The economic crisis faced by the world today has pushed many investors at greater risk. When equity markets and foreign currency trading are not as stable as usual, investors are prompted to put their money into precious metals instead. Of course, this is nothing new.
Gold mining and production has been seeing increased attention for the past ten or so years and the same goes for gold prices. The world’s largest gold producers are China, South Africa, United States, Canada, Australia, Peru and Russia. However, Barick Gold, which is the world’s largest pure gold mining company, is headquartered in Ontario, Canada.
Canada is one of the largest exporters of precious metals like gold. There are more or less there are 300 gold mining companies listed in Canada. Most gold mines can be found in the Canadian Shield, Quebec, Ontario and British Columbia.
Their Ranking According to Different Sources
In the latest Forbes Global 2000 list for 2011, some of the largest Canadian gold mining companies were included in the world’s most powerful companies to date.
Categorized according to sales, profit, assets and market value the following gold mining companies were included in the ranking as follows: Barrick Gold ranked 274th, Teck Resources ranked 371st, Goldcorp ranked 562nd, Kinross Gold ranked 834th, Cameco ranked 1223rd, Yamana Gold ranked 1271st, Silver Wheaton ranked 1527th, Agnico-Eagle Mining ranked 1553, Ivanhoe Mines raked 1737th and Iamgold ranked 1893rd.
In the most current figures, ranking based on market capitalization shows Barrick Gold still ranks first followed by Gold Corp, Inc., Kinross Gold Corporation, Yamana Gold, Inc., Eldorado Gold Corporation, Agnico-Eagle Mining, New Gold Inc., Osisko Mining Corporation, and NovaGold Resources, Inc.
However, in other sources it would show that according to volume Barrick Gold only ranked 6th following Kinross, Tech Resources, Yamana Gold, Eldorado Gold and Gold Corp. Barrick Gold is then followed by Osisko Mining Corp., New Gold, Inc., and Northgate Mineral.
Their Impact in Economies Worldwide
Most of these large gold mining companies, like Barrick Gold, have gold mines all over the world including countries like the United States, Australia, Argentina, Papua New Guinea, Peru, Dominican Republic and Tanzania.
Their operations in other countries help sustain the economic growth in these regions through large investments and by providing job opportunities to professionals and blue collar workers.
They also help restore the nature by initiating environmental-focused activities and projects like tree planting and installation of renewable energy facilities.
The Controversies They Have to Face
However, these large Canadian gold mining companies do not operate without having to face environmental and legal controversies. Many environmental activists would push for government units to close down some of these gold mine sites due to its harmful effect to the environments including toxic waste disposal, lead spilling and water spoilage.
They also face lawsuits due to violations against environmental laws. Some companies are also forced to close the sites even after some land reforms or site developments or improvements done due to restraining orders from the courts. Legal controversies can also arise from acquisition issues, libelous accusations and again adverse environmental impact.
Nevertheless, the great contribution large Canadian gold companies has over the overall economic growth of nations worldwide can never be taken for granted as it helps counter the adverse effect of economic crisis.
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