Top 10 Gold Mines of 2025: A Supply Squeeze Looms as Prices Eye $5,000

Wed Mar 25 2026

As gold prices repeatedly test the psychological $5,000 per ounce threshold in the first half of 2026, the market’s central question has shifted from “how high can gold go?” to “how much more gold can the world actually dig up?”

On the supply side, the picture is far from reassuring. While global gold supply edged up 1% year-on-year to 5,000 tonnes in 2025, mine production rose only modestly to 3,672 tonnes. A new ranking of the world’s top 10 gold mines, based on full-year 2025 production data, reflects a stark reality: amid aggressive central bank buying and surging private sector investment demand, mine output is approaching its limits. A structural revaluation of gold’s pricing power is now underway.

According to the latest figures, the world’s ten largest gold mines produced a combined 10.6 million ounces in 2025, a slight decline from the previous year. More than half of the mines on the list recorded year-on-year output drops. Nevada Gold Mines, Olimpiada, Grasberg, Kibali, and Ahafo all failed to maintain their prior-year production levels. Accidents, aging ore bodies, declining grades, and geopolitical friction are collectively tightening supply-side flexibility.

For retail investors, the shifting rankings among the world’s top gold mines send a clear signal: in a new landscape defined by rigid supply and elastic demand, gold’s bull market narrative has moved beyond “trading inflation” to “reordering the monetary system.” By the time the story behind this ranking makes it to mainstream headlines, the most significant market moves may already be in the rearview mirror.

Below are the world’s top 10 gold mines in 2025:

#1 Nevada Gold Mines (USA)

The Barrick (61.5%) and Newmont (38.5%) joint venture retained the top spot with production of 2.595 million ounces, a 3% decline from 2024. The sprawling complex, comprising 10 underground and 12 open-pit mines, has held the number one position since Barrick abandoned its hostile takeover bid in 2019 in favor of the joint venture agreement. However, tensions have recently surfaced—Newmont last month issued a notice of default, alleging that Barrick had diverted resources from the joint venture to advance its wholly owned Fourmile project.

#2 Muruntau (Uzbekistan)

Operated by Navoi Mining & Metallurgy Company, the Muruntau complex ranked second with 1.708 million ounces, up 4% year-on-year. The world-class open-pit mine had been preparing for an IPO on the London Stock Exchange and potentially in Tashkent, targeting a valuation of around $20 billion, though the listing has been postponed as the company seeks a more favorable valuation.

#3 Olimpiada (Russia)

Polyus’ Olimpiada mine took third place with 1.357 million ounces, a 6% decrease from 2024. Located in Siberia’s Krasnoyarsk Krai, the large-scale open-pit operation is known for operating in extreme cold while processing complex sulfide ores.

#4 Kazzinc Consolidated (Kazakhstan)

Jumping to fourth place from seventh last year, Kazzinc Consolidated produced 947,000 ounces. In 2024, Glencore scrapped plans to sell its 70% stake after potential Chinese buyers failed to meet its valuation expectations. Late last year, the miner said it would open up metal sales to rival traders and issued a tender for its entire 2026 copper output.

#5 Grasberg (Indonesia)

The Grasberg joint venture, owned by Freeport McMoRan (48.76%) and PT Mineral Industri Indonesia (51.24%), slid from third to fifth place with output of 937,000 ounces—a sharp 50% drop from 2024. The decline followed a deadly mudslide in September 2025 that killed seven workers and forced the operation to shutter. Freeport declared force majeure on Indonesian shipments and expects production to remain curbed well into 2026, with a full return to normal operations not anticipated until the end of 2027.

#6 Almalyk Complex (Uzbekistan)

The Almalyk Mining and Metals complex held steady at 750,000 ounces, matching its 2024 output. The Uzbek state-owned industrial giant also accounts for more than 90% of the country’s copper production. A new copper plant with capacity of 60 million tonnes began operations this month.

#7 Blagodatnoye (Russia)

Making its debut on the ranking in seventh place, Polyus’ Blagodatnoye mine produced 736,000 ounces—a 47% surge from 2024. According to company reports, the increase was driven by the ramp-up of the new Mill-5 facility, which expanded processing capacity, combined with higher processed ore grades.

#8 Detour Lake (Canada)

Agnico Eagle Mines’ Detour Lake operation in Ontario rose to eighth place from 11th last year, producing 693,000 ounces, up 3% year-on-year. Canada’s largest gold miner last month reported record gold reserves for 2025, with annual profit jumping 135% on higher gold prices, prompting a dividend increase.

#9 Kibali (DRC)

The Kibali mine in the Democratic Republic of Congo—45% owned by AngloGold Ashanti, 45% by Barrick, and 10% by Societe Miniere de Kilo-Moto—ranked ninth with 673,000 ounces, a 2% decline from 2024. Barrick last year outlined growth prospects for Africa’s largest gold mine, confirming the identification of “significant additional orebodies” that could extend the Tier 1 asset’s life well beyond its current 10-year plan.

#10 Ahafo (Ghana)

Newmont’s Ahafo mine, 90% owned by the company and 10% by the Ghanaian government, took tenth place with 664,000 ounces, down 17% from 2024. The decline was largely attributable to planned, temporary production cuts as part of a broader company strategy to transition operations, rather than operational failures.

Source: https://nai500.com/