2024's Leading Gold Mining Stocks: The Top 10 Producers Reshaping the Industry

The global gold mining stocks sector experienced a transformative year in 2024, driven by unprecedented demand and strategic consolidation among top producers. Gold prices surged to record highs, breaking through the $2,450 per ounce barrier, as investors sought safe-haven assets amid inflationary pressures and geopolitical tensions. This surge reinvigorated interest in the major companies driving the gold mining sector, as the industry witnessed both record production levels and landmark mergers that reshaped competitive dynamics.

Data from the US Geological Survey indicates that global gold production reached 3,000 metric tons in 2023, with China, Australia, and Russia leading output volumes. As gold mining stocks continue attracting portfolio attention, investors are closely monitoring how the world’s largest producers navigate market opportunities and operational challenges. The competition among these companies has intensified, particularly following high-profile acquisitions and production-focused strategic pivots.

The Powerhouses: How Global Gold Mining Stocks Are Consolidating

The gold mining sector is experiencing an unprecedented consolidation wave. Newmont’s $16.8 billion acquisition of Australia’s Newcrest Mining in 2023 exemplified this trend, establishing a new hierarchy among publicly traded gold mining stocks. Similarly, Gold Fields’ announcement in August 2024 to acquire Canada’s Osisko Mining for $1.6 billion further demonstrated that major producers are aggressively expanding their portfolios to capture market share and stabilize production levels.

These merger-and-acquisition activities have created a clear tier system within gold mining stocks. The top performers command massive production volumes and global operational footprints, while mid-tier players focus on regional dominance and operational efficiency. This stratification reflects how competitive pressures in gold mining stocks are pushing companies toward scale advantages.

Production Leaders: Who Dominates the Gold Mining Stocks Landscape

Newmont (TSX:NGT, NYSE:NEM) — Production: 172.3 tons

Newmont stands as the undisputed leader among gold mining stocks, with production of 172.3 tons in 2023. Following its transformative acquisition of Newcrest, Newmont now operates significant assets across North and South America, Asia, Australia, and Africa. The 2019 joint venture creating Nevada Gold Mines—a 38.5% Newmont, 61.5% Barrick operation—produced 94.2 metric tons in 2022 and remains a cornerstone asset. For 2024, Newmont projects 6.9 million ounces (215.6 tons), positioning it as the clear frontrunner among publicly traded gold mining stocks.

Barrick Gold (TSX:ABX, NYSE:GOLD) — Production: 126 tons

As the second-largest gold mining stocks player, Barrick Gold delivered 126 tons in 2023. Beyond its co-ownership of Nevada Gold Mines, Barrick operates the Pueblo Viejo mine in the Dominican Republic and the Loulo-Gounkoto mine in Mali. However, the company faced headwinds in the first half of 2024, producing 1.89 million ounces—a 4% decline attributed to operational challenges at its North Mara mine in Tanzania. Barrick’s 2024 production guidance ranges from 3.9 to 4.3 million ounces (121.9 to 134.4 tons), reflecting cautious optimism despite near-term operational pressures.

Agnico Eagle Mines (TSX:AEM, NYSE:AEM) — Production: 106.8 tons

Agnico Eagle secured the third position among major gold mining stocks with 106.8 tons produced in 2023. The company operates 11 mines across Canada, Australia, Finland, and Mexico, including crown jewels like the Canadian Malartic and Detour Lake operations acquired from Yamana Gold in early 2023. The company achieved record annual production in 2023 while increasing gold reserves by 10.5% to 53.8 million ounces. For 2024, Agnico projects 3.35 to 3.55 million ounces (104.7 to 110.9 tons), with further production growth anticipated in 2025-2026.

