In 2025, gold prices surged by over 60% amid escalating global trade tensions and accelerated central bank gold purchases, becoming a market focal point. This rally continued into early 2026, with gold reaching an all-time high of nearly USD 5,600 per ounce in January.
However, gold prices have since fallen sharply due to broad market liquidity constraints and heightened expectations of high interest rates exacerbated by the Middle East conflict. Since early March, gold prices have dropped by as much as 15%, erasing most of the year’s earlier gains. Gold mining stocks have also been hit, with many market leaders falling 20–40%. Nevertheless, the long-term outlook for gold remains solid, supported by continued central bank accumulation.
Below are the performance highlights of the world’s largest gold mining operations during this record-production year:
#1 Nevada Gold Mines – Operator Barrick (61.5%) and Newmont (38.5%) joint venture. Production: 2.595 million oz (80.71 t), down 3% from 2024. The complex comprises 10 underground and 12 open-pit mines, ranking first since 2019.
#2 Muruntau – Navoi Mining & Metallurgy Company, Uzbekistan. Production: 1.708 million oz (53.12 t), up 4%. An IPO planned for London and Tashkent has been delayed to achieve optimal valuation.
#3 Olimpiada – Polyus, Russia. Production: 1.357 million oz (42.21 t), down 6%. Known for extreme cold and complex sulfide ore processing.
#4 Kazzinc Consolidated – Kazakhstan. Production: 947,000 oz (29.46 t). Glencore abandoned a sale of its 70% stake in 2024; now tendering metals under a new marketing model.
#5 Grasberg – Freeport-McMoRan (48.76%) and PT Mineral Industri Indonesia (51.24%). Production: 937,000 oz (29.14 t), down 50% due to a fatal mudslide in September 2025.
#6 Almalyk Complex – Uzbekistan. Production: 750,000 oz (23.33 t), flat. Also produces over 90% of the country’s copper.
#7 Blagodatnoye – Polyus, Russia. Production: 736,000 oz (22.89 t), up 47%. First-time entry due to new mill and higher grade ore.
#8 Detour Lake – Agnico Eagle Mines, Canada. Production: 693,000 oz (21.55 t), up 3%.
#9 Kibali – DRC. Production: 673,000 oz (20.93 t), down 2%. New discoveries may extend mine life beyond current 10-year plan.
#10 Ahafo – Newmont (90%) and Ghana government (10%). Production: 664,000 oz (20.66 t), down 17% due to planned temporary reductions.
#11 Canadian Malartic – Agnico Eagle Mines, Canada. Production: 642,600 oz (19.99 t), down 2%.
#12 Pueblo Viejo – Barrick (60%) and Newmont (40%), Dominican Republic. Production: 632,500 oz (19.68 t), up 7.9%.
#13 Kumtor – Kyrgyzaltyn OJSC, Kyrgyzstan. Production: 592,300 oz (18.42 t). Nationalized in 2021.
#14 Paracatu – Kinross Gold, Brazil. Production: 586,600 oz (18.25 t), up 11%.
#15 Lihir – Newmont, Papua New Guinea. Production: 585,000 oz (18.2 t). Acquired via Newcrest purchase in 2023.
#16 Boddington – Newmont, Australia. Production: 565,000 oz (17.57 t). First open-pit gold mine with autonomous truck fleet (2021).
#17 Fekola – B2Gold, Mali. Production: 530,800 oz (16.51 t), up 35.1%. First-time entry; underground mining began in 2024.
#18 Yanacocha – Newmont, Peru. Production: 515,000 oz (16.02 t).
#19 Salares Norte – Gold Fields, Chile. Production: 505,400 oz (15.72 t), up 1,059.2%. Commissioned in 2023.
#20 Sukari – AngloGold Ashanti, Egypt. Production: 500,000 oz (15.55 t), up 26.1%.
Post time: Apr-13-2026
