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.

Gold mining in the world are becoming more complex

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.