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Gold discovery rates fall amid high exploration spending
Source: Bloomberg News |
November 14, 2012, Wednesday
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Print Edition
Print Edition
GOLD discovery rates are decreasing even as exploration spending in the industry reached a record US$8 billion last year, according to Jamie Sokalsky, chief executive officer of Barrick Gold Corp, the world's largest producer.
There were three discoveries last year, compared with 11 in 1991, and none of those can be described as "supergiant," or holding more than 20 million ounces, Sokalsky said in Hong Kong yesterday, adding that gold's bull market shows no signs of ending.
Gold is poised for a 12th annual gain, on increased investor and central-bank purchases as governments around the world boost stimulus to revive their economies. Global gold mine output may rise 0.7 percent in 2013, the slowest pace since 2008, according to Barclays Plc, which forecasts that total physical supply may shrink 0.4 percent next year.
There were three discoveries last year, compared with 11 in 1991, and none of those can be described as "supergiant," or holding more than 20 million ounces, Sokalsky said in Hong Kong yesterday, adding that gold's bull market shows no signs of ending.
Gold is poised for a 12th annual gain, on increased investor and central-bank purchases as governments around the world boost stimulus to revive their economies. Global gold mine output may rise 0.7 percent in 2013, the slowest pace since 2008, according to Barclays Plc, which forecasts that total physical supply may shrink 0.4 percent next year.
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