Gold and Silver Mining Companies Compared by Output

Of the producers compared on this page, Newmont mined the most gold in 2025, at 5.89 million ounces (Moz) attributable to the company, according to its fourth-quarter operating statistics. Fresnillo reported the highest silver output of the silver-led companies, at 48.7 Moz in its preliminary results. For copper, BHP produced 1,953 thousand tonnes (kt) in the year to 30 June 2026, the highest figure of the seven copper miners in the tables below, per its operational review.

This guide sets out gold and silver mining companies side by side, then adds the large copper miners, each with its own 2025 production figure from a company release or filing. Each entry has a “best for” line and a “watch” line, so owners of mining businesses can see which company is the right benchmark for their own operation. Figures are in US dollars unless stated.

Terms used below. Attributable production is the share of a mine’s output that belongs to the company after partners take their part. Payable production is the metal that ends up in products sold, after smelting losses. A million ounces is written Moz, and a thousand tonnes is written kt. Gold-equivalent and silver-equivalent ounces (AuEq, AgEq) convert by-product metals into the main metal at a set price ratio. All-in sustaining cost (AISC) is the cost per ounce of keeping a mine running, including sustaining capital, royalties and corporate costs. A primary silver mine earns most of its revenue from silver, while a by-product mine recovers silver as a side product of copper, lead, zinc or gold.

How these gold and silver mining companies were chosen

The list is a comparison of selected large producers, not a complete league table. Every company has a 2025 production figure that we read in its own results release, annual filing or exchange announcement. State-owned groups that report on other bases, such as Navoi in Uzbekistan, are not in the tables. The companies are ordered by the output figure shown, and the figures do not all use the same basis, so read the “basis” column before comparing two rows.

• Gold: attributable ounces for Newmont, Barrick, AngloGold Ashanti, Gold Fields (gold equivalent) and Kinross (gold equivalent); payable ounces for Agnico Eagle; mined gold for Zijin, converted from tonnes at 31.1035 grams per troy ounce; total output for Polyus.
• Silver: attributable ounces for Fresnillo, Pan American, Coeur, Hecla, First Majestic and Glencore; silver produced in tonnes for KGHM, converted to ounces.
• Copper: tonnes of copper for each company as it reports them: attributable or mined for most, consolidated production for Freeport and own production for Codelco. BHP’s figure is for its financial year to June 2026, and the others are for calendar 2025.

Market size gives the context. Mine supply of gold was a record 966 tonnes in the second quarter of 2026, according to the World Gold Council. The Silver Institute put global silver mine production at 819.7 Moz in 2024, in its World Silver Survey summary. The USGS estimates world copper mine output at 23 million tonnes for 2025 in its Mineral Commodity Summaries.

Gold producers side by side

Gold is the metal where the largest company is furthest ahead. The table sorts eight producers by 2025 gold output. Output at the top fell in 2025 at Newmont (down from 6.85 Moz in 2024 to 5.89 Moz) and Barrick (down 17%), while AngloGold Ashanti and Zijin grew.

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Gold output of eight large producers, 2025

Million troy ounces; bases differ (attributable, payable, mined, total)

Newmont: the benchmark for scale

Best for: an owner who wants the widest comparison set. Newmont’s attributable gold output was 5,889 thousand ounces in 2025 against 6,849 in 2024, and the same statistics sheet lists copper from Cadia as a co-product. Watch: output fell by about 14% in 2025, so the year-on-year trend is down even though the total is the highest in this comparison.

Agnico Eagle: steady output at low cost

Best for: benchmarking costs. Agnico Eagle reported payable gold of 3,447,367 ounces in 2025 at an AISC of $1,339 per ounce, and it guided in February 2026 for 3.3 to 3.5 Moz a year from 2026 to 2028. Watch: its own release notes that higher royalties, which follow the gold price, pushed costs up.

Barrick: production down, new project up

Best for: following a restructuring. Barrick Mining Corporation (NYSE: B, TSX: ABX) produced 3.26 Moz of gold and 220,000 tonnes of copper in 2025, with an AISC of $1,637 per ounce. In February 2026 its board decided to prepare an initial public offering of its North American gold assets. Watch: 2026 guidance is 2.90 to 3.25 Moz, below the 2025 result.

AngloGold Ashanti: growth by acquisition

Best for: African and cross-border exposure. Reuters reported that AngloGold produced 3.1 Moz in 2025, up 16%, mainly because the Sukari mine in Egypt, in which it bought a 50% share in 2024, contributed for a full year. It also declared 4.9 Moz of initial reserves at the Arthur Gold Project in Nevada. Watch: Arthur needs an estimated $3.6 billion of capital, so it is a long project.

