Largest gold companies
There are different methods by which gold mining companies are ranked. One is by their annual production. Another is by their cash cost per ounce, that is, how much money it costs them to mine the gold. Since gold prices are the same everywhere, companies with lower costs per ounce make more profit. The most common method lists by market capitalization which considers the total value of capital holdings by that company. Also considered when comparing companies is their market capitalization per ounce of gold equivalent (sometimes abbreviated MV-GEO, EVO if the enterprise value is used) which takes the market value and total reserves and resources for each company as well as the price of gold into consideration. The figures for each company can be used to determine the value the stock market gives to each company's reserves on an ounce to ounce basis. If the calculation is to exclude financial assets the enterprise value is used instead of market capitalization. EVO = Enterprise Value/Ounce (gold equivalent) = Enterprise Value divided by resources. The enterprise value is the difference between a company's market capitalization (product of the number of company shares and listed stock price) and its cash, investments less debt (amortization). Three of the 10 largest companies by market cap that engage in gold mining, Fresnillo, Buenaventura and Freeport-McMoran (copper/molybdenum) are not included in the first list because they are minor gold producers/most of their revenue comes from a metal other than gold (Fresnillo and Buenaventura rely more on silver, in some lists silver production is treated as gold production, converted to gold equivalent using the gold to silver price ratio; McMoran produced 32.375 tonnes of gold in 2013 (up 32% after falling by 31% in 2012) but gold accounted for only 8% of revenue (down from 10%). World gold production in 2008 declined by 50 tonnes despite a strong showing in market price. Total production cash costs were up 4.1% industrywide in the third quarter of 2010 to US$585 per ounce of gold mined. The lower price of gold in 2013 is expected to impact gold production in the coming years; Barrick Gold is slowing construction at one of its largest gold projects Pascua Lama (18 m ounces of gold, 676 m ounces of silver) while in Australia mines are being shuttered by companies in an attempt to curb costs. In 2016, five of the world's 10 largest producing regions recorded growth in output, they are: China (450 tons +5), Russia (250 +8 tons), USA (209 tons +9), Canada (170 tons +10), Mexico (125 tons +5) and Indonesia (100 tons +25); In 2015 only Australia, Peru, Mexico, Uzbekistan and Indonesia produced more than the year before. In 2013, nine of the world's 14 major producing regions recorded growth in output, they are: Australia, Brazil, Canada, Chile, China, Indonesia, Mexico, Papua New Guinea and Russia; In 2012 only Canada, China, Ghana, Mexico, Peru and Russia produced more than the year before. In 2013, the world's five leading gold producers,