Cassiar Gold Corp. (TSXV: GLDC, OTCQX: CGLCF)
Revitalizing the Cassiar Gold District in British Columbia, Canada
At the beginning of 2025, gold prices continued their strong rally from the previous year. After surpassing US$2,800 per ounce in late January, they broke through the US$2,900 mark in mid-February, setting a new record. This surge in gold prices has been fueled by sustained central bank purchases, the ongoing Russia-Ukraine conflict, and declining global interest rates, as well as heightened geopolitical and economic uncertainty following Donald Trump’s return to the US presidency.
With gold prices repeatedly hitting new highs, leading gold-producing countries have been actively consolidating resources and developing new mining projects in an effort to capture market share during this upswing. The turbulence in global affairs and the rising policy uncertainties have further strengthened gold’s status as a safe-haven asset, offering these nations a valuable growth opportunity.
According to the latest statistics from the US Geological Survey, global gold production reached 3,300 metric tons (MT) in 2024, an increase of 50 MT from 2023.
Below is the list of the world’s top 10 gold-producing countries.
In 2024, China’s gold output reached approximately 380 MT, retaining its position as the world’s largest gold producer. China’s gold production peaked at 455 MT back in 2016 and has not dipped below 300 MT for over a decade. The country’s mining sector is largely state-run, with major players such as Zijin Mining and China Gold International Resources (TSX:CGG, HKEX:2099) owning significant mines in regions like Inner Mongolia and Shanxi. China’s central bank expanded its gold reserves by an additional 44 MT in 2024, bringing total holdings to 2,280 MT.
Russia’s 2024 gold production stood at 310 MT, the same as the previous year. Since 2017, the country’s gold output has steadily increased. However, ongoing sanctions and conflict in Ukraine have complicated Russia’s gold exports, prompting the country to seek alternative markets among BRICS nations and Asian countries such as Kazakhstan.
Australia’s 2024 gold production edged down slightly to 290 MT. Global mining giants like Newmont operate several major gold mines in Western Australia and New South Wales, including Boddington and Cadia Valley. Australia also holds around 12,000 MT of gold in reserves, helping solidify its status as one of the world’s most important gold producers.
Canada produced 200 MT of gold in 2024, up from 198 MT the previous year. Ontario and Québec together account for more than 70 percent of the country’s total output, home to significant mines such as the Canadian Malartic Complex, Detour Lake, and the Meadowbank Complex. In 2023, Canada’s gold exports rose by 35 percent to reach C$34.1 billion in total value.
The United States has seen its gold output decline over the past several years, producing only 160 MT in 2024. Nevada accounts for over 70 percent of total US output, and its largest gold assets are operated by Nevada Gold Mines, a joint venture between Barrick and Newmont.
Uzbekistan boosted its gold production from 100 MT to 120 MT in 2024. The Muruntau mine is among the country’s largest gold operations, holding some 4,500 MT in reserves. Upgrades to the mine are slated for completion in 2026, potentially increasing its annual ore production from 38.5 million MT to 50 million MT.
