GEO Ranking

What are Gold Equivalent Ounces

Gold Equivalent Ounces (GEO) is a measure used by many companies, which produce both gold and other metals including silver. The idea is to create an equal footing across a miner’s portfolio so investors can more easily evaluate production in terms of gold production.

Calculating GEO

In this context, to calculate GEO’s, silver production is converted into “gold equivalent ounces” by dividing the ounces of silver produced by the “gold silver ratio” (GSR) and, then adding the result to the gold production.

Using 85:1 as an approximate value for the GSR over the period 2019 to 2023 produces the table below, showing production calculated in terms of GEOs.

Company GEO Ranking

GEO ranking identifies all (250+) LSM publicly quoted companies producing both gold and silver from largest to smallest. Newmont is by far the largest company, and with the acquisition of Newcrest will continue to be into the foreseeable future.

The biggest move upwards appears to be Wanguo International Mining. They are majority owners of Gold Ridge mine in the Solomon Islands which restarted production in 2023. They have moved up from 206 on the list to number 27.

The biggest move down was Newcrest, followed by Yamana, both of which were acquired by rivals during the year. Other notable companies, with gold production over 100,000 ounces, in the past five years, which no longer exist independently are: Petropavlovsk plc, OZ Minerals and Turquoise Hill Resources.

At the bottom of the list are all the companies, like Newcrest, which have produced precious metals in the last five years, but which will no longer have any precious metal production at the end of 2023.

The list can be sorted and filtered. The list can be exported into Excel by selecting the data and copy/pasting. Alternatively, using the free online Excel application – simply press the button on the bottom right hand of the frame, which will copy the data into that application.

Country GEO Top 20

The chart below shows the top 20 countries, in 2022, ranked by GEO, showing the split between the contribution of gold versus silver in the total.

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