Top 10 gold mining companies of 2025: portfolio and project notes for engineers
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Gold’s 40% price surge in 2025 and a 155% jump in the VanEck Gold Miners ETF reshaped the producer rankings, with Newmont still number one despite a 14% output drop and asset sales, and Agnico Eagle moving into second after exceeding its production guidance and acquiring O3 Mining. Barrick’s volumes slumped after the Loulo-Gounkoto complex in Mali was suspended and only restarted in December, while Zijin boosted output 35% with acquisitions including Akyem in Ghana and Raygorodok in Kazakhstan. Northern Star hit guidance and closed a A$5 billion De Grey takeover targeting up to 3 Moz/y, but has already cut its fiscal 2026 outlook.
Technical Brief
- Newmont’s 2025 milestones included commercial production at the Ahafo North project in Ghana.
- Asset rationalisation at Newmont involved divesting several non-core operations while still meeting annual guidance.
- Agnico Eagle’s acquisition of O3 Mining is targeted at strengthening the Canadian Malartic complex’s long-term feed.
- Additional Agnico capital deployment went into equity positions in Perpetua Resources and multiple Canadian juniors.
Our Take
The 155% gain in the VanEck Gold Miners ETF (GDX) against a 40% bullion rise in 2025 implies strong leverage to producers like Newmont, Barrick and Agnico Eagle Mines, but also means portfolio risk is now heavily concentrated in a handful of large-cap names dominating this ranking.
Recent coverage of Newmont’s dispute with Barrick over Nevada Gold Mines and its post-Newcrest capex plans suggests that JV governance and integration risk could be as important as orebody quality in determining which of these top 10 gold groups sustain their 2025 production positions over the next three years.
With Northern Star Resources and Gold Fields each executing multi‑billion‑dollar Australian transactions (De Grey Mining and Gold Road Resources respectively), our database shows Australia emerging as the most transaction‑active gold jurisdiction, signalling that scale in that market is becoming a prerequisite for remaining in the global top tier.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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