The Nevada Mining Association reports that the total value of mineral production for Nevada's mines reached 2.5 billion dollars in 2001. Additionally, Nevada mines ended the year with approximately 72 million ounces of proven and probable gold reserves for future production, indicating that without further discoveries or improvement in gold prices, current production levels could be sustained for most of the next decade. In 2001 Nevada's gold mines produced more than 8 million troy ounces of gold for the fourth year in row, worth 2.22 billion dollars. Currently, the price of gold is maintaining at approximately 310 dollars per ounce, or 37 dollars per ounce higher than the 2000 average price of 273 dollars per ounce. Nevada's gold production accounts for approximately 72 percent of all U.S. production and 10 percent of world production, maintaining Nevada's rank as the largest gold producer in the U.S and the third largest gold producer in the world behind South Africa and Australia.
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