U.S., Canada Plot More Gold Mines as China Leads in Production

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Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

While China continues to lead the world in gold production, the U.S. and Canada account for nearly half of the total investment in active and proposed gold-mining projects worldwide.

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Bolting to the 'Safe Haven'

Geopolitical turmoil tends to drive demand for gold as a "safe haven" asset, so it's not surprising that global gold demand is nearing historic highs. Tellingly, central banks are purchasing more gold to diversify their reserves, according to the World Gold Council. Industrial Info Resources is tracking more than 2,600 active and proposed gold-mining projects worldwide, totaling nearly US$260 billion of investment, with the U.S. and Canada accounting for nearly half of that amount.

According to Industrial Info Resources data, Canada alone accounts for about one-third of active and proposed gold-mining investments worldwide, with the U.S. accounting for about 15.5% and Australia at about 6%. But when the focus narrows to projects deemed by Industrial Info Resources as having a high likelihood (81% or more) of beginning construction as scheduled within the next 12 months, China leads with about 24% of the total US$12.16 billion of global investment, followed by Canada at 19.7% and Australia at about 8%.

In fact, the U.S. has only a single gold-mining project with a high likelihood of kicking off within the coming year: Toronto-based Minera Alamos Incorporated's restart of its Copperstone Gold Mine & Mill in Quartzsite, Arizona. The open-pit mine, which ceased operations in 1993, has been greenlit for revival following an encouraging pre-feasibility study in May. Project construction is expected to take about one year, with initial gold production of an estimated 46,000 ounces of gold per year anticipated by mid-2027, according to the company.

The project has the potential to more than double the company's consolidated annual gold production, Minera Alamos said in a press release. Industrial Info Resources offers more information on the Copperstone project in its Global Market Intelligence (GMI) Metals & Minerals Plant and Project databases, where readers can find details--including construction schedules, investment values and necessary equipment--in a plant profile and detailed project report.

Minera Alamos also is performing mine-development studies to revive its Gold Rock Mine in Ely, Nevada, just seven miles southeast of the company's Pan Gold Mine. Minera Alamos aims to integrate Gold Rock into the Pan complex, which it acquired from Equinox Gold Corporation in October 2025; Gold Rock ceased operations in 1996, but Minera Alamos believes a revived mine could produce 55,800 ounces per year as early as 2028. Readers can consult a profile of the Pan Mine and a detailed report on the Gold Rock project.

Central banks currently represent some of the biggest buyers of gold. "We are seeing the re-monetization of gold," said Thomas Kaplan, the chief executive officer of NovaGold Resources, in a recent quarterly earnings-related conference call. "We are seeing that central banks have shown through their purchases that gold is the asset that they hold because it doesn't represent someone else's liability."

By the Numbers

• More than 2,600: Total number of active and proposed gold-mining projects worldwide
• Roughly US$130 billion: Total investment in active and proposed gold-mining projects in the U.S. and Canada
• More than 380 metric tons: China's total gold production in 2025

China Still Leads in Production

Despite heavy recent investments from the U.S. and Canada, the global leader in gold production remains China, which produced more than 380 metric tons in 2025. (This figure does not include gold processed from imported materials.) Russia followed at 310 metric tons, then Australia at 280 metric tons, Canada at 200 metric tons and the U.S. at 160 metric tons.

Those numbers were challenged by Alexander Kozlov, the Natural Resources Minister for Russia, who recently told a state-run news outlet his country actually produced between 480 and 500 metric tons of gold in 2025, after producing about 480 metric tons in 2024. But analysts cast doubt on these comments, as the 2024 figure would represent a 50% increase over the World Gold Council's assessment of Russia's 2024 gold output, and as no major new mines have started production in recent years, according to Mining.com.

Russia represents only about 3% of global investments in gold-mining projects with a high likelihood of kicking off within the coming year, according to Industrial Info Resources data.

China National Gold Group Corporation is preparing to begin construction this year on its Changshanhao Gold Mine in Bayan Nur, Inner Mongolia. The state-owned company expects the new underground mine will replace an open-pit mine that is set to close. Readers can learn more from a plant profile and a detailed project report.

Last year, the China Geological Survey announced a "remarkable" 168 metric tons of new gold resources had been discovered across Inner Mongolia and the Gansu and Heilongjiang provinces.

The Industrial Info Resources GMI Project and Plant databases offer a full list of detailed reports for projects mentioned in this article, and a full list of related plant profiles.

Industrial Info Resources also offers a full list of reports for active and proposed gold-mining projects worldwide and a full list for projects deemed likely to begin construction in the coming 12 months.

Key Takeaways

• Geopolitical turmoil is driving global gold demand to near-historic highs.
• Canada accounts for about one-third of active and proposed gold-mining investments worldwide, and the U.S. about 15.5%.
• China was the top gold producer in 2025, with Russia making questionable claims about outpacing its Asian rival.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).