The top 10 gold-producing companies together accounted for a quarter of the world’s gold production in 2024.
Gold is mainly used for industrial purposes in developed countries, while in developing countries it is mainly used for jewelry.
Mine production is the main source of the global gold supply. It includes both primary and secondary deposits, where the metal is obtained as a by-product.
So far, mankind has extracted about 6.9 billion ounces of gold, equivalent to about 216,265 metric tons.
The figure is staggering. However, according to the World Gold Council, if all that gold were placed together, it would form a cube of only 22 meters per side.
Thus, despite its value, the total volume of gold mined remains surprisingly compact.
Gold-producing companies
Newmont indicated that the top 10 gold producers account for approximately 25% of the world’s total mined gold production.
Currently, Newmont is positioned as the leading gold producer, with approximately 5% of the estimated world production of mined gold.
The company’s competitive position is based on the size and grade of its deposits, anchored by a large portfolio of Tier 1 assets located in favorable mining jurisdictions.
A Level 1 asset meets key criteria of scale, efficiency and operational stability.
First, it must record an average annual production in excess of 500,000 gold equivalent ounces (GEOs) over its life.
In addition, its all-in sustaining cost (AISC) per ounce must be in the lower half of the industry cost curve, making it competitive.
Another requirement is a projected useful life of more than 10 years, which guarantees long-term operational continuity.
Finally, it must operate in countries with sovereign ratings in the A or B ranges, according to agencies such as Moody’s, S&P and Fitch.
Together, these factors define a Tier 1 mining asset: profitable, solid and located in relatively stable environments.
World leaders
Below are the top gold producing companies in 2024, with their countries of origin and in millions of ounces:
- Newmont, United States: 6.7.
- Barrick Gold, Canada: 3.9.
- Agnico Eagle Mines, Canada: 3.5.
- Polyus, Russia: 3.0.
- AngloGold Ashanti, South Africa: 2.6.
- Zijin Mining, China: 2.6.
- Gold Fields, South Africa: 2.1.
- Kinross Gold, Canada: 2.1.
- Freeport-McMoRan, United States: 1.9.
- Northern Star Resources, Australia: 1.6.