Global precious metal production at the end of last year it remained almost at the level of 2024 – 3672 tons. At the same time, the ten largest corporations accounted for only about 920 tons, that is, about a quarter of all production. Such statistics clearly demonstrate the fragmentation of the sector: despite a long series of mergers and acquisitions, the market remains fragmented, and the industry “whales” control a relatively small part of it.
The American Newmont has been the undisputed leader for many years. In 2019, it absorbed Goldcorp, and in 2023, Newcrest Mining, which further strengthened its position. However, in 2025, production volumes fell by 14%, to 183.2 tons. Since February 2024, the corporation has gotten rid of all non-core assets, many of which also produced gold, which affected the final results.
Canadian Agnico Eagle Mines rose to second place, overtaking the former leader, Barrick Mining. The latter was in the top three for a long time, and after the creation of a joint venture with Newmont, Nevada Gold Mines even took first place. But then the company set its sights on “quality over quantity,” and in 2025 its production collapsed by 17%.
The Uzbek Navoi Mining and Metallurgical Combine (NMMC), which owns the world’s largest Muruntau-Myutenbay deposit with resources of over 100 million ounces, is optimistic about the future. The company intends to increase annual production to 175 tons by 2030 through the commissioning of new mines.
The Russian Polyus is located immediately behind AngloGold Ashanti. In 2023, the holding completed its restructuring: the primary listing moved from Johannesburg to New York, and the head office to Denver (Colorado). The company is developing the largest Russian fields – Olimpiada, Natalka and the promising Sukhoi Log. In 2025, the planned reduction at the Olympics production, due to which total production fell by 16%, to 78.7 tons.
Australia’s Northern Star Resources closes the top ten. This major was formed in February 2021 after the merger of Northern Star and Saracen Mineral Holdings. At the end of 2019, both companies jointly bought shares in the largest Australian mine, Super Pit, from Barrick and Newmont for $1.5 billion.
Gold mining is faced with a decline in output from traditional leaders, and only certain participants, such as NMMC, are betting on a serious expansion of capacity.
Source: @nerzhavey
