Who's Leading the Global Gold Rush? 2024's Top Precious Metal Producers Breaking Records

The world’s most powerful gold extractors are reshaping the industry landscape as the precious metal reaches unprecedented valuations. With gold smashing through the US$2,450 per ounce barrier in 2024—driven by persistent inflation, geopolitical tensions, and economic uncertainty—investors are closely monitoring how the planet’s leading gold-mining operators navigate this surge in demand.

According to the latest US Geological Survey, global gold output totaled 3,000 metric tons in 2023, with China, Australia, and Russia leading production. But which corporations actually drove these numbers? Below is a comprehensive breakdown of the world’s dominant precious metal miners, compiled using LSEG financial data.

The North American Powerhouses: Scale Meets Strategy

Newmont: Setting the Production Gold Standard

The world’s largest gold extraction firm, Newmont, delivered 172.3 tons of output in 2023—a commanding lead over all competitors. The company operates across six continents, with significant assets in the Americas, Asia-Pacific, and Africa. Its dominance accelerated following the US$10 billion acquisition of Goldcorp in 2019 and the transformative 2023 merger with Australia’s Newcrest Mining for US$16.8 billion. This blockbuster deal consolidated Newcrest’s 67.3 tons of annual production into Newmont’s portfolio. The joint venture Nevada Gold Mines—a partnership where Newmont holds 38.5% and Barrick holds 61.5%—ranks as the world’s largest gold complex, producing 94.2 metric tons in 2022. For 2024, Newmont has guided production at 6.9 million ounces (215.6 tons).

Barrick Gold: The Second-Tier Operator with African and Caribbean Reach

Barrick Gold secured 126 tons of output in 2023, placing it firmly in the number-two position. The company has aggressively pursued consolidation, acquiring Randgold Resources and partnering with Newmont on Nevada operations. Key assets include the Pueblo Viejo mine in the Dominican Republic (335,000 ounces in 2023) and Loulo-Gounkoto in Mali (547,000 ounces). However, first-half 2024 results revealed a 4% decline in production compared to the prior year, attributed to lower grades at North Mara in Tanzania and reduced throughput at Cortez operations. Barrick’s 2024 production range sits between 3.9 and 4.3 million ounces (121.9 to 134.4 tons).

Mid-Tier Specialists: Focused and Efficient Operations

Agnico Eagle Mines: The Canadian Consolidator

Agnico Eagle captured third place with 106.8 tons extracted in 2023. The company operates 11 mines spanning Canada, Australia, Finland, and Mexico, including full ownership of two world-class assets: the Canadian Malartic mine and Detour Lake—both acquired from Yamana Gold in early 2023. The company achieved record annual production in 2023 while expanding gold reserves by 10.5% to 53.8 million ounces. Guidance for 2024 targets 3.35 to 3.55 million ounces (104.7 to 110.9 tons), with expected increases in 2025 and 2026.

Polyus: Russia’s Dominant Force in Eastern Territories

Polyus produced 90.3 tons in 2023, claiming the fourth position globally. As Russia’s largest precious metal extractor, the company boasts the world’s highest proven and probable reserves at over 101 million ounces. Its Olimpiada mine ranks third globally by production capacity. The company expects 2024 output between 2.7 and 2.8 million ounces (84.4 to 87.5 tons).

Emerging and Repositioning Players

Navoi Mining: Central Asia’s Hidden Champion

Though unlisted on Western exchanges, Navoi Mining and Metallurgical Company ranked fifth with 88.9 tons in 2023. Operating since the 1960s, the firm’s flagship Muruntau mine—the fifth-deepest open-pit operation globally—hosts one of the world’s single-largest ore deposits. The company targets expansion to over 3 million ounces annually by 2025 and allocated US$100 million-plus for exploration in 2024.

AngloGold Ashanti: Continental Diversification Across Africa

AngloGold Ashanti delivered 82 tons in 2023 with nine operations across three continents. African assets accounted for 59% of output (1.54 million ounces) in 2023, though overall production declined 3% year-over-year to 2.59 million ounces. First-half 2024 results showed 1.25 million ounces produced, with full-year guidance at 2.59 to 2.79 million ounces.

Gold Fields: The Merger Architect Targeting African Expansion

Gold Fields posted 71.7 tons in 2023 from nine globally-distributed mines. The company is partnering with AngloGold Ashanti to establish what could become Africa’s largest gold complex through their Ghana joint venture, projecting 900,000 ounces (28.1 tons) annually over the first five years. In August 2024, Gold Fields announced its US$1.6 billion acquisition of Canada’s Osisko (which produced 2.94 million ounces in 2023). For 2024, output guidance ranges from 2.33 to 2.43 million ounces (72.8 to 75.9 tons).

Growth and Byproduct Producers

Kinross Gold: The Americas-Focused Upswing Story

Kinross extracted 67 tons in 2023, posting a 10% year-over-year increase. With six operations spanning the Americas and East Africa, the company benefited from elevated grades at its Tasiast mine in Mauritania and higher mill throughput. Q2 2024 results indicated the company remained on track to meet its 2.1 million-ounce annual guidance.

Freeport-McMoRan: The Copper Giant’s Gold Output

Freeport-McMoRan, primarily known for copper, contributed 62 tons to global gold supply in 2023, with the majority sourced from Indonesia’s Grasberg mine—the world’s second-largest by production. Long-term development at the Kucing Liar deposit is underway, with projections of 6 million gold ounces between 2029 and 2041. The company revised 2024 guidance downward to 1.8 million ounces due to wet conditions affecting underground block cave operations.

Solidcore Resources: The Kazakhstan Pivot

Solidcore Resources (formerly Polymetal International) rounded out the top ten with 53.72 tons in 2023. Following the divestiture of Russian assets in Q1 2024, the company now operates solely from Kazakhstan, producing 486,000 ounces in 2023 at its Kyzyl and Varvara mines. 2024 guidance is approximately 475,000 ounces, though ore reserves in Kazakhstan increased 3% to 11.6 million ounces.

The Takeaway: Consolidation Continues Amid Record Valuations

The precious metals sector remains defined by strategic acquisitions, geographic diversification, and pursuit of lower-cost, higher-grade deposits. As US geopolitical pressures and monetary conditions continue elevating gold demand, these leading producers are positioned to capitalize—though production challenges from weather, grading declines, and regulatory shifts persist.