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Nevada Gold Mines, the world’s biggest gold mining complex. Image from Barrick.
A turbulent trade war that could reconfigure the global economy has spotlighted gold’s strategic importance as central banks have been stockpiling thousands of tonnes of bullion and institutions and retail investors are making big plays for the metal to hedge against market risk.
After reaching an all time record high in April, gold has surpassed equities as the second most popular long-term investment choice amongst Americans, the latest poll by Gallup, a Washington, DC-based analytics firm showed.
To meet rising demand, gold miners haven also been doing their part to grow the supply. The World Gold Council estimates that global mine production reached a record of 3,661 tonnes (or nearly 120 million ounces) in 2024, with improvements seen from several of the key producing regions or operations.
We rank the top 20 gold-producing operations of 2024, based on their actual or estimated output:
# 1: Nevada Gold Mines
Holding the number one spot is Nevada Gold Mines, a joint venture between Barrick (68.5% and Newmont (38.5%) with 2,698,701 ounces produced in 2024. The complex consists of 10 underground and 12 open pit mines in the western US state, and has held the top producing title since Canada’s Barrick dropped its hostile takeover bid for US rival Newmont in 2019 in favour of a friendly deal that created the JV to combine the two companies’ assets in Nevada.
# 2: Muruntau
Navoi Mining & Metallurgical company’s (NMMC) Muruntau mine in Uzbekistan is in second place with 2,676,656 estimated gold ounces produced. Last year, NMMC invested over $23 million on expanding the open pit. Muruntau, the company says, is recognized by geologists as the largest in terms of gold reserves, with an estimated 4,500 tonnes of gold.
# 3: Grasberg
Grasberg, a joint venture between Freeport McMoRan (48.76%) and PT Mineral Industri Indonesia (51.24%) is in third place with 1,861,000 gold ounces produced. PT Freeport Indonesia deployed a fully autonomous fleet of mobile rockbreakers at Grasberg in a world-first technology project in 2022.
#4: Olimpiada
Polyus’ Olimpiada mine, located 550 km (342 miles) north of the city of Krasnoyarsk in central Russia is in fourth place, with 1,441,300 ounces produced in 2024. In 2023, Russia’s largest gold producer completed a 579.4 billion rouble ($5.8 billion) share buyback that it said could boost its financial flexibility for future M&A deals.
#5: Almalyk Complex
In fifth place, with an estimated 1,114,000 gold ounces produced in 2024, is Almalyk Mining and Metals Combine’s complex in Uzbekistan. Almalyk MMC is also the central Asian country’s main copper producer. Last year, it planned a $15 billion expansion program to increase copper cathode output to 400,000 metric tons a year by 2030.
#6: Batu Hijau
Batu Hijau in Indonesia, owned by PT Amman Mineral Nusa Tenggara, is in sixth place with 1,009,000 estimated ounces produced in 2024. In 2023, Amman Minerals stormed MINING.com’s ranking of world’s 50 most valuable mining stocks when it minted at least six new billionaires following its IPO.
#7: Kazzinc Consolidated
Kazzinc Consolidated in Kazakhstan, owned by Kazzinc Ltd, is in seventh place with an even 1,000,000 gold ounces produced in 2024. Last year, Swiss commodities giant Glencore scrapped plans to sell its 70% stake in Kazzinc after potential buyers in China failed to match its valuation of the zinc, lead and precious metals producer.
#8: Ahafo
The Ahafo mine in Ghana, 90% owned by Newmont, 10% owned by the country’s government, is in eighth place with 798,000 ounces produced. Ahafo is the gold giant’s only operation in Africa. It reached commercial production in 2006 and operates both surface and underground mines.
#9: Loulo-Gounkoto
The Loulo-Gounkoto complex, Barrick’s largest mine in Mali, is in ninth place with an estimated 693,863 ounces produced in 2024. Barrick owns 80% and Mali’s government 20%, and the miner has been locked in a long-running conflict with authorities in the West African nation over alleged unpaid taxes. The dispute stems from Mali’s updated mining code, introduced in 2023, which boosts the government’s ownership in mining ventures. In a high-stakes drama, Mali shuttered Barrick’s office in the capital in April, and four company executives remain incarcerated.
