The 10 Biggest Gold Producers in the World: A 2024 Reality Check

Gold is having quite the moment. With prices shattering the US$4,400 per ounce barrier in 2024 and continuing to climb into 2025, it’s natural to wonder: which companies are actually raking it in? The answer lies with the world’s top gold mining stocks—the major producers driving global output while navigating inflation, geopolitical tensions, and supply concerns.

Why This Matters Right Now

According to the US Geological Survey, global gold production hit 3,300 metric tons in 2024. China, Australia, and Russia led the pack as the top three gold-producing nations. But here’s what really matters for investors: while gold prices soar, the margins for major gold producers have expanded significantly after years of cost pressures from high inflation. This is creating a fascinating divergence—production volumes are stable, but profitability is climbing. That’s why tracking the top gold mining stocks isn’t just about following commodity prices; it’s about understanding which companies are positioned to capitalize on this sweet spot.

The Global Leaders: Where Production Meets Geography

The world’s largest gold mining companies operate across every continent, each with distinct geographic advantages and risk profiles. North America, West Africa, and Siberia have become crucial production hubs, with some mining operations ranking among the world’s most significant industrial complexes.

The Tier-1 Producers: Newmont and Barrick Mining Dominate

Newmont (TSX:NGT, NYSE:NEM) stands alone at the top, producing 213.03 metric tons of attributable gold in 2024. The company operates a truly global portfolio spanning North and South America, Australia, and Africa. Its crown jewel remains a 38.5% stake in Nevada Gold Mines through a joint venture with Barrick Mining, which alone contributed 32.14 metric tons to Newmont’s total. The company’s Ghana operations, particularly the Ahafo complex, delivered another 24.28 metric tons. A significant shift occurred in January 2025 when Newmont divested its Porcupine complex in Ontario for US$425 million—part of a broader US$4.3 billion divestiture strategy focused on streamlining operations.

Barrick Mining (TSX:ABX, NYSE:B), sitting in second place with 121.65 metric tons, remains a truly diversified global operator. Its 61.5% stake in Nevada Gold Mines generated 51.34 metric tons alone. However, the company faces mounting pressure in Mali, where its 80% owned Loulo-Gounkoto complex produced 578,400 ounces (17.99 metric tons) in 2024. Recent political tensions with Mali’s military government have created uncertainty—the country placed the mine under provisional administration in mid-2025 amid tax and royalty disputes, highlighting the geopolitical risks embedded in major gold producer portfolios.

The Middle-Tier Leaders: Diverse Operations Across Continents

Agnico Eagle Mines (TSX:AEM, NYSE:AEM) claimed third place with 108.41 metric tons, operating 11 wholly owned mines—a notably integrated approach compared to its competitors. Canada dominates its portfolio with seven operations, while Mexico, Australia, and Finland round out its geographic spread. The Detour Lake mine in Ontario and Canadian Malartic in Québec each contributed over 20 metric tons. Notably, Canadian Malartic is transitioning from open-pit to fully underground operations by 2029, a structural shift reflecting ore depletion patterns across mature mining districts.

Navoi Mining and Metallurgy Company (NMMC) ranked fourth with 96.42 metric tons from its 12 mines across Uzbekistan. The company’s legacy stretches back to the Soviet era, but its real significance lies in operating Muruntau—the world’s largest open-pit mine and second-highest producing gold mine globally. This single asset cranked out an estimated 2.68 million ounces (83.3 metric tons) in 2024, making Uzbekistan a critical node in global gold supply chains.

Polyus (LSE:PLZL, MCX:PLZL) emerged as Russia’s gold powerhouse in fifth place, producing 93.36 metric tons from five wholly owned operations. Its Olimpiada mine in Eastern Siberia alone generated 46.93 metric tons, demonstrating why Siberia has become essential to global gold production. The company holds massive proven and probable reserves of 3,141 metric tons—a supply cushion few competitors can match.

The African and Diversified Producers

AngloGold Ashanti (NYSE:AU, ASX:AGG) secured sixth place with 82.35 metric tons from a portfolio spanning Africa, South America, and Australia. The company’s Kibali operation in the Democratic Republic of Congo is Africa’s largest gold mine, though AngloGold holds only a 45% stake (with Barrick Mining holding the other 45%). This co-ownership structure, while reducing output attribution, reflects how top gold mining stocks often partner to manage capital intensity and geopolitical exposure.

Kinross Gold (TSX:K, NYSE:KGC) ranked seventh with 66.19 metric tons, maintaining a leaner but highly geographically distributed portfolio across Canada, the US, Brazil, Chile, and Mauritania. Its Tasiast mine in Western Mauritania contributed 19.36 metric tons, while the Brazilian Paracatu operation added another 16.44 metric tons—demonstrating how modern gold miners build resilience through geographic diversification.

Gold Fields (NYSE:GFI) positioned itself eighth with 64.21 metric tons from nine operations across Australia, Chile, Peru, Ghana, and South Africa. The company’s Tarkwa mine in Ghana (90% owned) and St Ives complex in Western Australia each delivered over 16 metric tons, establishing Australia and West Africa as this producer’s core regions.

The Emerging and Diversified Players

Zijin Mining Group (OTC Pink:ZIJMF) produced 62.21 metric tons in ninth place, representing China’s leading position in global gold production despite being a diversified commodities company rather than a pure-play gold miner. Its Norton complex near Kalgoorlie, Australia, and the Buriticá underground mine in Colombia (69.28% owned) demonstrate how Chinese capital has penetrated key mining jurisdictions worldwide.

Harmony Gold Mining Company (NYSE:HMY, JSE:HAR) rounded out the top 10 with 47.51 metric tons, predominantly from South African deep-level underground mines. The Mponeng operation, mining at depths exceeding 4 kilometers, and Moab Khotsong each contributed nearly 10 metric tons—operations that exemplify the extreme capital and technical requirements of deep underground mining.

The Bigger Picture: Why These Rankings Matter

The top gold mining stocks collectively produced roughly 900 metric tons of the 3,300 metric tons global output in 2024—meaning just 10 companies account for roughly 27% of world production. This concentration is striking. Geographic clustering around Nevada, Siberia, Ghana, and Western Australia reflects both geological endowments and decades of capital accumulation. Meanwhile, geopolitical risks in Mali, regulatory scrutiny, and rising operational costs are forcing consolidation and portfolio optimization across the industry.

For investors tracking these companies, 2024 marked an inflection point: rising gold prices meeting stable or declining unit costs. That combination—the holy grail of commodity investing—explains why major gold producers have become focus stocks once again. The data suggests this trend will likely continue into 2025 as long as macroeconomic uncertainty and safe-haven demand remain elevated.