Gold Miner Rankings Reshuffled in 2025’s Record Bull Market: Zijin Soars as Barrick Slips

With gold’s bull run, why are miners’ fortunes so divided?

Do you think Zijin can keep its momentum in 2026, or will Newmont/Barrick bounce back?

Which top gold miner are you betting on this year? Share your thoughts below!

Against the backdrop of gold’s record-breaking bull market in 2025, the competitive landscape among global gold producers has undergone a major shakeup. While gold prices surged over 60% year-on-year and hit all-time highs more than 50 times, the fortunes of major miners varied drastically. The newly released 2025 global gold miner production rankings show that $Newmont Mining(NEM)$ of the U.S. retained its top spot, while China’s Zijin Mining Group $Zijin Mining Group Company Limited(601899)$ made a strong leap to 4th place with a 35% year-on-year production increase, emerging as the biggest dark horse on the list. Meanwhile, former industry giant $ABx Group Ltd(ABX.AU)$ suffered a heavy blow due to a dispute in Mali, slipping to 3rd place.

Newmont Holds On, but Production Cut Pressures Loom

Colorado-based Newmont had a "record cash" year in 2025. The company achieved several operational milestones, including the commercial commissioning of the Ahafo North project in Ghana, and divested some non-core assets. Despite full-year production meeting guidance, output fell 14% year-on-year. More notably, the company has forecast a further production decline in 2026. While maintaining its position as the world’s top gold producer, stemming the downward trend in output will be its core challenge ahead.

Zijin Mining’s Surge: Global Acquisitions Drive 35% Growth

The most striking change came from the Chinese miner. Zijin Mining Group jumped from outside the previous year’s rankings to the global top 4 with a staggering 35% year-on-year increase in gold production. The company attributed its strong growth to a favorable market environment and improved operational efficiency. In 2025, Zijin was highly active in asset acquisitions, demonstrating a strong commitment to global expansion. Its standout deal was the acquisition of the Akyem mine in Ghana from Newmont, along with the Raygorodok gold mine in Kazakhstan, laying the foundation for in-depth deployment in Central Asia. This leap not only marks the growth of Zijin’s own strength but also reflects the growing influence of Chinese mining companies in the global resources sector.

Barrick Slips to 3rd: The Cost of Geopolitical Risks

Barrick, once a consistent top contender, endured a tough year in 2025. A two-year dispute with the Malian government severely disrupted its operations. Earlier in the year, Barrick was forced to suspend the Loulo-Gounkoto mine—one of the world’s largest producers—and later lost operational control of the site, only resuming full operations at the end of the year after a settlement was reached. The incident led to a sharp drop in the company’s full-year output, allowing Agnico Eagle Mines to overtake it for 2nd place. While the Mali issue has been temporarily resolved, tensions over Barrick’s joint venture with Newmont in Nevada could become the next potential flashpoint.

Landscape Reshaped: Top Miners Chart Their Own Paths

Agnico Eagle Mines, ranked 2nd, solidified its position through a strong portfolio performance. It strengthened its Canadian assets by acquiring O3 Mining and made equity investments in several junior mining companies, demonstrating a strategy of deepening its presence in core production areas and positioning for the future. Uzbekistan’s state-owned Navoi Mining and Metallurgy Company remained in the top 5, with an unshakable resource advantage at the world-class Muruntau gold deposit—estimated to hold approximately 150 million ounces of gold resources—providing a solid foundation for its long-term development.

Analysis: A Bull Market Isn’t a Cure-All—Operations Are Key

While 2025’s gold price rally brought unprecedented profit margins to miners, the rankings clearly reveal one truth: gold prices are only part of the equation. Barrick’s slip serves as a warning of the damage geopolitical risks can inflict on giant enterprises; Newmont’s production decline highlights the operational challenges behind scale. For Zijin Mining, acquisitions are just the first step—efficiently integrating newly acquired assets like Akyem into sustained, stable production will be key to retaining or improving its ranking in 2026. With gold prices trading at elevated levels, the market’s demands on miners extend beyond "profiting from high prices." The ability to deliver operational success and meet growing gold demand will be the decisive factor for long-term victory.

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