Zijin Mining: the fastest grower of the eight

Best for: understanding Chinese-headquartered mining groups. Zijin’s results report 90 tonnes of gold, up 23%, helped by the Akyem mine in Ghana and the Raygorodok mine in Kazakhstan, and it targets 105 tonnes in 2026. Watch: the figure is mined gold, not attributable ounces, so it is not directly comparable with Newmont or Barrick.

Polyus: output stepping down

Best for: a view of a large open-pit producer in transition. Polyus reported total gold output down 16% to 2,528.8 thousand ounces, because Olimpiada and Blagodatnoye moved into later pit stages. Watch: stripping (removing waste rock) reached a record in 2025, a cost that comes before ore is mined.

Gold Fields: Chile joins the portfolio

Best for: a mid-sized producer with a new mine. Gold Fields said its group attributable gold-equivalent output for 2025 was 2,438 thousand ounces, and Salares Norte in Chile produced 161 thousand gold-equivalent ounces in the fourth quarter after reaching commercial production in the third. Watch: that statement was a trading update issued ahead of the audited results.

Kinross: two mines carry the group

Best for: an owner comparing concentration risk. Kinross produced 2,012,106 attributable gold-equivalent ounces in 2025 at an attributable AISC of $1,571 per ounce, and Paracatu in Brazil alone produced over 600,000 ounces. Watch: its three-year outlook is flat at about 2.0 Moz a year.

Operating across Latin America is common in these tables. Empresas mineras de oro (gold mining companies) with Latin American mines include Newmont at Merian in Suriname, Kinross at Paracatu and Gold Fields at Salares Norte. The USGS shows how large the region’s output is: Mexico and Peru mined an estimated 140 and 110 tonnes of gold in 2025, out of a world total of 3,300 tonnes. For where the metal sits in the ground before mining, see our guide to gold deposits in the United States by state.

▶ Follows a small clay nugget from rock to ring: found, drilled, crushed, dissolved, caught on carbon, melted and refined. · 5:27

Silver miners: output and basis

Silver is more split between primary mines and by-product mines than gold. In the United States, four silver mines and 31 base- and precious-metal operations produced the USGS estimate of 1,100 tonnes in 2025, so most operations there recover silver alongside something else. The table sorts eight companies by 2025 silver output.

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Silver output in 2024 and 2025, five producers

Million troy ounces; KGHM converted from tonnes

Fresnillo: largest silver output, but falling

Best for: a pure benchmark for Mexican silver. Fresnillo’s attributable silver fell 13.5% to 48,723 thousand ounces in 2025, and its gold output was 600,287 ounces, after mining at the San Julián disseminated ore body ended. Watch: first-half 2026 silver was 22.0 Moz, down 11.4%, and 2026 guidance is 42.0 to 46.5 Moz. For smaller Mexican names, read our list of Mexican silver mining companies.

KGHM: silver from a copper company

Best for: understanding by-product silver. KGHM’s 2025 results presentation shows silver production of 1,347 tonnes against 1,341 tonnes in 2024, and payable copper of 710 kt. Watch: silver volume depends on copper ore mined, not on the silver price.

Pan American Silver: bigger after the MAG Silver deal

Best for: exposure to silver and gold in the Americas. The company’s preliminary results give attributable silver of 22.8 Moz and gold of 742.2 thousand ounces for 2025, with a record 7.3 Moz in the fourth quarter. Watch: the Juanicipio stake came from its acquisition of MAG Silver, so 2025 compares an enlarged company with a smaller one.

Glencore: silver as a side product at scale

Best for: traders and smelter buyers. Glencore’s full-year production report shows 20,425 thousand ounces of silver from own sources in 2025, up 6%, next to 851.6 kt of copper. Watch: the figures are on a 100% basis for controlled assets and joint ventures.

Coeur Mining: record year, bigger portfolio

Best for: US-listed silver and gold. Coeur produced 17.9 Moz of silver, up 57%, and 419,046 ounces of gold in 2025. Its second-quarter 2026 release says the New Gold acquisition closed in late March 2026. Watch: the portfolio changed after year-end, so 2025 output does not show the current mix of mines.

Hecla: Idaho and Alaska silver

Best for: the US silver belt. Hecla’s 2025 release reports 17.0 Moz of silver at an AISC of $11.28 per ounce after by-product credits, record output of 5.3 Moz at Lucky Friday and the sale of Casa Berardi to Orezone Gold, announced at up to $593 million and closed on 25 March 2026. Readers interested in Idaho ground can read about mining claims in Idaho. Watch: AISC after credits depends on the gold price.

