Global Gold-Mining Companies Ranked: Which Players Dominated Production in 2024?

The precious metals market has experienced remarkable momentum in recent years, with gold reaching unprecedented valuations. As the yellow metal continues to attract investor attention—driven by inflation concerns, geopolitical uncertainties, and economic volatility—the world’s leading gold mining companies are navigating shifting market conditions with strategic acquisitions and production expansions.

Market Context: Why Gold Miners Matter Now

In 2023, global gold output reached 3,000 metric tons, with China, Australia, and Russia leading as the top three producing nations. However, the real story lies within the major corporations driving production forward. Gold prices have broken through the $2,450 per ounce threshold in 2024, creating both opportunities and challenges for mining operations worldwide.

Supply constraints coupled with surging demand have intensified competition among the sector’s heavyweights. Understanding which gold mining companies are capturing the largest market share—and how they’re adapting—provides crucial insights for industry observers and investors alike.

The Top Producers: A Detailed Breakdown

1. Newmont: The Global Leader

Newmont (TSX:NGT, NYSE:NEM) commands the top position with 172.3 tons of gold production in 2023. This San Francisco-based miner operates across multiple continents, maintaining significant assets in the Americas, Asia, Australia, and Africa.

The company’s trajectory reflects aggressive portfolio optimization. Its 2019 acquisition of Goldcorp for $10 billion was followed by the formation of Nevada Gold Mines—a joint venture with Barrick Gold (38.5% Newmont, 61.5% Barrick). This partnership operates what’s considered the world’s premier gold complex, which delivered 94.2 metric tons in 2022.

Newmont further solidified its market dominance through a transformational $16.8 billion merger with Australia’s Newcrest Mining in 2023, integrating Newcrest’s 67.3 metric tons of annual production capacity. Looking ahead, Newmont has guided for 6.9 million ounces (215.6 tons) of production in 2024, underscoring its position as the sector’s undisputed leader.

2. Barrick Gold: The Consolidation Play

Barrick Gold (TSX:ABX, NYSE:GOLD) ranks second with 126 tons of annual production. The Toronto-based firm has been particularly active in M&A, having acquired Randgold Resources in 2018 and partnered with Newmont on Nevada Gold Mines in 2019.

Beyond Nevada, Barrick’s production portfolio includes the Pueblo Viejo mine in the Dominican Republic and the Loulo-Gounkoto mine in Mali, which respectively yielded 335,000 and 547,000 ounces in 2023. However, the company faced headwinds in the first half of 2024, reporting 1.89 million ounces—a 4% decline year-over-year. Reduced ore grades at North Mara (Tanzania) and lower throughput during the Cortez transition to Phase 6 contributed to this decrease. For 2024, Barrick projects 3.9 to 4.3 million ounces (121.9 to 134.4 tons).

3. Agnico Eagle Mines: The Canadian Powerhouse

Agnico Eagle Mines (TSX:AEM, NYSE:AEM) delivered 106.8 tons in 2023, securing third place. Operating 11 mines across Canada, Australia, Finland, and Mexico, the company controls two world-class assets—the Canadian Malartic mine in Québec and the Detour Lake mine in Ontario—both acquired from Yamana Gold in early 2023.

The company achieved record annual production in 2023 while simultaneously expanding reserves by 10.5% to 53.8 million ounces (1.29 million metric tons averaging 1.3 grams per ton). For 2024, guidance suggests 3.35 to 3.55 million ounces (104.7 to 110.9 tons), with medium-term projections of 3.4 to 3.6 million ounces for 2025 and 2026.

4. Polyus: Russia’s Mining Giant

Polyus (LSE:PLZL, MCX:PLZL) contributed 90.3 tons in 2023, placing it fourth on the list of major gold mining companies. As Russia’s largest producer and holder of the world’s largest proven and probable reserves (exceeding 101 million ounces), Polyus operates six mines across Eastern Siberia and the Far East.

The company’s flagship asset, Olimpiada, ranks as the world’s third largest mine by production volume. Polyus expects to produce 2.7 to 2.8 million ounces (84.4 to 87.5 tons) in 2024, maintaining steady output despite geopolitical pressures.

