Gold experienced a rollercoaster ride during the first half of 2026, swinging from record highs to a steep correction before staging a strong recovery.
Extending its 2025 rally, the precious metal surged to a record of nearly US$5,600 (around $7,820) an ounce in late January.
However, the fall that followed was almost as dramatic as the run-up. An overheated market, coupled with geopolitical tensions that fuelled inflation concerns and expectations of higher interest rates, pushed gold down by more than 25%, wiping out its gains for the year.
Bullion found support around US$4,000 an ounce before easing macroeconomic concerns encouraged investors to return, helping gold rebound by almost 14% in August.
Analysts are now looking for a stronger second half, with the longer-term demand story — particularly continued central bank buying — remaining intact.
Record mine supply
At the same time, global gold supply continues to grow.
According to the World Gold Council, mines worldwide produced 966 tonnes, or approximately 34 million ounces, of gold during the second quarter — the highest Q2 output on record.
First-half production also reached a record 1,867 tonnes, around 3% higher than during the same period in 2025.
Against this backdrop, Mining.com.au examines the 10 largest gold-producing companies contributing to the record H1 mine supply:
Note: Figures taken from the companies’ respective H1 2026 results, except for Polyus, which has yet to report, and Northern Star Resources, whose fiscal year ends in June. The ranking will be updated as further results come in.
- Newmont (NYSE:NEM)
Headquarters: Denver, Colorado, US
Operations: Argentina, Australia, Canada, Dominican Republic, Ghana, Mexico, Papua New Guinea, Peru, Suriname, US
Output: 2.59 million ounces
Newmont retained its position as the world’s largest gold producer despite output declines at several operations, including Cadia in Australia.
The company expects production around 5.3 million ounces in 2026, down from last year due to planned mine sequencing and the sale of several non-core assets.
2. Agnico Eagle Mines (TSX:AEM)
Headquarters: Toronto, Canada
Operations: Australia, Canada, Finland, Mexico
Output: 1.68 million ounces
Agnico Eagle maintained second place and its position as Canada’s largest gold producer. However, output declined from 2025 due to lower grades at several key operations, including the Canadian Malartic, Macassa, and Meadowbank.
The company expects full-year production to be near the lower end of its guidance range of 3.3–3.5 million ounces.
3. Barrick Mining (TSX:ABX)
Headquarters: Toronto, Canada
Operations: Argentina, Chile, Democratic Republic of the Congo, Dominican Republic, Mali, Papua New Guinea, Saudi Arabia, Tanzania, US, Zambia
Output: 1.52 million ounces
Barrick’s gold production reached nearly 1.52 million ounces, with Q2 output coming in 11% higher than during the first quarter and exceeding guidance. The improvement reflected a faster ramp-up at Loulo-Gounkoto, recovery at Pueblo Viejo, and record underground tonnes mined at Cortez.
Barrick’s full-year guidance stands at 2.9–3.25 million ounces.
4. Navoi Mining and Metallurgical Company
Headquarters: Navoiy, Uzbekistan
Operations: Uzbekistan
Output: 1.51 million ounces
Navoi Mining, also known as NMMC, retained its position among the world’s four largest gold producers despite a slight year-on-year decline in output. The Uzbek miner operates 12 major deposits, including Muruntau — one of the world’s largest open-pit gold mines — with more than 100 million ounces in resources.
Navoi produced 3.15 million ounces of gold in 2025.
5. Zijin Mining Group (SHA: 601899)
Headquarters: Longyan, Fujian, China
Operations: Australia, China, Colombia, Ghana, Guyana, Kazakhstan, Kyrgyzstan, Papua New Guinea, Suriname, Tajikistan
Output: 1.50 million ounces
Chinese mining giant Zijin continues to narrow the gap with the world’s largest producers after reporting a 13.4% year-on-year increase in gold output.
The company expects production to rise further during H2 2026 as it advances expansion projects at key operations, including Rosebel, Akyem, and Raygorodok.
6. AngloGold Ashanti (NYSE:AU)
Headquarters: Greenwood Village, Colorado, US
Operations: Argentina, Australia, Brazil, Colombia, Democratic Republic of the Congo, Egypt, Ghana, Guinea, Tanzania, US
Output: 1.47 million ounces
AngloGold Ashanti, like most of its peers above, also reported lower first-half production, partly reflecting the sale of its Serra Grande asset in Brazil and operational challenges at its Obuasi mine in Ghana.
Still, the company expects H2 2026 production to exceed first-half output and has reaffirmed its full-year guidance of 2.8–3.17 million ounces.
7. Polyus (RUS:PLZL)
Headquarters: Moscow, Russia
Operations: Russia
Output: 1.30 million ounces*
Polyus has yet to report its H1 2026 production.
The Russian gold miner has set its full-year guidance of 2.5–2.6 million ounces, broadly in line with last year’s production.
During H1 2025, Polyus produced about 1.31 million ounces, down 11% from the corresponding period a year earlier.
8. Gold Fields (JSE:GFI)
Headquarters: Johannesburg, South Africa
Operations: Australia, Canada, Chile, Ghana, Peru, South Africa
Output: 1.27 million gold-equivalent ounces
Gold Fields recorded a 12% surge in first-half output, supported by improved performance at the Salares Norte mine in Chile, which has reached steady-state production.
The South African miner is on track to meet its full-year guidance range of 2.4–2.6 million gold-equivalent ounces.
9. Kinross Gold (TSX:K)
Headquarters: Toronto, Canada
Operations: Brazil, Canada, Chile, Mauritania, US
Output: 1.00 million gold-equivalent ounces
Kinross continues its consistent run of producing around one million ounces over a six-month period. Production at its main mines — Paracatu in Brazil and Tasiast in Mauritania — increased during H1.
Kinross expects to meet its full-year production guidance of 2 million gold-equivalent ounces.
10. Northern Star Resources (ASX:NST)
Headquarters: Subiaco, Australia
Operations: Australia, US
Output: 823,600 ounces**
Northern Star Resources closed its financial year with improved production during the June quarter. The company produced 436,186 ounces during the quarter, bringing its calendar H1 output to 823,600 ounces — broadly in line with the 834,269 ounces produced during the corresponding period in 2025.
The result reflected improved performance at its Kalgoorlie Consolidated Gold Mines operations.
*Based on company’s projected annual output
**Production from the last two quarters (January through June) of fiscal 2026
Other major producers
Most companies on the list have consistently ranked among the world’s 10 largest gold producers for years. Breaking into the group would likely require a substantial increase in production, potentially through mergers and acquisitions, an increasingly prominent feature of the gold sector.
Among the notable omissions is Harmony Gold Mining Company (JSE: HAR), which consistently ranks among the largest producers worldwide, especially in Africa, but has not entered the top 10 in recent years.
Some historically prominent producers have recorded noticeable declines in output.
These include copper major Freeport-McMoran (NYSE:FCX), which produced more than 1 million ounces of gold as recently as 2024. Its H1 2026 output fell to 276,000 ounces, less than half the corresponding 2025 figure, as the company continued recovering from a major landslide at the Grasberg mine in Indonesia.
Another is Solidcore Resources, formerly known as Polymetal International, which restructured following Western sanctions targeting Russia and has shifted its operational focus to Kazakhstan.
Write to Jackson Chen at Mining.com.au
Image: Navoi Mining and Metallurgical Company
