Kinross Gold operates two gold mines in Nevada and is the second-largest public company gold-producer behind Newmont Mining and Barrick Gold’s Nevada Gold Mines LLC.

  1. Round Mountain – Round Mountain Mine is located 50 miles north of Tonopah in central Nevada.
  2. Bald Mountain – Bald Mountain Mine is located 70 miles south of Elko.

Hecla Mining

Hecla owns several mines in Nevada, but a couple of them are in the exploration/development stage. The only mine that is producing is the Fire Creek Mine.

  1. Fire Creek – The Fire Creek Mine is located 15 miles south of Argenta.

Coeur Mining

  1. Rochester – The Rochester Mine is primarily a silver producing mine that produces a small amount of gold each year. It is located 20 miles northeast of Lovelock.

SSR Mining

SSR Mining is the third-largest gold producer that is a public company in Nevada and owns one producing mine called the Marigold Mine.

  1. Marigold – the Marigold Mine is located in Humboldt County 15 miles northwest of Battle Mountain in the Battle Mountain-Eureka trend.

2019 Actual and 2020 Forecast Gold Ounces Produced

Company

Source: Created by the author using data from company financial reports.

Mine – Company

Source: Created by the author using data from company financial reports.

2019 Proven and Probable Reserves

Proven reserves are defined as those reserves that are economically viable to mine. Probable reserves are classified as those that have a lower level of confidence in their economic viability but still enough that the company believes they are economically viable to mine.

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Proven and probable reserves are provided below and broken out by the company and by gold mine.

Company

Source: Created by the author using data from company financial reports.

Mine – Company

Source: Created by the author using data from company financial reports.

All-In-Sustaining Cost Per Ounce

All-in sustaining cost(AISC) per ounce is a metric used in the mineral mining business to assign a cost to produce one unit of a mineral, in this case, an ounce of gold. This is a non-GAAP measure, so although it can be used to compare companies, there is NO standard way to measure AISC, which means each company may calculate it slightly differently.

Company

Source: Created by the author using data from company financial reports.

Mine – Company

Source: Created by the author using data from company financial reports.

2019 Production / Reserves / All-In-Sustaining Cost Per Ounce

These charts take the data that was already provided in the charts above and combines them into a bubble chart. The bubble sizes represent the amount of proven and probable reserves, whereas the x-axis is AISC, and the y-axis is 2019 production amounts. It gives the investor a different way of looking at it. The first chart separates it by the company while the second chart separates it by gold mine.

Company

Source: Created by the author using data from company financial reports.

Mine – Company

Source: Created by the author using data from company financial reports.

Summary

Nevada is the largest gold-producing state in the United States. If an investor wants to own gold-producing companies that operate in the United States, then these six companies are some of your best public market options.

Barrick Gold is the largest and most efficient gold mine operator in Nevada. Thanks to a merger with Newmont Gold that happened midway in 2019, their merged Nevada Gold Mines company is the largest producer. For purposes of this analysis, we split the merged company between Barrick Gold and Newmont Gold.

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The problem with investing in Barrick Gold or Newmont Gold for their Nevada Gold Mines is that they are very large companies. Although you would be investing in their Nevada production, you’d also find that they operate in many other jurisdictions where you may not want exposure.

The same would be true for Kinross Gold and SSR Mining, unfortunately.

Although these companies don’t operate purely in Nevada, this should give you a great snapshot of the gold mines operated by public companies in Nevada.

If you are looking for more of a Nevada pure-play investment, they are hard to find. One that comes to mind is a small-cap royalty streaming company called ELY Gold Royalties(OTCQX:ELYGF). They mostly operate in Nevada but have some royalties in Canada as well.

Let me know in the comments if there are any public gold mines in Nevada that I missed that need to be added to the list for 2020.

Disclosure: I am/we are long ELYGF. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: The author of this article is not a Registered Investment Advisor or Financial Planner. This writing is for informational purposes only. It does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any securities transaction. The information contained in this writing should not be construed as financial or investment advice on any subject matter. The author of this article expressly disclaims all liability in respect to actions taken based on any or all of the information on this writing.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.



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