U.S. AND CANADIAN GOLD SUPPLY

摘要

North American gold production continues to decline, but gold exploration spending levels are yp As illustrated in Figure 1 below, according to Gold Fields Mineral Services (GFMS), 2005 gold production in the United States and Canada totaled 12.2 million oz, the lowest level since 1988 and the fifth-straight annual decline. Lower grades and higher production costs took their toll; in addition, according to Metals Economics Group's MineSearch database, three primary gold mines with combined 2004 production of 290,532 oz closed in 2005, although some residual production continues at some of the mines in 2006. Four other mines, with combined 2004 gold production of 261,716 oz, are nearing the end of their lives and are expected to be exhausted by 2007. On the other side of the ledger, gold mine startups in 2005 added only 44,512 oz of new production. The year therefore ended with an overall decline of 2.2 percent, or 280,000 oz, from 2004. A further decline is forecast for 2006.