The gold mining industry is struggling to sustain production growth as deposits of the yellow metal become harder to find, said the World Gold Council.
According to data from the international trade association, mine production inched up only 0.5% in 2023 compared to a year ago.The gold mining industry is struggling to sustain production growth as deposits of the yellow metal become harder to find, according to the World Gold Council."We've seen record first quarter mine production in 2024 up 4% year on year.
"I think the overwhelming story there is: after 10 years of rapid growth from around 2008, the mining industry is struggling to report sustained growth in production," said Reade.New gold deposits are becoming harder to find around the world as many prospective areas have already been explored, he elaborated., and requires significant exploration and development, taking an average of 10 to 20 years before a mine is ready for production, according to WGC.
Even during the exploration process, the likelihood of a discovery progressing into the development of a mine is low, with only about 10% of global gold discoveries containing sufficient metal to warrant mining.according to the United States Geological Survey. Aside from the discovery process, government permits getting harder to secure and requiring more time to come through have made mining more difficult, Reade added. Securing licenses and permits needed before mining companies can start operations
Additionally, many mining projects are planned for remote areas that require infrastructure such as roads, power, and water, resulting in added costs in building these mines and financing operations, Reade said.Parenting
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