5. Navoi Mining and Metallurgical Company: The Unlisted Producer

Navoi Mining and Metallurgical Company, though not listed on Western exchanges, produced 88.9 tons in 2023, ranking fifth globally. Operating since the 1960s, the Uzbek firm’s flagship asset is the Muruntau mine—one of the world’s five deepest open-pit operations and home to one of the largest single gold deposits.

Navoi has allocated over $100 million toward exploration in 2024 and targets production expansion to exceed 3 million ounces annually, with projections to reach this milestone by 2025.

6. AngloGold Ashanti: The African-Focused Operator

AngloGold Ashanti (NYSE:AU, ASX:AGG) generated 82 tons in 2023. The company operates nine mines across seven countries on three continents, with African operations accounting for 59% of total output—1.54 million ounces of its 2.59 million ounce total.

The company experienced a 3% production dip compared to 2022 (down from 2.67 million ounces), yet still exceeded guidance expectations. For 2024, AngloGold projects 2.59 to 2.79 million ounces, supported by first-half 2024 production of 1.25 million ounces.

7. Gold Fields: The Diversified Major

Gold Fields (NYSE:GFI) delivered 71.7 tons in 2023, maintaining its position as a globally diversified producer with nine operating mines across Australia, Chile, Peru, West Africa, and South Africa.

A significant strategic move involves Gold Fields’ partnership with AngloGold Ashanti to combine Ghanaian exploration assets, creating what the parties expect will become Africa’s premier gold mining complex. The joint venture projects average annual production of 900,000 ounces (28.1 tons) over its initial five-year operational phase.

Additionally, Gold Fields announced in August 2024 the acquisition of Canada’s Osisko Mining for $1.6 billion. Osisko’s 2023 production of 2.94 million ounces represents a meaningful portfolio addition. Gold Fields’ 2024 guidance sits at 2.33 to 2.43 million ounces (72.8 to 75.9 tons).

8. Kinross Gold: The Emerging Market Specialist

Kinross Gold (TSX:K, NYSE:KGC) produced 67 tons in 2023, reflecting a 10% increase from 2022 levels. The company operates six facilities spanning the Americas and East Africa, with primary assets including the Tasiast mine in Mauritania and the Paracatu operation in Brazil.

Production growth was driven by elevated output at La Coipa (Chile) and improved mill grades at Tasiast. The company remains on track to achieve its 2024 guidance of 2.1 million ounces.

9. Freeport-McMoRan: The Copper-Gold Hybrid

Freeport-McMoRan (NYSE:FCX) generated 62 tons in 2023, primarily derived from the Grasberg mine in Indonesia—the world’s second largest gold producer by volume. While predominantly recognized for copper output, the company’s gold contribution remains substantial.

Long-term development at Grasberg’s Kucing Liar deposit is underway, with projections for 6 million ounces of gold production between 2029 and 2041. However, 2024 guidance was adjusted downward to 1.8 million ounces due to mine sequencing changes related to wet conditions affecting the underground block cave operations.

10. Solidcore Resources: The Restructured Operator

Solidcore Resources (AIX:CORE), formerly Polymetal International, accounted for 53.72 tons in 2023. Operating two mines in Kazakhstan, the company underwent significant portfolio restructuring by divesting Russian operations during Q1 2024.

This strategic repositioning substantially reduces output expectations for 2024—approximately 475,000 ounces from remaining Kazakh assets, compared to 1.71 million ounces inclusive of divested Russian operations. Despite production challenges at core Kyzyl and Varvara mines due to reduced grades, Kazakhstan ore reserves increased 3% to reach 11.6 million gold equivalent ounces.

The Bigger Picture: Consolidation and Market Dynamics

The rankings reveal a sector undergoing significant consolidation. Major transactions—including Newmont’s Newcrest absorption, Gold Fields’ Osisko acquisition, and Agnico Eagle’s Yamana assets purchase—demonstrate how leading operators are reshaping competitive positioning through strategic M&A.

Geopolitical factors, supply chain constraints, and record-high gold prices are compelling these gold mining companies to optimize portfolios, expand reserves, and navigate production complexities. As global demand for the precious metal remains robust, the competition for market share among these industry giants will likely intensify throughout 2024 and beyond.