Global Gold Production Landscape Shifts: Top 10 Miners Ranking for First Half of 2025

Amid escalating global geopolitical tensions and investors flocking to safe-haven assets, gold prices repeatedly hit record highs in 2025, breaking through the historical peak of $3,528 per ounce in the first trading day of September.

Meanwhile, global gold supply has also shown steady growth. According to data from the World Gold Council, global gold demand in the second quarter increased by 3% year-on-year to 1,249 tonnes, while mine production reached a record 909 tonnes, driving total supply up by 3%. Against this backdrop, the competitive landscape of the world’s top gold producers has undergone significant changes.

The following is a ranking of the global top ten gold producers based on production data for the first half of 2025, along with a dynamic analysis.

Newmont
Headquartered in Colorado, USA, Newmont (NYSE: NEM, TSX: NGT) retained its top position with production of 3,383 thousand ounces, though this represented a 5% decline compared to the same period in 2024. This drop was primarily due to the company’s sale of several non-core assets. Nevertheless, Newmont made progress in cost control, with its all-in sustaining costs (AISC) decreasing by 4%, demonstrating optimization in operational efficiency.

Agnico Eagle Mines
Canadian miner Agnico Eagle Mines (NYSE, TSX: AEM) jumped to second place with production of 1,740 thousand ounces, largely thanks to strong performances at its multiple mines in Canada. Compared to the traditional “big two” of Newmont and Barrick, Agnico Eagle’s first-half production performance was the most consistent, and this trend is expected to continue over the next three years.

Barrick Mining
Canada’s BarrickMining(NYSE: B, TSX: ABX), which had long held the second spot, changed its name to “Barrick Mining” this year to reflect its strategic shift toward copper. In the first half of 2025, Barrick’s gold production plummeted by 16.7% to 1,555 thousand ounces, dropping it to third place. The main reasons include the seizure of its vast Loulo-Gounkoto mine by the Malian government and maintenance work at its Nevada operations.

Navoi Mining
Uzbekistan state-owned enterprise Navoi Mining ranked fourth with production of 1,538 thousand ounces, a 1.6% year-on-year increase. The company relies on one of the world’s largest gold mines—the Muruntau deposit, which has an estimated gold resource of 150 million ounces. Last year, Navoi invested $23 million in the expansion of the Muruntau mine, further consolidating its production capacity.

AngloGold Ashanti
South African mining giant AngloGold Ashanti (NYSE: AU) ranked fifth with production of 1,524 thousand ounces, a significant year-on-year increase of 21.5% in the first half of the year. This growth is largely attributed to its acquisition of smaller rival Centamin for $2.5 billion in September 2024, which gave it ownership of Egypt’s largest modern gold mine—the Sukari mine.

Zijin Mining
China’s largest gold and copper producer, Zijin Mining, ranked sixth with production of 1,324 thousand ounces, a 16.3% year-on-year increase. Zijin Mining’s production growth momentum remains strong. In June of this year, the company agreed to acquire the Raygorodok gold mine in Kazakhstan for $1.2 billion, one of the largest gold mines in the country, which is expected to further boost its production in the future.

Polyus
Russia’s largest gold producer, Polyus, saw its production decline by 11% to 1,311 thousand ounces, dropping it to seventh place. Despite the decrease in production, the company’s first-half profit increased by 20% year-on-year to $1.4 billion due to high global gold prices, reflecting its strong profitability.

Gold Fields
South Africa’s Gold Fields ranked eighth with production of 1,171 thousand ounces, a substantial year-on-year increase of 22.7%. The company recently announced that its $2.4 billion acquisition of Australia’s Gold Road Resources is nearing completion, with shareholders set to vote on the deal on September 22. If successful, the company’s global production capacity will further expand.

Kinross Gold
Canada’s Kinross Gold (TSX: K) ranked ninth with gold equivalent production of 1,060 thousand ounces, slightly lower than the 1,063 thousand ounces produced in the same period last year. The company announced in April this year that it would acquire a 9.9% equity stake in Nevada-focused Eminent Gold, which is expected to gradually boost future production.

Northern Star Resources
Australia’s Northern Star Resources rounded out the top ten with production of 784 thousand ounces, a slight year-on-year decrease of 1.6%. In December 2024, the company announced it would acquire De Grey Mining in an all-share deal valued at $3.3 billion, highlighting the acceleration of industry consolidation in a high gold price environment.

Industry Trends and Outlook
In the first half of 2025, the production performance of the global top ten gold producers showed significant divergence: some companies achieved rapid growth through mergers and acquisitions, while others experienced declines due to asset divestitures, geopolitical factors, or operational issues. At the same time, high gold prices continue to drive industry consolidation, with companies like Gold Fields and Northern Star expanding their scale through acquisitions.

According to forecasts, global gold production is expected to increase by 1% in 2025, reaching approximately 3,694 tonnes, with new projects in Mexico, Canada, and Ghana serving as the main growth drivers. Although production growth is moderate, the strong demand and high gold prices will keep the profitability and strategic adjustments of gold mining companies in focus.