First Majestic: Los Gatos lifts silver by 84%

Best for: a mid-sized Mexican silver miner. First Majestic’s 2025 results show a record 15.4 Moz of silver, up from 8.4 Moz, mostly from the Los Gatos mine it acquired, plus 147,433 ounces of gold. Watch: the jump comes from an acquisition, not from the older mines.

Zijin’s 439 tonnes of mined silver comes from its 2025 results and, like KGHM and Glencore, is a by-product number. For country-level silver supply, read the largest silver producers by country, the page on silver producing companies and our factual notes on listed silver mining companies.

Copper producers: tonnes and what changed

Copper miners are measured in thousands of tonnes, and the order depends on whether you count attributable, mined or consolidated copper. The table sorts seven large producers by the most recent annual figure. It is a sample: Anglo American, Antofagasta, CMOC, First Quantum and Teck are among the other large copper miners.

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Copper output of seven large producers

Thousand tonnes; BHP is the year to June 2026, others calendar 2025; Southern Copper as reported in tons

BHP: the Escondida effect

Best for: a copper-led diversified miner. Its review says total copper production decreased 3% to 1,953 kt, with Escondida (Chile) at 1,261 kt on a 100% basis. Watch: BHP expects FY27 copper of 1,650 to 1,800 kt because of a forecast grade decline at Escondida.

Freeport-McMoRan: the Grasberg stoppage

Best for: US copper exposure. Freeport’s annual report shows consolidated copper production of 3,383 million pounds in 2025 against 4,214 million in 2024, with US mines at 1,304 million pounds. Watch: the company’s February 2026 filing expected a phased restart of the Grasberg Block Cave mine in Indonesia to begin in the second quarter of 2026.

Codelco: state-owned, with a bad year at El Teniente

Best for: the Chilean state producer. Codelco reported its own production of 1,334,445 tonnes of fine copper and 1,439,732 tonnes including its shares of El Abra, Anglo American Sur and Quebrada Blanca. Watch: Chuquicamata also fell, by 8%, on lower feed from its own ore.

Zijin, Southern Copper, Rio Tinto and Glencore

Zijin reported mined copper of 1.09 million tonnes, which is its mined copper for 2025. Southern Copper, the Grupo México subsidiary with mines in Peru and Mexico, reported 954,270 tons (the unit its release uses). Rio Tinto produced 883,000 tonnes. Glencore reported 851.6 kt, with 507.7 kt in the second half and 343.9 kt in the first. For the countries behind these tonnes, see our page on the largest copper producers, or read about copper deposit types and where to explore. In the USGS table, Chile mined an estimated 5,300 kt of copper in 2025, ahead of Congo (Kinshasa) at 3,200 kt and Peru at 2,700 kt.

What the output is worth: prices and costs

Output only matters next to price and cost. Agnico Eagle’s realized gold price was $4,163 per ounce in the fourth quarter of 2025. Coeur’s average realized prices in the second quarter of 2026 were $4,140 per ounce of gold and $71.18 per ounce of silver, with June the lowest month of the quarter, per its release. Kitco showed a silver bid of $56.98 per ounce at 14:50 New York time on 15 October 2026, so realized prices move quickly and a stale figure misleads.

On the cost side, the World Gold Council puts the global average gold AISC at $1,785 per ounce in the first quarter of 2026, up 16% on the year, and names royalties as the most significant driver. The 2025 AISC figures in this guide were $1,339 for Agnico Eagle, $1,571 for Kinross and $1,637 for Barrick.

Use the calculator below to turn any annual output into gross metal value. It is simple on purpose: it multiplies ounces and pounds by the prices you enter and shows a gold margin after all-in sustaining cost. It does not model royalties, tax, recovery or the timing of sales.

Rare earth miners that turn up on silver and metals lists

Lists of silver miners often sit next to rare earth miners, but the two do not overlap. Rare earths are 17 metals used in magnets, and the mining is concentrated. The USGS estimates 2025 world mine production with China at 270,000 tonnes of rare earth oxide, the United States at 51,000 tonnes and Australia at 29,000 tonnes.

• MP Materials (NYSE: MP): runs the Mountain Pass mine in California. Its 2025 results report 50,692 tonnes of rare earth oxide in concentrate and 2,599 tonnes of NdPr oxide, the neodymium and praseodymium oxide used in magnets.
• Lynas Rare Earths (ASX: LYC): mines Mt Weld in Western Australia and processes in Malaysia, according to its quarterly report to the ASX.

