US Gold Mining Targets Growth as China Leads Production

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1. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Key Takeaways

• China remains the world's largest gold producer, producing approximately 384 tonnes in 2025, or about 10% of global gold production.
• Gold production has declined about 32% since 2010, falling from 231 tonnes to approximately 157 tonnes in 2025.
• The U.S. government is seeking to rebuild domestic mineral production, including gold, through faster permitting and increased investment in domestic mining.
• Barrick Mining is the largest U.S. gold producer, with a 61.5% stake in Nevada Gold Mines, one of the world's largest integrated gold-producing complexes.
• Barrick and Newmont are expanding Nevada Gold Mines, with an August 2026 agreement that could create a nearly 100-million-ounce gold complex in Nevada.

China Leads Global Gold Production as U.S. Moves to Rebuild Domestic Supply

China is the world's largest gold producer, while U.S. mine production has declined significantly since 2010, according to data compiled by the World Gold Council. The council stated that China's production accounts for approximately 10% of global gold production in 2025. Further, according to data from the past 15 years, China has held the top position, with production increasing from 351 tonnes in 2010 to 384 tonnes in 2025. The same data showed that the U.S. moved in the opposite direction. American gold production fell from 231 tonnes in 2010 to 157 tonnes in 2025, a decline of about 32%.

Investors can point to the August 22, 2026, Elements chart ranking the countries that dominate global gold production to provide a comparison of production across major gold-producing nations.

According to the Elements article by Bruno Vendetti, Russia, Canada, and Ghana have all increased their positions since 2010, while South Africa has experienced a sharp decline in production. China's annual output, however, increased over the period.

This trend reflects a broader change in the geographic distribution of gold production. Vendetti wrote that BRICS and aligned nations increased their combined share of global gold production from 38% in 2010 to 50% in 2025.

Zijin Mining Group Leads China

One of China's leading gold producers is Zijin Mining Group Co. Ltd. (601899:SHA), a major Chinese mining company with operations spanning gold, copper, and other precious metals. Zijin reported 2.89 million ounces of mined gold production in 2025, up 23% from the previous year. The company also reported 148 million ounces of gold resources.

Zijin Gold International Co. Ltd., a subsidiary of Zijin Mining Group, expects mined gold production of approximately 59.2 tonnes in 2026 and between 70 and 75 tonnes in 2028.

US Seeks to Rebuild Domestic Gold Production

While China's gold production has increased since 2010, U.S. production has moved lower, leading the American government to place greater emphasis on domestic supply chains. In March 2025, President Donald Trump issued Executive Order 14241, "Immediate Measures to Increase American Mineral Production". The order specifically included gold in its definition of minerals and called for steps to accelerate domestic mineral production. A report from Latham & Watkins said the order was intended to coordinate government efforts to fast-track permitting and accelerate funding for critical mineral production.

The order directed federal agencies to identify mineral production projects that could be expedited for permitting, instructing the Department of the Interior to prioritize mineral production on certain federal lands.

The Trump administration also attempted to facilitate private and public capital investment in domestic mineral production, citing national and economic security concerns associated with dependence on foreign mineral supplies. These decisions have created a boom in domestic mining efforts.

Forbes reported in April 2026 that U.S. gold mine production reached approximately 160 tonnes in 2025, valued at about US$17 billion. Production came from 40 lode mines across 12 states, with Nevada accounting for 64% of domestic output and Alaska contributing another 22%. Among the projects highlighted by Forbes are the proposed expansion of the Castle Mountain gold mine in California, the Spring Valley gold mine in Nevada, and the Grassy Mountain gold and silver project in Oregon.

Together, these developments could help create a renewed U.S. focus on domestic mineral production as the government hopes to reduce reliance on foreign supply chains.

Barrick Mining is the Largest US Gold Producer

Barrick Mining Corp. (ABX:TSX; B:NYSE) has already positioned itself as "the largest gold producer in the U.S.", according to the company's website.

Barrick's portfolio is closely tied to Nevada Gold Mines, the joint venture between Barrick and Newmont Corp. (NEM:NYSE; NEM:ASX) that operates one of the world's largest integrated gold-producing complexes. Barrick owns 61.5% of Nevada Gold Mines and operates the joint venture, while Newmont owns the remaining 38.5%. The complex includes operations across Nevada's Carlin, Cortez, Turquoise Ridge, and Phoenix districts.

Barrick's U.S. gold position is also expanding. On August 10, 2026, Barrick and Newmont reached an agreement to contribute previously excluded properties to Nevada Gold Mines. Barrick is contributing its Fourmile project, while Newmont is contributing its Mike and Fiberline projects. Newmont agreed to pay Barrick US$1.95 billion as part of the transaction.

The agreement is expected to create a nearly 100-million-ounce gold complex in Nevada and resolve disagreements between the two companies over the joint venture.

Barrick's latest financial results also reflect the strength of today's gold market.

Barrick reported gold production of 796,000 ounces in Q2 2026, up 11% from the first quarter. Revenue reached US$5.29 billion, while operating cash flow was US$1.70 billion. Net earnings totaled US$1.22 billion, up 50% from Q2 2025. Barrick also declared a quarterly dividend of US$0.175 per share and repurchased US$1.2 billion of its shares during the quarter.

