22 December 2025
Gold rose to an all-time high as escalating geopolitical tensions and bets on further US rate cuts added momentum to the best annual performance in more than four decades. Bloomberg's Martin Ritchie breaks down the situation.
Top Gold Mining Companies by Market Capitalization (December 2025)These companies are primarily ranked by their market value, reflecting investor confidence and overall scale.
| Rank | Company | Country of Headquarters | Market Capitalization (approx.) |
|---|---|---|---|
| 1 | Newmont | United States | $111.26 Billion |
| 2 | Agnico Eagle Mines | Canada | $87.46 Billion |
| 3 | Barrick Gold | Canada | $76.48 Billion |
| 4 | Wheaton Precious Metals | Canada | $54.41 Billion |
| 5 | AngloGold Ashanti | South Africa | $43.52 Billion |
Top Gold Mining Companies by Production (2024 data)
Production volume is another key metric, indicating the physical amount of gold extracted from their mines.
| Rank | Company | Country of Headquarters | Production (million ounces) |
|---|---|---|---|
| 1 | Newmont | United States | 6.7 |
| 2 | Barrick Gold | Canada | 3.9 |
| 3 | Agnico Eagle Mines | Canada | 3.5 |
| 4 | Polyus | Russia | 3.0 |
| 5 | AngloGold Ashanti | South Africa | 2.6 |
Noteworthy Details
- Royalty and Streaming Companies: Companies like Wheaton Precious Metals and Franco-Nevada operate on a different model, providing upfront capital to miners in exchange for a portion of future production. This model often results in high profit margins and lower operational risk compared to direct mining.
- Industry Consolidation: The sector has seen significant consolidation through mergers and acquisitions, such as Newmont's acquisition of Newcrest Mining, which helps solidify its position as a global leader.
- Geographic Diversification: Most major gold mining companies have operations and assets spread across multiple continents to mitigate regional geopolitical and operational risks.
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