Neither company is a silver miner, and silver miners do not mine rare earths. This is facts only, not investment advice.

Environment, safety and emissions at large miners

Large miners are judged on tailings, water and emissions as much as on output. Freeport’s annual report describes the September 2025 Grasberg mud rush, and Codelco’s 2025 results describe a fatal accident at El Teniente, a reminder that the largest losses of production in these tables came from safety events, not from price. Hecla reduced its company-wide injury frequency rate 13% to 1.69 in 2025. Mine security is part of the same picture, and the same operators also face theft and sabotage, as our note on diamond mine security and digital mining risks explains.

Operators track their own carbon use with tools such as carbon footprint monitoring, and buyers of refined metal ask for origin proof, which is the job of product traceability.

▶ Explains the seven environmental impacts of mining in plain words, with satellite maps. · 2:31

Technology: monitoring mines from space and the ground

Mining companies use drones, fleet systems, satellite images and machine learning to plan pits, track trucks and watch sites. Fleet tracking cuts idle time and fuel use, as our guide to mobile fleet networks in mining shows.

Farmonaut is a US-based satellite data company. For exploration, we screen a licence area from satellite images for mineral and alteration signatures and return a map of targets. The client supplies the boundary as KML, KMZ or a polygon, and delivery takes 5 to 20 business days depending on the size and the mineral. This is a way to rank ground before drilling. It is not a resource estimate.

▶ Explains what an AI mining app really does, which jobs it can do and who builds one. · 3:52

If this topic matters to you, read Copper Smelters in North America: List and Output next.

Related reading on this site: Geita Gold Mine Contact: Owner, Output and Who to Ask.

Frequently asked questions

Who is the largest gold mining company?

Of the producers compared on this page, Newmont, at 5.89 Moz of attributable gold in 2025. Zijin reports mined gold of 90 tonnes (2.89 Moz) and Agnico Eagle 3.45 Moz payable. State-owned groups that are not in the table may also be large.

Which company produces the most silver?

Fresnillo reported the highest silver output of the silver-led companies compared here, at 48.7 Moz in 2025. KGHM produced 1,347 tonnes (43.3 Moz), but as a by-product of copper.

Which companies mine both gold and silver?

Fresnillo (600,287 ounces of gold), Pan American Silver (742.2 thousand ounces), Coeur (419,046 ounces) and First Majestic (147,433 ounces) all report both metals. Glencore and Zijin also report silver, as a by-product of base-metal mining.

Who are the biggest copper mining companies?

BHP at 1,953 kt for its year to June 2026, then Freeport-McMoRan (1,534 kt), Codelco (1,334 kt) and Zijin (1,090 kt) in this comparison. The order changes with the basis used: Codelco’s total rises to 1,440 kt when its stakes in other Chilean mines are counted.

Is silver mostly a by-product?

In the United States it largely is. The USGS says 4 silver mines and 31 base- and precious-metal operations produced the 2025 estimate of 1,100 tonnes. KGHM, Glencore and Zijin in this guide also recover silver as a by-product.

Which countries mine the most gold, silver and copper?

The USGS estimates for 2025 are China first for gold at 380 tonnes, then Russia at 310 and Australia at 280. For silver, Mexico leads at 6,300 tonnes, then Peru at 3,600 and China at 3,400. For copper, Chile leads at 5,300 kt, then Congo (Kinshasa) at 3,200 kt and Peru at 2,700 kt.

Which gold mining companies operate in Latin America?

Las empresas mineras de oro with Latin American mines include Newmont (Merian, Suriname), Kinross (Paracatu, Brazil), Gold Fields (Salares Norte, Chile) and Barrick (Pueblo Viejo, Dominican Republic). Fresnillo and First Majestic mine silver and gold in Mexico.

Why can two lists show different rankings?

Companies report attributable, payable, mined, consolidated or 100% basis figures, and some convert silver to gold equivalent. A 50% joint-venture mine can be counted in full by one company and in half by another. Always compare rows on the same basis.

What is AISC and what is a normal level?

All-in sustaining cost adds sustaining capital, royalties and corporate costs to the cost of mining and processing an ounce. The World Gold Council’s global average was $1,785 per ounce in the first quarter of 2026. Agnico Eagle reported $1,339 for 2025, Kinross $1,571 and Barrick $1,637.

Can a licence owner check ground before drilling?

Yes, a satellite screen can rank parts of a licence for follow-up work before any drilling, as the technology section above describes. It is a target map, ahead of sampling and a resource estimate, and it does not replace either.