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    World’s top 20 largest gold mines: output trends and risk notes for engineers

    March 25, 2026|

    Reviewed by Tom Sullivan

    World’s top 20 largest gold mines: output trends and risk notes for engineers

    First reported on MINING.com

    30 Second Briefing

    Gold mine output hit a record 3,672 tonnes in 2025 as the Nevada Gold Mines JV between Barrick (61.5%) and Newmont (38.5%) retained top spot with 2,595 koz, despite a 3% year-on-year drop and a brewing dispute over alleged diversion of resources to Barrick’s Fourmile project. Uzbekistan’s Muruntau (1,708 koz, +4%) and Russia’s Olimpiada (1,357 koz, -6%) completed the top three, while Grasberg’s production halved to 937 koz after a September 2025 mudslide killed seven workers and forced force majeure. New entrants and risers included Polyus’ Blagodatnoye at 736 koz (+47% on Mill‑5 ramp‑up) and B2Gold’s Fekola at 530.8 koz (+35.1%), signalling where near‑term volume growth is concentrated.

    Technical Brief

    • Grasberg’s September 2025 mudslide killed seven workers and triggered force majeure on Indonesian shipments.
    • Freeport plans a staged restart at Grasberg, targeting full operational recovery only by end‑2027.
    • Olimpiada’s Siberian open pit must maintain operations in extreme cold while processing complex sulphide ores.
    • Boddington operates the world’s first autonomous haul truck fleet in an open‑pit gold mine since 2021.
    • Kumtor’s legacy 1998 cyanide spill and subsequent nationalisation sharpen regulatory and environmental scrutiny on the operation.

    Our Take

    The 60% run-up in gold prices in 2025 followed by a 15% drop since March 2026, alongside 20–40% equity losses, means large, low-cost complexes like Nevada Gold Mines, Muruntau and Olimpiada are likely to retain capital access while marginal gold projects in our database face deferrals or downsizing.

    With Grasberg’s 50% year-on-year production drop and recent fatalities, the ranking underscores how safety and geotechnical risk at complex copper–gold systems can quickly erode output, a theme echoed across several safety-tagged items in our coverage for high-altitude or high-rainfall operations.

    Agnico Eagle’s 135% profit surge in 2025, combined with Detour Lake and Canadian Malartic featuring in this list, helps explain why Agnico has repeatedly topped MINING.COM’s recent Global Mining Power Rankings, signalling investor preference for multi-asset, Tier-1 gold producers in Canada and similar low-risk jurisdictions.

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    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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