Gold mining in the world are becoming more complex

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Gold mining in the world are becoming more complex

Number of newly discovered gold deposits decreases and cope with it does not help record exploration expenditures , which amounted to $ 8 billion in the past 2011 . This was stated by Chief Executive Officer of the world’s largest gold mining company Barrick Gold Jamie Sokal .

Sokal said that last year there were only 3 open field , whereas in 1991 the number was 11 , and now none of them can be classified as a ” super-giant ” that is mine, which has reserves of more than 20 million oz . He believes that ” bullish trend ” in the gold market and signs continue to its end now, no.

The gold market this year may grow for the 12th time in a row due to the growth in demand from investors and central banks. World production of the precious metal in 2013 will grow by only 0 , 7 %, which would be the slowest rate since 2008 , and shipments to decline in real terms at 0, 4 %, according to Barclays. But even a strong rise in prices will not increase production .

“I see no prospect for growth in gold production , even if we see the price of gold at $ 3000 per ounce , – said Sokal . – With the high cost of gold , we will experience the same problem. I guess the answer to the price increase will be very restrained . ”

This year, the Hong Kong Stock Exchange price of gold rose by 10%, and the rate of annual profits show the best dynamics from 1920

“It is becoming increasingly difficult to find large deposits , and the start of development of these fields takes at least two times longer than it was necessary a decade ago – said Sokal . – We will not see new mines in the near future , and will not be able to replace the old mine are closed , as fast as we expected . ”

World gold production next year may rise to 2672 tons , and this year the figure will be 2652 tons. Global scrap supply may decrease to 1 , 636 tons of 1, 671 tons , while total shipments to decline from 4323 tons in 2012 to 4,308 tons in 2013

” Obtaining permission for the development, agreement with the government and local residents , the solution of environmental problems – all this was taking more time – said Sokal . – Also funding the construction of the mine and is now worth much more.”

Barrick Gold in III -quarter profit that was worse than analysts’ expectations due to rising production costs . The company’s shares have fallen 22% this year.