|   Business


  |   Business


Top 5 Gold Mining Companies in South America

There are about 53,000 tonnes of gold reserves worldwide, according to the U.S. Geological Survey. Despite the fact that the COVID-19 pandemic disrupted global gold production during 2020, mining companies benefited from rising commodity prices this year.

The world's largest gold mining companies operate in many different regions of the world, including Africa, Asia and North America. However, South America remains one of the world’s gold mining hotspots.

South America has vast mineral potential and has long been home to explorers, developers and miners that are publically-listed on North American markets. These companies, which include a mix of Canadian, American, Mexican, and South African companies, have gold, copper and silver mines in Colombia, Argentina, Chile, Brazil, Mexico, Peru and the Dominican Republic.

Here, we bring you the top five gold mining companies in South America either in the production or exploration phase.

  1. Newmont Corporation (TSX:NGT)

Newmont Corp. is a gold company that was founded in 1921 with headquarters in Greenwood Village, Colorado, but has regional operations in:

  • Argentina (Cerro Negro)

  • Dominican Republic (Pueblo Viejo)

  • Mexico (Peñasquito)

  • Peru (Yanacocha)

  • Suriname (Merian).

It has the largest gold reserve base in the mining industry backed by its world-class mineral deposits in world-class jurisdictions.

The company’s gold production in Latin America in the third quarter was 428,000 oz. Newmont Corp. is the only gold producer listed on the S&P 500 index and is widely known for its environmental, social and governance practices.

The company’s merger with Goldcorp secured Newmont’s place as the region's leading yellow metals producer.

Newmont’s objective is to find new mineral reserves to build a sustainable mining business based on safety, environmental stewardship and social responsibility.

  1. Collective Mining (TSXV:CNL)

The former Continental Gold team has come together to form Collective Mining (TSXV:CNL), the newest and most interesting exploration company on this list, as management seeks to replicate its success from selling Continental Gold to Zijin Mining for $2 billion in EV, back in March 2020.

The "Collective Model" aims to work hand-in-hand with stakeholders to build a stronger, mutually beneficial future, while adhering to a principled approach to the environment, sustainability and governance.

The company is advancing rapidly in the exploration of its multiple, large-scale porphyry gold copper, gold and molybdenum targets in a mining-friendly jurisdiction in the department of Caldas, Colombia. To date, the company has successfully delivered two grassroots discoveries from its ongoing, fully-funded, 10,000 metre drill program.

Guayabales Project

The Guayabales project is located 75 km south of Medellin and is adjacent to the Marmato gold mine. The Marmato gold district has been mined since pre-colonial times and was historically used as collateral to secure financing for the War of Independence against Spain. The Marmato gold deposit hosts a large artisanal and modern resource encompassing an estimated global resource of +10 MOz Au.

Guayabales hosts outcroppings of mineralized porphyry systems with excellent grades of gold, copper and molybdenum. The company recently announced a discovery at “Donut”, which is the first of five targets on the project. Management has recently deployed additional rigs elsewhere on the property and is expected to have ongoing drill results delivered to market over the coming weeks and months, through to Spring 2022.

San Antonio Project

The San Antonio project is located 70 km south of Medellin and 8 km NNE of the Guayabales project on the western margin of the Central Cordillera of Colombia. The project incorporates porphyry Cu-Au-Mo mineralization and associated hydrothermal alteration over a 2 km x 1 km area. The Miocene-aged porphyry mineralized intrusives are hosted in Paleozoic schists and Cretaceous mafic volcanic rocks.

The Company recently announced it had made a significant discovery at the Pound target at San Antonio. Pound is one of three targets the Company has generated at the San Antonio project. This discovery comes on the heels of the aforementioned discovery at the Donut target at the Guayables project.

Collective Mining’s progress and the speed at which it has made two significant discoveries makes it one of the most exciting new entries to South America’s gold mining industry as well as for investors back home.

  1. Golden Arrow Resources (TSXV:GRG)

Golden Arrow Resources, part of the Grosso Group, is headquartered in Vancouver and is a member of the Grupo Grosso group, a pioneer in the mineral exploration industry in Argentina that has operated in the same location since 1993.

Grupo Grosso is credited with four exceptional mineral deposit discoveries and has an excellent reputation for fostering strong relationships between communities and governments wherever it works.

Golden Arrow discovered, developed and advanced its Chinchillas Silver Project in Jujuy Province, Argentina in just five years. It then successfully monetized the asset through a sale to SSR Mining, which fostered upside potential and leverage for gold and silver.

Golden Arrow resources also has two Chilean projects nearby: the Indiana gold-copper project and the Atlantida copper-gold project.

Indiana is located 40 km north of the city of Copiapó and has an inferred resource of 3.1 million tonnes at 2.8 grams of gold per tonne and 1.6% copper.

Atlantida is located 60 km northeast of Copiapo and has a historic resource of 427 million tonnes at 0.20% copper and 0.34 grams of gold based on a 29,000-meter drill database.

The company is currently actively mining in Chile, Paraguay, and Argentina.

  1. Sierra Metals (TSX:SMT; NYSE: SMTS)

Based in Toronto, Sierra Metals operates three base and precious metal mines in Latin America: the 82%-owned Yauricocha mine in Peru and the Bolivar and Cusi mines in Mexico.

The company began exploration and development work in Mexico in early 2003. Its aspiration is to be a leading polymetallic product with a first-class reputation in all aspects of day-to-day operations in the mining industry. Its objective is to provide investors with unparalleled exposure to rising base and precious metal prices.


Located in the department of Lima, the Yauricocha mine produces silver, lead, zinc, copper and others from a high-temperature carbonate replacement deposit. It covers an area of 18,778 hectares extending over a strike length of 20 km of the prolific Yauricocha fault.

It is a mine with miners using sub-level and cut-and-fill excavation methods, as well as ore processing in a flotation plant. The mine is at an average altitude of 4,600 meters and has been producing for over 70 years.


Cusi is located in the state of Chihuahua, Mexico, approximately 135 kilometers from the city of Chihuahua. The property comprises 73 concessions covering 11,665 hectares in an elevation range of 2,000 to 2,500 meters above sea level in the Sierra Madre Occidental mountain range.

Ore is processed at the Mal Paso Mill located approximately 40 km from the Cusi Mine. Production has increased from 600 tonnes per day in the third quarter of 2018 to its current capacity of 1,000 tonnes per day and is under construction to increase to 2,400 tonnes per day by 2020.


The Bolivar Mine is located within the municipality of Urique, in the Piedras Verdes mining district of the state of Chihuahua, Mexico. It comprises 12 mining concessions and is part of the Bolivar land package of 15,217 hectares.

During 2012, the Company achieved its first full year of commercial production at the Piedras Verdes plant, located 6 km from the Bolivar Mine.

  1. Lundin Mining (TSX:LUN)

Diversified base metals mining company Lundin Mining (TSX:LUN) has operations in Brazil, Chile, Portugal, Sweden, and the United States. The company produces copper, zinc, gold, and nickel.

Recently issued operating guidance shows the company expects to see increased production through 2024. Guidance for its Chapada gold mine in Brazil, Candelaria, and Neves-Corvo in Portugal are expected to produce 258,000-282,000 tonnes of copper in 2022, and reach 262,000-282 tonnes by 2024.

Expectations of higher output have seen shares rise in recent weeks, and the company is looking forward to a transition to a smoother run of operations as pandemic restrictions lift and supply chain bottlenecks get sorted out in the coming months.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes

  • Market Data

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.