The mining industry saw a significant supply-side breakthrough in 2025. Despite long-standing concerns about “Peak Gold,” a combination of new project ramp-ups and high-efficiency operations allowed the world’s miners to deliver more metal than ever before.
Key Drivers of the 2025 Production Record
Several factors converged to break the supply plateau that had persisted since 2018:
- Rising Profit Margins: With gold prices surging past $4,400 per ounce in late 2025, miners enjoyed record-high margins. Even as all-in sustaining costs (AISC) rose due to inflation, the gap between cost and price provided massive incentive for production.
- New Strategic Projects: Canada emerged as a growth engine, with major projects in Ontario and Nunavut reaching full operational capacity.
- Artisanal Mining Surge: High spot prices led to an increase in output from Artisanal and Small-scale Gold Mining (ASGM), particularly in Africa and South America.
- Operational Expansions: Leading firms like Newmont and Agnico Eagle successfully expanded existing sites, offsetting declining ore grades in older mines.
Top Gold Producing Countries in 2025
| Rank | Country | Est. 2025 Production (Tonnes) | Key Contributor |
| 1 | China | 380+ | Mature mines and state-backed expansion |
| 2 | Australia | 320 | Newcrest and Northern Star projects |
| 3 | Russia | 310 | Siberian large-scale operations |
| 4 | United States | 180 | Nevada’s Carlin Trend & Alaska |
| 5 | Canada | 175 | High-grade deposits in Quebec/Nunavut |
The Corporate Leaderboard
The consolidation of the mining industry continued in 2025, with the “Big 5” accounting for a significant portion of the global output.
- Newmont Corporation (USA): Retained the #1 spot, producing an estimated 5.47 million ounces globally following its acquisition of Newcrest Mining.
- Agnico Eagle (Canada): Jumped to #2, praised by analysts for its consistent, low-risk production model in politically stable regions.
- AngloGold Ashanti: Reported the highest year-on-year growth rate (+21.5%) due to strategic restructuring and improved efficiency in African operations.
Supply vs. Demand: A Price Tug-of-War
While production hit record levels, it was still outpaced by a massive surge in demand.
- Central Bank Buying: Central banks, led by China and Poland, continued a record-breaking “buying spree” to diversify away from dollar-denominated assets.
- Investment Inflows: Gold ETFs saw their strongest year in history as geopolitical uncertainty around Venezuela and the Middle East drove investors toward safe-haven assets.
- The Plateau Warning: The WGC warns that while 2025 was a record year, global production is likely to plateau rather than continue climbing indefinitely, as discovery rates for new, large-scale deposits remain low.
“The industry is reaching a stage where it’s harder to find and develop new mines. 2025’s record is a testament to operational excellence, but supply growth remains a long-term challenge.” — World Gold Council Analysis
