Gold & Precious Metals Mining
Gold, silver, and platinum group metals mining companies and streaming and royalty finance providers.
- 4
- Verticals
Overview
Gold & Precious Metals Mining covers the mining of gold, silver, and other precious metals. At roughly $10B (in 2017 reported revenue) it is a consolidated segment led by major gold miners (Newmont — the world's largest — and Barrick's U.S. operations), concentrated in Nevada and the West.
Demand is driven by investment and safe-haven buying (gold), jewelry, and industrial uses, with prices a key driver of mine economics. It is consolidated globally (Newmont and Barrick dominate), capital-intensive, and cyclical with precious-metal prices; U.S. production is concentrated and 2022 revenue is confidentiality-withheld by the Census.
Market snapshot
- U.S. mine production value
- ~$11.7B gold — the largest U.S. metal by value (35% of metal mining, 2024); + silver
- USGS Mineral Commodity Summaries 2025
U.S. Census Bureau, NAICS 212221/212222 (gold & silver ore mining) — ~$10B in 2017; 2022 receipts were confidentiality-withheld given the small number of producers, so the segment is not separately sized for 2022 here. (USGS mine-production value above is source-isolated — not Census receipts.)
Business model & economics
- Revenue model
- Gold, silver, and precious-metal sales
- Recurring revenue
- Moderate — recurring production; price-driven
- EBITDA margin
- Cyclical with precious-metal prices
- Capex intensity
- High
- Led by Newmont (world's largest) and Barrick.
- Concentrated in Nevada and the West.
- Investment/safe-haven demand drives gold prices.
M&A deal context
Who’s acquiring
What’s driving deals
- Consolidation among gold majors.
- Reserve replacement and M&A.
- Precious-metal price cycles.
Verticals in this segment
- 7.4.4.1Gold Mining Operations
Gold mining companies operating open-pit and underground mines.
- 7.4.4.2Platinum Group Metals Mining
Miners producing platinum, palladium, and rhodium.
- 7.4.4.3Precious Metal Streaming & Royalties
Companies providing upfront financing in exchange for metal stream royalties.
- 7.4.4.4Silver Mining Operations
Primary and by-product silver mining operations.
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