#10: Kibali
Kibali, in the Democratic Republic of Congo, 45% owned by AngloGold Ashanti, 45% by Barrick and 10% by Societe Miniere de Kilo-Moto is in number 10 with 686,667 gold ounces produced in 2024. Last year, Barrick announced significant new gold deposits near the mine. The new deposits at Kibali, Africa’s largest bullion operation, promise to extend the mine’s life and boost production.
#11: Detour Lake
Agnico Eagle Mines’ Detour Lake mine in Canada’s Ontario province is in 11th place with 671,950 ounces produced. Last year, Agnico invested C$100 million in Detour Lake to potentially bring annual production from the open pit and underground mines up to 1 million oz per year. The company said the investment is expected to extend Detour Lake’s mine life to 2054, and that there are ample exploration opportunities that may lead to an even longer mine life.
#12: Canadian Malartic
In 12th place is Agnico Eagle Mines’ Canadian Malartic the Abitibi region of Canada’s Quebec province, with 655,654 ounces produced in 2024. Canadian Malartic is the country’s largest open pit mine. Agnico became its sole owner in 2023 when it completed a deal with Pan American Silver and Yamana Gold.
#13: Tasiast
Kinross Gold’s Tasiast mine in Mauritania is next with 622,394 ounces produced. Kinross acquired Tasiast in 2010 and since then expanded capacity at the site and ramped up throughput rates from the initial 8,000 tonnes per day. Tasiast is the company’s only operation on the African continent.
#14 Lihir
Newmont’s Lihir mine in Papua New Guinea is number 14, with 614,000 ounces produced in 2024. Newmont acquired the mine when it bought Newcrest Mining in a $17 billion deal in 2023. Newcrest had acquired Lihir Gold for $9.5 billion in August 2010, making it at the time the world’s fourth-biggest producer of the precious metal.
#15: Kumtor
Kumtor mine in Kyrgystan, owned by Kyrgyzaltyn OJSC is in 15th place with an estimated 592,142 ounces produced. In 2022, Centerra Gold handed over control of the Kumtor operation to the country’s government, in an expropriation that ended a long-dragged out dispute. The Toronto-based miner and the Kyrgyz government clashed over financial and environmental issues related to the mine for years.
#16: Boddington
Newmont’s Boddington mine in Australia is number 16, with 590,000 gold ounces produced. Boddington became the world’s first open-pit gold mine with an autonomous haul truck fleet in 2021. One of Newmont’s three mines on the continent, Boddington operates within the Saddleback greenstone belt in Western Australia.
#17: Pueblo Viejo
Pueblo Viejo in the Dominican Republic, owned 60% by Barrick and 40% by Newmont produced 587,500 ounces in 2024. In 2022, a $1.4 billion expansion project promised to extend production at the asset beyond 2040. The expansion will also enable the mining of lower grades in the existing deposit, supporting annual output of more than 800,000 oz. of gold.
#18: Tarkwa
The Tarkwa mine in Ghana, 90% owned by Gold Fields and 10% by the government, produced 537,200 gold ounces in 2024. Tarkwa is one of two mines Gold Fields operates in the African country – but last month the miner said it will have to cease operations at its Damang mine after the government rejected the company’s application to extend the site’s lease.
#19: Paracatu
Kinross Gold’s Paracatu mine in Brazil is number 19, producing 528,574 ounces for the year. Located near the city of Paracatu in Minas Gerais, Paracatu is the largest gold mine in Brazil, with a mine life that has expanded to 2032.
#20: Meadowbank
Agnico Eagle’s Meadowbank mine in Canada’s Nunavut Territory rounds out the list with 504,719 gold ounces produced in 2024. Meadowbank is the company’s first mine in the Arctic. Development of the satellite Amaruq open-pit and underground mine 50 km away has extended the life of the Meadowbank complex by supplying a new source of ore to the existing Meadowbank mill.