Analysts Vary on Barrick Ratings

Recent analyst coverage of the company includes:

• On August 25, 2026, Canaccord reiterated a "Buy" rating and raised the price target from US$49.08 to US$52.69.
• On August 17, 2026, Josh Wolfson of RBC Capital reiterated a "Buy" rating and price target of US$49.
• On August 14, 2026, Bennett Moore of J.P. Morgan issued a "Buy" rating and price target of US$52.
• On August 13, 2026, Richard Gatchitorena of Barclays reiterated a "Hold" rating and raised the price target from US$39 to US$42.
• On August 12, 2026, Tanya Jakusconek of Scotiabank reiterated a "Buy" rating but lowered the price target from US$57 to US$55. 
• On August 11, 2026, Matt Murphy of BMO Capital reiterated a "Hold" rating and price target of US$44.75.
• On August 11, 2026, Richard Gray of ATB Cormark Capital reiterated a "Hold" rating but lowered the price target from US$43.30 to US$41.14.
• On August 11, 2026, Steven Green of TD Cowen reiterated a "Buy" rating but lowered the price target from US$61 to US$59.
• On July 26, 2026, Alexander Hacking of Citi reiterated a "Hold" rating and lowered the price target from US$48 to US$41. 
• On July 15, 2026, Bob Brackett of Bernstein reiterated a "Buy" rating and price target of US$86.

A Changing Landscape

The contrast between China and the U.S. illustrates how the global gold-mining industry has changed since 2010. China has retained its position as the world's largest producer, while the U.S. has seen production decline substantially from its 2010 level.

Now, however, the U.S. government is attempting to reverse that trend by accelerating permitting, encouraging investment, and expanding domestic mineral production.

Barrick sits at the center of that effort through its Nevada operations. With Nevada Gold Mines already one of the world's largest gold-producing complexes and the company's North American portfolio continuing to expand, Barrick could play a significant role as the U.S. seeks to strengthen domestic gold production.

Ownership & Share Structure¹

Barrick Mining Corp. has a market cap of US$73.85 billion, with 1.65 billion shares outstanding. The company's 52-week range is US$26.55-US$54.69. Institutions own 67.20% of shares, while Management & Insiders own 0.37%. The remaining 32.43% of shares are Retail.

Frequently Asked Questions

Q: Which country is the world's largest gold producer?
A: China is the world's largest gold producer. In 2025, China produced about 384 tonnes of gold, accounting for approximately 10% of global production.

Q: How much gold does the U.S. produce each year?
A: The U.S. produced approximately 157 to 160 tonnes of gold in 2025, depending on the source and reporting methodology. This was significantly below the 231 tonnes produced by U.S. mines in 2010.

Q: Why has U.S. gold production declined since 2010?
A: U.S. gold production has declined as some existing mines have matured or closed, and fewer new large-scale projects have entered production. The decline has increased attention on permitting, investment, and development of new domestic mines.

Q: How much has U.S. gold production fallen since 2010?
A: U.S. gold production fell from 231 tonnes in 2010 to about 157 tonnes in 2025, representing a decline of approximately 32%.

Q: How much gold does China produce?
A: China produced approximately 384 tonnes of gold in 2025, up from 351 tonnes in 2010. Its production has helped China maintain its position as the world's leading gold-producing country.

Q: What percentage of the world's gold does China produce?
A: China accounted for approximately 10% of global gold mine production in 2025, according to World Gold Council data.

Q: Which countries are major gold producers besides China and the U.S.?
A: Russia, Canada, Ghana, Australia, and South Africa are among the world's major gold-producing countries. Production levels have shifted significantly among these countries over the past 15 years.

Q: What is Zijin Mining Group?
A: Zijin Mining Group is a major Chinese mining company producing gold, copper, and other metals. The company reported 2.89 million ounces of mined gold production in 2025 and has projected further growth in gold production.

Q: What is Nevada Gold Mines?
A: Nevada Gold Mines is a major gold-mining joint venture between Barrick Mining and Newmont. Barrick owns 61.5% and operates the joint venture, while Newmont owns the remaining 38.5%.

Q: Who is the largest gold producer in the U.S.?
A: Barrick Mining identifies itself as the largest gold producer in the U.S. Its position is closely tied to Nevada Gold Mines, which operates major gold-producing districts including Carlin, Cortez, Turquoise Ridge, and Phoenix in Nevada.

Q: Why is Nevada important to U.S. gold production?
A: Nevada is the leading gold-producing state in the U.S. Forbes reported that Nevada accounted for approximately 64% of U.S. gold production in 2025, making the state central to efforts to maintain and expand domestic gold supply.

Q: Is the U.S. trying to increase domestic gold production?
A: Yes. The U.S. government has taken steps to encourage domestic mineral production, including Executive Order 14241, issued in March 2025. The order included gold in its definition of minerals and called for measures to accelerate domestic mineral development and permitting.

Q: Why is domestic gold production important to the U.S.?
A: Domestic gold production can reduce reliance on foreign mineral supply chains and support economic and national security objectives. The U.S. government has increasingly emphasized domestic production of minerals considered strategically important.

Q: What is the outlook for U.S. gold mining?
A: The outlook for U.S. gold mining could improve if government efforts to accelerate permitting and investment lead to the development or expansion of new projects. Existing producers such as Barrick could also benefit from expanding their domestic operations.