• Barrick loses second-largest gold producer ranking in 2025
• Output fell to 3.26 million ounces
• Loulo-Gounkoto shutdown cut Mali production sharply

Barrick Mining, long the world’s second-largest gold producer after U.S.-based Newmont Corp, lost that position in 2025.

The Canadian group produced 3.26 million ounces during the year, slipping behind rival Agnico Eagle, which reported broadly stable output of 3.45 million ounces.

Production declined at several operations, notably the North Mara and Bulyanhulu mines in Tanzania. However, the main drag was the prolonged shutdown of the Loulo-Gounkoto complex in Mali for much of the year. The mine, affected by a dispute with the Malian state, saw output fall to 36,200 ounces, compared with 723,000 ounces a year earlier.

The shortfall weighed on Barrick’s overall results. In 2024, the company reported production of 3.91 million ounces, above the 3.49 million ounces posted by Agnico Eagle at the time.

Although operations resumed this year at Loulo-Gounkoto after an agreement with Bamako, Barrick’s chances of regaining second place remain uncertain. The company expects production of up to 3.25 million ounces this year, while Agnico Eagle is targeting around 3.5 million ounces annually through 2028.

Other producers are also raising output targets. China’s Zijin, ranked fourth globally in 2025, aims to produce 105 tonnes this year, equivalent to roughly 3.38 million ounces.

Newmont remains the world’s largest gold producer and expects output of 5.3 million ounces. However, the outlook for the current year remains uncertain as Barrick undergoes restructuring. The company plans to spin off part of its North American gold assets into a new entity, for which an initial public offering has already been announced.

Aurel Sèdjro Houenou