Gold output at top North American miners wanes as global rivals gain

Waning output at North America’s top gold producers is helping mining rivals in other regions catch up in the latest global rankings for annual bullion production.

Newmont Corp., Agnico Eagle Mines Ltd. and Barrick Mining Corp. had lower gold production in 2025 from the prior year — and all three North American companies expect output to decline further this year. Meanwhile, global peers including China’s Zijin Mining Group Co., Africa-focused AngloGold Ashanti Plc and Uzbekistan’s Navoi Mining & Metallurgical Co. saw production climb, according to the latest financial disclosures.

For North America’s established producers, which have remained largely focused on enhancing their existing top mines, the path to increasing output may lie in ramping up exploration as opportunities to acquire high-quality assets are dwindling. In contrast, global peers such as Zijin and Gold Fields are showing a greater appetite for developing smaller projects and a willingness to acquire assets shed by their North American peers, helping boost their production growth profile.

In the former Soviet Union space, miners are expanding by developing both existing and new resources. NMMC plans to raise output to about 4 million ounces by 2030 through domestic projects. And Russia’s Polyus is preparing to start Sukhoi Log, one of the world’s largest gold deposits, which could help to more than double the company’s output once the mine ramps up by the end of the decade.

(By Sybilla Gross)