💬 Gold Investors: Do you track these mega-mines? Which one do you think will dominate supply in 2026? Drop your thoughts!
As gold prices kept knocking on the psychological $5,000 per ounce mark in the first half of 2026, the focus of market discussions has long shifted from “how much higher can gold go” to “how much more gold can the world dig up.”
From the supply side, the situation is not optimistic. While global total gold supply rose 1% year-over-year to 5,000 tonnes in 2025, mine production only edged up to 3,672 tonnes. A recent list of the world’s top 10 gold mines, based on full-year 2025 production data, reflects a harsh reality: against the backdrop of central banks’ frantic buying and a surge in private sector investment demand, mine production growth has neared its limit, and a structural revaluation of gold pricing power is underway.
According to the latest statistics, the combined production of the world’s top 10 gold mines in 2025 was approximately 10.6 million ounces, a slight decline from the same period last year, with more than half of them recording a year-over-year drop. Nevada Gold Mines, Olimpiada, Grasberg, Kibali, and Ahafo all failed to maintain their production levels from the previous year.
Accidents, aging veins, declining grades, and geopolitical frictions — these factors are collectively restricting the elasticity of the supply side.
For ordinary investors, the changes in the ranking of the world’s top 10 gold mines send a clear signal: under the new pattern of rigid supply and elastic demand, the bull market narrative for gold has shifted from “trading inflation” to “restructuring the monetary order.” And when the stories behind this list are widely reported by mainstream media, the real big market may have already quietly unfolded.
Below are the world’s top 10 gold mines in 2025:$Gold - main 2606(GCmain)$
#1 Nevada Gold Mines (United States)
A joint venture between Barrick (61.5% stake) and Newmont (38.5% stake), it retained the top spot with 2.595 million ounces of production, despite a 3% decline from 2024. This super complex, consisting of 10 underground mines and 12 open-pit mines, has been the world’s largest since 2019, when Barrick abandoned its hostile takeover attempt and instead formed a joint venture with Newmont. However, tensions have recently emerged between the two parties — Newmont sent a default notice last month, alleging that Barrick diverted resources from the joint venture to its wholly owned Fourmile project.
#2 Muruntau (Uzbekistan)
Operated by Navoi Mining & Metallurgy Company, the Muruntau complex ranked second with 1.708 million ounces of production, a 4% year-over-year increase. This world-class open-pit mine had planned an IPO on the London Stock Exchange and in Tashkent, with a valuation target of approximately $20 billion, but the listing was delayed to seek a better valuation.
#3 Olimpiada (Russia)
Owned by Polyus, the Olimpiada mine ranked third with 1.357 million ounces, a 6% year-over-year decline. This giant open-pit mine, located in the Krasnoyarsk Krai region of Siberia, is renowned for its ability to process complex sulfide ores in extremely cold environments.
#4 Kazzinc Consolidated (Kazakhstan)
Jumping from 7th place last year to 4th, it produced 947,000 ounces. In 2024, Glencore planned to sell its 70% stake but abandoned the plan because the valuation from potential buyers did not meet expectations. At the end of last year, the miner stated that it would open metal sales to competitors and had launched a tender for all its 2026 copper production.
#5 Grasberg (Indonesia)
A joint venture between Freeport McMoRan (48.76% stake) and PT Mineral Industri Indonesia (51.24% stake), Grasberg slipped from 3rd to 5th place with 937,000 ounces of production, a sharp 50% year-over-year drop. A fatal mudslide in September 2025 killed 7 workers, forcing the mine to suspend operations and declare force majeure. The production impact is expected to last until 2026, with full operational recovery not until the end of 2027.
#6 Almalyk Complex (Uzbekistan)
Production remained stable at 750,000 ounces, the same as in 2024. This Uzbek state-owned industrial giant also contributes more than 90% of the country’s copper production. A new copper smelter started operations this month, with an annual processing capacity of 60 million tonnes.
#7 Blagodatnoye (Russia)
Making its debut on the list, it ranked 7th with 736,000 ounces of production, a 47% year-over-year surge. Polyus reported that the growth mainly came from the ramp-up of its new Mill-5 plant and the processing of higher-grade ores.
#8 Detour Lake (Canada)
Operated by Agnico Eagle Mines, the Detour Lake mine rose from 11th place last year to 8th, producing 693,000 ounces, a 3% year-over-year increase. As Canada’s largest gold producer, the company announced record 2025 gold reserves last month, with annual profits surging 135% benefiting from higher gold prices, and raised its dividend.
#9 Kibali (Democratic Republic of the Congo)
A joint venture between AngloGold Ashanti and Barrick (45% each) and Societe Miniere de Kilo-Moto (10%), Kibali ranked 9th with 673,000 ounces, a slight 2% decline. Barrick disclosed last year that this Africa’s largest gold mine has proven “significant new ore bodies,” which is expected to extend the mine’s life beyond the current 10-year plan.
#10 Ahafo (Ghana)
Owned by Newmont (90% stake) and the Ghanaian government (10%), the Ahafo mine ranked 10th with 664,000 ounces, a 17% year-over-year decline. This drop was mainly a planned production cut during the company’s strategic transformation, not an operational accident.
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