Gold exploration budgets zoom, but not enough new discoveries: SNL MEG
As SNL MEG data shows, from 1998-2012, gold explorers found 107 major gold deposits, averaging 7.5 million ounces each, in 36 different countries, adding 800.8 million ounces of gold to global reserves and resources  56% of the 1.2 billion ounces of gold produced during the period, after allowing for conversion of resources to reserves and recovery losses.
Mining companies are spending more money on exploration but new gold discoveries are falling short of replacing global production, according to a new study by SNL Metals Economics Group.
The study titled, "Strategies for Gold Reserves Replacement 2013-Update," gold exploration budgets have reached an all time high of US $6 bn in 2012 while average cost of discovery between 1990-97 was US $94.4 mn. Driven by rising gold prices, exploration budgets have zoomed 31% annually form 2003-2012, with the exception of dip in 2009.
As SNL MEG data shows, from 1998-2012, gold explorers found 107 major gold deposits, averaging 7.5 million ounces each, in 36 different countries, adding 800.8 million ounces of gold to global reserves and resources — 56% of the 1.2 billion ounces of gold produced during the period, after allowing for conversion of resources to reserves and recovery losses.
Regionally, about 23% of the 800.8 million ounces of discovered gold was in North America at a discovery-oriented exploration cost of US$49/oz; 21% in Latin America at about US$49/oz; 19% in Africa at US$33/oz; 10% in Europe at US$13/oz; 8% in Australia at US$61/oz; 8% in Pacific Ocean Islands at US$30/oz; 6% in former Soviet Union countries at US$33/oz; 2% in other Asian countries at US$75/oz; and 2% in the Middle East at US$10/oz. Greenfields discoveries accounted for 67% of the gold found, while brownfields discoveries made up 33% of the total.
In addition to falling short of replacing mine production over the period, the amount of discovered resources that will reach production will inevitably be reduced due to factors affecting their economic viability such as location, politics, market conditions, and capital and operating costs. Given the increasing cost to replace production from major discoveries from 1998-2009, it remains to be seen how recent exploration efforts will translate into new and expanded discoveries in the 2010-2012 period.
Sumber : Google
No comments:
Post a Comment