A growing trade war that could reshape the global economy has put gold in the spotlight. Central banks are stocking up on gold, while both institutional and retail investors are turning to the metal to protect against market risks.
Gold reached an all-time high in April and has now become the second most popular long-term investment among Americans, surpassing equities, according to a Gallup poll.
To meet the rising demand for gold, mining companies have stepped up production. The World Gold Council estimates that global gold mining reached a record of 3,661 tonnes (almost 120 million ounces) in 2024, driven by improvements in key production regions.
Here are the top 10 gold-producing operations of 2024, ranked by their estimated output:
Nevada Gold Mines
Nevada Gold Mines, a joint venture between Barrick (68.5%) and Newmont (38.5%), leads the world with 2.7 million ounces of gold produced in 2024. Located in Nevada, USA, the complex includes 10 underground and 12 open-pit mines. It has been the top producer since Barrick’s takeover of Newmont’s Nevada assets in 2019.
Muruntau
In Uzbekistan, the Muruntau mine, operated by Navoi Mining & Metallurgical Company (NMMC), ranks second with an estimated 2.68 million ounces of gold. The mine is noted for having the world’s largest known gold reserves, with an estimated 4,500 tonnes of gold.
Grasberg
The Grasberg mine in Indonesia, a joint venture between Freeport McMoran and PT Mineral Industri Indonesia, ranks third with 1.86 million ounces produced in 2024. The mine is also known for deploying a fully autonomous fleet of mobile rockbreakers in 2022.
Olimpiada
Polyus’ Olimpiada mine in Russia comes in fourth place with 1.44 million ounces produced. Located in central Russia, the mine is the largest producer for the country’s leading gold producer, which recently completed a significant share buyback to increase financial flexibility.
Almalyk Complex
In Uzbekistan, Almalyk Mining and Metals Combine’s complex takes fifth place with 1.11 million ounces. Almalyk, Uzbekistan’s primary copper producer, is planning a $15 billion expansion to boost its copper output by 2030.
Batu Hijau
Batu Hijau in Indonesia, operated by PT Amman Mineral Nusa Tenggara, ranks sixth with 1.01 million ounces. Amman Mineral’s IPO in 2023 created several new billionaires and helped propel it into the top ranks of mining companies.
Kazzinc Consolidated
Kazzinc Consolidated, located in Kazakhstan and owned by Kazzinc Ltd, produced 1 million ounces of gold in 2024. Swiss commodities giant Glencore decided against selling its 70% stake in the company after a failed attempt to sell it to Chinese buyers.
Ahafo
Newmont’s Ahafo mine in Ghana, owned 90% by Newmont and 10% by the Ghanaian government, ranked eighth with 798,000 ounces produced in 2024. Ahafo has been in operation since 2006, offering both surface and underground mining operations.
Loulo-Gounkoto
In Mali, Barrick’s Loulo-Gounkoto complex produced 693,863 ounces in 2024, making it the ninth-largest gold operation globally. The mine has faced challenges, including a legal dispute over unpaid taxes with the Malian government.
Kibali
The Kibali mine in the Democratic Republic of Congo, jointly owned by Barrick (45%), AngloGold Ashanti (45%), and Societe Miniere de Kilo-Moto (10%), rounds out the top 10 with 686,667 ounces produced in 2024. Barrick has announced new gold deposits near the mine, promising a longer mine life and increased production.
As gold continues to shine as a safe-haven investment, these mining giants are playing a key role in meeting the global demand for the precious metal.
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