Gold & Silver Ore Mining in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: February 2024
NAICS 21222Revenue
$11.1bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
15,446
Businesses
177
Wages
$X.Xbn
Gold & Silver Ore Mining in the US industry analysis
The Gold and Silver Ore Mining industry explores and develops land to extract precious metals for sale in concentrate, dore and bullion form. Revenue is largely a function of mine output and the world prices of gold and silver. Despite an increase in revenue in 2020 amid the breakout of the COVID-19 pandemic heightening demand for precious metals, overall industry revenue has been on the decline due to reduced mine output from resource depletion and lower grades. Industry revenue is projected to have decreased at a CAGR of 0.6% to $11.1 billion over the five years to 2024, with a 2.7% drop in 2024 alone.
Trends and Insights
- The United States produces nearly half the quantity of gold and silver that it did in 2000. Domestic gold and silver exploration activity has dropped since the new millennium and companies have had difficulties successfully replacing annual production with new reserves.
- The key uses for gold and silver are as an investment vehicle and as a material to fabricate jewelry. Demand from investors picked up during the COVID-19 pandemic, while demand from jewelers slumped.
- Nevada accounts for about 73.0% of all gold produced in the United States. Most of this production is controlled by the Nevada Gold Mines joint venture between Barrick (61.5% ownership) and Newmont (38.5%).
- The industry has an extremely high level of internal competition. The Nevada Gold Mines joint venture between Barrick and Newmont is responsible for producing roughly 60.0% of all gold in the United States.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 0.6 % over the past five years, to reach an estimated $11.1bn in 2024.
Trends and Insights
Miners benefit as the world prices of gold and silver rise
- Gold and silver mining companies sell their precious metals in the spot market where the prices of these commodities are constantly changing. Miners earn more revenue and profit when they sell their precious metals at higher prices.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Consumer confidence and interest rates will have an impact
- Over the coming years, the price of gold and silver are set to fall, driving down industry revenue.
Biggest companies in the Gold & Silver Ore Mining in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Barrick Gold Corp | 5,579.9 | 2,018.9 | 36.2 | |
Kinross Gold Corp | 1,196.4 | 174.3 | 14.6 | |
Newmont Corporation | 47.1 | 12.0 | 25.4 |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Gold dore and concentrates and Silver dore and concentrates. Gold dore and concentrates is the largest segment of the Gold & Silver Ore Mining in the US.
Trends and Insights
Soaring gold prices make up for lower production
- Gold is a rare metal that serves numerous purposes within finance, medicine, manufacturing and as a luxury item.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Copper, Nickel, Lead & Zinc Mining in the US
- Molybdenum & Metal Ore Mining in the US
Complementors
- Iron Ore Mining in the US
- Nonferrous Metal Refining in the US
International industries
- Gold & Silver Ore Mining in Canada
- Gold Ore Mining in Australia
- Silver, Lead and Zinc Ore Mining in Australia
- Gold Ore Mining in New Zealand
Table of Contents
About this industry
Industry definition
Operators in this industry mine gold and silver-bearing ores. Mining activities include the development of mine sites and the on-site processing of ore into a concentrate or bullion. Companies typically retain ownership of the semiprocessed gold or silver products and pay for further refining on a toll-charge basis. The refining process is included as part of the Nonferrous Metal Refining industry (IBISWorld report 33141).
What's included in this industry?
Gold ore miningSilver ore miningGold ore beneficiationSilver ore beneficiationProduction of gold and silver bullion, ore and concentratesCompanies
Barrick Gold CorpKinross Gold CorpNewmont CorporationPurchase this report to view all 3 major companies in this industry.
Related Terms
CONCENTRATEDOREBULLIONTROY OUNCEIndustry Code
NAICS 21222 - Gold & Silver Ore Mining in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The United States produces nearly half the quantity of gold and silver that it did in 2000. Domestic gold and silver exploration activity has dropped since the new millennium...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
The key uses for gold and silver are as an investment vehicle and as a material to fabricate jewelry. Demand from investors picked up during the COVID-19 pandemic, while dema...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Nevada accounts for about 73.0% of all gold produced in the United States. Most of this production is controlled by the Nevada Gold Mines joint venture between Barrick (61.5%...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The industry has an extremely high level of internal competition. The Nevada Gold Mines joint venture between Barrick and Newmont is responsible for producing roughly 60.0% o...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Barrick and Newmont joined forces in July 2019 to build the world’s largest gold mining complex. The project produced 3.3 million ounces of gold in 2021 and has nearly 50.0 m...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Barrick Gold Corp's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Kinross Gold Corp's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Newmont Corporation's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Barrick Gold Corp, and factors influencing its performance in the industry
- Description and key data for Kinross Gold Corp, and factors influencing its performance in the industry
- Description and key data for Newmont Corporation, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The world prices of gold and silver are extremely volatile and highly dependent on investor and consumer sentiment. Revenue and profit can fluctuate significantly based on th...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit is extremely volatile and can swing widely based on changes in the underlying prices of gold and silver. The world prices of these precious metals have increased over ...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Gold & Silver Ore Mining in the US industry in United States in 2024?
The market size of the Gold & Silver Ore Mining in the US industry in United States is $11.1bn in 2024.
How many businesses are there in the Gold & Silver Ore Mining in the US industry in 2024?
There are 177 businesses in the Gold & Silver Ore Mining in the US industry in United States, which has grown at a CAGR of 3.2 % between 2019 and 2024.
Has the Gold & Silver Ore Mining in the US industry in United States grown or declined over the past 5 years?
The market size of the Gold & Silver Ore Mining in the US industry in United States has been declining at a CAGR of 0.6 % between 2019 and 2024.
What is the forecast growth of the Gold & Silver Ore Mining in the US industry in United States over the next 5 years?
Over the next five years, the Gold & Silver Ore Mining in the US industry in United States is expected to decline.
What are the biggest companies in the Gold & Silver Ore Mining in the US market in United States?
The biggest companies operating in the Gold & Silver Ore Mining market in United States are Barrick Gold Corp, Kinross Gold Corp and Newmont Corporation
What does the Gold & Silver Ore Mining in the US in United States include?
Gold ore mining and Silver ore mining are part of the Gold & Silver Ore Mining in the US industry.
Which companies have the highest market share in the Gold & Silver Ore Mining in the US in United States?
The company holding the most market share in United States is Barrick Gold Corp.
How competitive is the Gold & Silver Ore Mining in the US industry in United States?
The level of competition is high and steady in the Gold & Silver Ore Mining in the US industry in United States.
