First Research US Industry Profile

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Gold & Silver Mining
SIC Codes: 1041, 1044
NAICS Codes: 21222
Last Quarterly Update: 5/2/2022
Companies in this industry develop mine sites, mine and quarry gold and silver, and prepare gold and silver for sale. Major companies include Canada-based Barrick Gold, Kinross Gold, as well as Newmont (headquartered in the US), AngloGold Ashanti (South Africa), KGHM (Poland), Fresnillo (UK-based with primary operations in Mexico), Glencore (Switzerland), and Polymetal International (UK).
Worldwide, the industry produces about 3,200 metric tons of gold and 25,000 metric tons of silver in 2020, according to Statista. Of those totals, the US accounts for about 190 metric tons of gold and 1,000 metric tons of silver. Gold ore is primarily mined in China, Russia, Australia, the US, and Canada. Mexico, Peru, China, Russia, and Poland are the top silver production locations, as per Investopedia.
The US gold and silver mining industry includes about 160 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $10 billion.
Many gold and silver mining companies also mine for other metals. Mining of iron, nickel, copper, and other metals, including gold and silver, is covered in the Metal Ore Mining industry profile.
Competitive Landscape
Demand is driven by industrial production and economic growth. Individual company profitability depends on volume and operating efficiency. Large companies have more resources to devote to discovering and developing new deposits. Small companies typically own just one mine, limit exploration to that one property, and aim to operate it as efficiently as possible.
Products, Operations & Technology
Major products of companies engaged in gold and silver mining include gold ore (95% of revenue) and silver ore (5%). Gold and silver are typically sold ... plus:
Sales & Marketing
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Finance & Regulation
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Regional & International Issues
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Human Resources
Also includes the following chapters:
Quarterly Industry Update
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Industry Indicators
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Business Challenges
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Trends and Opportunities
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Call Preparation Questions
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Financial Information
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Industry Forecast
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Industry Websites
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Glossary of Acronyms
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