7.4.4Segment

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

Market size
~$11B
Growth
~1.6%CAGR (2017–22, nominal)
FragmentationConsolidatedEstimate

Nearly flat over five years, which is what a gold price at a plateau looks like once mining-cost inflation is netted off. Precious-metals assets trade on reserve life and all-in sustaining cost, not on growth — the revenue line says very little about which mine is worth owning.

NAICS 212220. U.S. Census Bureau — 2022 Economic Census. No firm count is shown: the code was created in the 2022 classification revision and has no counterpart in the business-count series. Growth is measured against the 2017 predecessor codes 212221 and 212222.

Business model & economics

Revenue model

Gold, silver, and precious-metal sales

Key economics

Recurring revenue
Moderate

recurring production; price-driven

EBITDA margin
Cyclical with precious-metal prices
Capex intensity
High

Characteristics

  • 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

Deal activityModerate

Who’s acquiring

  • Gold-mining majors
  • Mid-tier & junior miners
  • Royalty & streaming companies

What’s driving deals

  • Consolidation among gold majors.
  • Reserve replacement and M&A.
  • Precious-metal price cycles.

Verticals in this segment

Find Gold & Precious Metals Mining acquisition targets

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