Mid-Tier Gold Mining Stocks: Significant Players Maintaining Ground

Polyus (LSE:PLZL, MCX:PLZL) — Production: 90.3 tons

Polyus emerged as the fourth-largest gold mining stocks operator with 90.3 tons in 2023, ranking as Russia’s dominant gold producer. Holding the world’s highest proven and probable reserves exceeding 101 million ounces, Polyus operates six mines in Eastern Siberia and the Russian Far East. The company’s flagship Olimpiada mine ranks as the world’s third-largest gold mine by production capacity. For 2024, Polyus anticipates producing 2.7 to 2.8 million ounces (84.4 to 87.5 tons).

Navoi Mining and Metallurgical Company — Production: 88.9 tons

Though not listed on Western exchanges, Navoi Mining ranks among the world’s most significant gold mining stocks players, producing 88.9 tons in 2023. Operating since the 1960s with the legendary Muruntau mine—one of the world’s largest single gold deposits—Navoi continues expansion efforts targeting 3 million ounces annually by 2025. The company committed over $100 million to exploration in 2024.

AngloGold Ashanti (NYSE:AU, ASX:AGG) — Production: 82 tons

AngloGold Ashanti produced 82 tons in 2023 across nine operations spanning seven countries and three continents. Africa contributed 59% of its production at 1.54 million ounces. Despite a 3% production decline from 2022 levels (2.67 to 2.59 million ounces), the company exceeded guidance and positioned itself for recovery, with 2024 production targets between 2.59 and 2.79 million ounces.

Emerging Growth Stories in Gold Mining Stocks

Gold Fields (NYSE:GFI) — Production: 71.7 tons

Gold Fields delivered 71.7 tons in 2023 through nine globally diversified operations in Australia, Chile, Peru, West Africa, and South Africa. The company’s strategic joint venture with AngloGold Ashanti to develop Africa’s largest gold mine represents a paradigm shift—the venture projects 900,000 ounces annually (28.1 tons) over its initial five years. The Osisko acquisition announced in August 2024 expands Gold Fields’ portfolio considerably, adding production capacity of 2.94 million ounces from the Canadian operator.

Kinross Gold (TSX:K, NYSE:KGC) — Production: 67 tons

Kinross Gold registered 67 tons in 2023, up 10% from 2022 levels, highlighting operational momentum among mid-tier gold mining stocks. With six operations across the Americas and East Africa, Kinross benefited from higher production at its La Coipa mine in Chile and improved mill grades at Tasiast in Mauritania. The company remains on track to meet its 2024 guidance of 2.1 million ounces.

Freeport-McMoRan (NYSE:FCX) — Production: 62 tons

Though primarily a copper producer, Freeport-McMoRan generated 62 tons of gold in 2023, predominantly from Indonesia’s Grasberg—the world’s second-largest gold mine by production. Long-term development activities at Grasberg’s Kucing Liar deposit project 6 million ounces of gold production between 2029 and 2041. However, the company adjusted 2024 guidance downward to 1.8 million ounces due to wet conditions affecting underground mining operations.

Solidcore Resources (AIX:CORE) — Production: 53.72 tons

Formerly Polymetal International, Solidcore Resources produced 53.72 tons in 2023 from two Kazakh mines. The company’s 2024 outlook contracted significantly following its sale of Russian assets, with revised guidance of approximately 475,000 ounces from remaining operations. Despite declining principal mine output, Solidcore’s Kazakh ore reserves increased 3% to 11.6 million ounces, demonstrating reserve replacement potential.

What Lies Ahead for Gold Mining Stocks

The gold mining stocks sector enters 2025 with structural tailwinds including sustained price premiums, constrained supply growth, and ongoing industry consolidation. Major producers like Newmont and Barrick are leveraging scale advantages, while mid-tier operators are differentiating through geographic diversification and operational excellence. The strategic repositioning among leading gold mining stocks—evidenced by transformative M&A activity—suggests the industry is consolidating toward a more rationalized, efficient producer base capable of sustaining profitability amid commodity volatility.

Investors monitoring gold mining stocks should track production trajectory changes, reserve replacement metrics, and capital allocation priorities as companies navigate the opportunities and challenges reshaping this essential sector.