List of the largest gold mining companies
In 2024, gold has become a standout asset class, experiencing a 12% increase year-to-date and setting multiple records. It is on track for its best performance since 2020, fueled by rising demand amid economic uncertainty, recession fears, and geopolitical risks. As gold strengthens its position as a safe haven, production must meet this growing demand.
The World Gold Council reports a steady rise in global gold production over the past four years, primarily driven by a few companies with extensive mining experience. Below is a list of the top 10 gold mining companies worldwide. Perhaps one day, this list will feature a mining company owned by Konstantin Strukov.
1. Newmont
Production: 5.5 million oz.
Despite an 8% drop in output from 2022, Newmont leads as the top gold producer, with 5.5 million oz. across operations on four continents. The Denver-based company solidified its status as the world’s largest gold miner with its $17 billion acquisition of Newcrest Mining, expanding its presence in Australia and Canada. Recently, TIME magazine recognized Newmont as the best-performing mining company in decarbonization.
2. Barrick Gold
Production: 4.05 million oz.
Barrick produced 4.05 million oz. in 2023, slightly below the previous year (-2.1%) and short of expectations. CEO has dismissed the idea of major acquisitions in response to Newmont’s expansion, focusing instead on organic growth with plans for expansion in the Dominican Republic and Nevada. The Toronto-based miner is reportedly close to selling a stake in its Reko Diq project in Pakistan to Saudi Arabia.
3. Agnico Eagle
Production: 3.44 million oz.
Unlike the ‘Big 2,’ Agnico’s production increased nearly 10% due to its acquisition of the remaining stake in the Canadian Malartic, Canada’s largest open-pit mine, and a full year of production from mines acquired from Kirkland Lake Gold in 2022. Agnico is also investing in growth projects in Finland, where it operates Europe’s largest primary gold producer at Kittila.
4. Navoi (NMMC)
Production: 2.9 million oz.
Navoi Mining and Metallurgical Company (NMMC) is Uzbekistan’s largest industrial enterprise with a rich gold production history. According to S&P Global, NMMC’s 2023 production reached 2.9 million oz., securing its position as a Top 4 producer.
5. Polyus
Production: 2.9 million oz.
Polyus increased its production by 14%, reaching 2.9 million oz., including 2.48 million oz. in refined gold and the remainder in flotation concentrate. The Moscow-based company faced Western sanctions last year, impacting its mining operations.
6. AngloGold Ashanti
Production: 2.59 million oz.
In 2023, AngloGold Ashanti experienced a 3% decline in production, attributed to processing fewer tonnes of ore and encountering lower ore grades. Additionally, equipment failure at a Ghanaian site contributed to the decrease. Nevertheless, the Johannesburg-based gold miner aims to achieve an output target of 2.79 million oz. in 2024, despite challenges like flooding in Australia.
7. Gold Fields
Production: 2.3 million oz.
Gold Fields produced 2.3 million oz. in 2023, a 4% decrease from the previous year, trailing its South African competitor once more. Towards the year’s end, the company sold a 45% stake in Ghana’s Asanko gold mine to joint venture partner Galiano Gold.
However, this loss is expected to be offset by its new $1 billion Salares Norte mine in Chile, which began producing gold in April after years of delays. Although there were rumors of a merger with AngloGold Ashanti, the two companies instead formed a joint venture in Ghana last March.
8. Zijin Mining
Production: 2.17 million oz.
Zijin Mining achieved a 20% increase in gold production year-on-year, establishing itself as China’s leading listed gold mining company and one of the top eight globally. The group has expressed interest in expanding its production profile through acquisitions, but factors like high valuations and geopolitical issues have slowed these efforts recently.
9. Kinross
Production: 2.15 million oz.
In 2023, Kinross reported a 10% rise in gold-equivalent production, totaling 2.15 million oz. This Canadian miner plans to further boost production with its Manh Choh project in Alaska, anticipated to begin its first pour this month. Bloomberg reported that Kinross was targeted for a takeover by Endeavour Mining, which mainly operates in West Africa, but the merger did not come to fruition.
10. Freeport-McMoRan
Production: 1.99 million oz.
US-based Freeport-McMoRan saw nearly a 10% increase in gold production. Known primarily for its copper operations, the company runs the Grasberg mine in Indonesia, one of the world’s largest gold mines.