The record rise in gold prices brought super profits not only to investors, but also to mining companies. The world’s largest gold mining exchange-traded fund, the VanEck Gold Miners ETF (GDX), is up more than 155%, significantly outperforming the metal itself. However, different strategies are hidden behind the high quotes. Some giants are increasing production, others are losing ground due to political risks.
Analysts summed up the results of the year for the largest gold mining corporations. The rating is based on production indicators.
Newmont retained world leadership. The American company reported record revenue. In 2025, it launched the Ahafo North project in Ghana and disposed of non-core assets. However, production fell by 14%, and the trend will continue in 2026.
Canadian took second place Agnico Eagle Mines. The company exceeded the plan, bought O3 Mining and strengthened its position in Canada. Over the next three years, production will remain stable due to rising reserves.
Barrick Mining dropped to third place. The reason is a two-year conflict with the authorities of Mali. In January 2025, the company was effectively suspended from working at the Lulo-Gunokoto mine, one of the largest in the world. Only in December the parties agreed to resume. Barrick Mining now faces a new dispute with Newmont over joint ventures in Nevada.
Fourth place goes to the Chinese Zijin Mining. The company increased production by 35% due to favorable conditions and the purchase of two mines – in Ghana and Kazakhstan. The Chinese are actively advancing in Central Asia.
The Uzbek team closes the top five. NMMC. The state giant is steadily increasing production. Its flagship is the Muruntau deposit, one of the largest in the world with reserves of about 150 million ounces.
AngloGold Ashanti issued 3 million ounces for the first time. The company received a full annual contribution from the Egyptian Sukari mine and entered the US market by purchasing assets in Nevada.
Russian “Polyus” predicts a decline in production to 2.5-2.6 million ounces. Reason: planned reduction precious metal extraction at the Olympics and Western sanctions that interfere with work.
Gold Fields from South Africa showed growth thanks to the Chilean project Salares Norte and acquisitions in Australia. Management declares its readiness for new deals.
Kinross Gold again surpassed the 2 million ounce mark. Brazil’s Paracatu and Alaska’s Fort Knox added volumes due to richer ore. The company plans major investments in three projects in the United States.
The Australian comes last in the ranking. Northern Star Resources. KCGM, home to one of the continent’s largest quarries, has fulfilled its plan. The company bought De Gray Mining, expecting to reach 3 million ounces per year. However, the forecast for 2026 had to be lowered due to force majeure at the end of 2025.
Thus, industry leaders are increasingly diverging in their trajectories. Some are using high prices to expand, while others are struggling with geopolitics and dwindling supplies.
Source: Mining.com
Image: Mining.com
