M. Robertson
Over the last decade, gold exploration accounted for 34% of exploration expenditure on all mineral commodities, remaining a key focus for the exploration industry with 43% of budgets in 2014. Global expenditure peaked at $9.7 billion in 2012, showing an eightfold increase since 2003, yet declined to $4.6 billion in 2014 as gold prices fell from a record high of US$1890 per ounce in September 2011 to around US$1120 per ounce. This cyclical nature of pricing and spending has led to downturns approximately every decade, with previous reductions in expenditure of 66%, 75%, and 24%. While gold exploration expenditure historically aligned with discoveries, recent trends show an increased spending yet a drop in new discoveries, raising the average unit cost of finding gold. A MinEx Consulting study identified 258 primary gold discoveries from 2003 to 2012, yielding 737 million ounces, while 782.6 million gold ounces were produced from existing mines during this period. The data indicates exploration efforts are insufficient to replace production and meet future demand, compounded by a steady decline in grades of primary deposits over 45 years, evidencing significant challenges in the industry ahead.
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title={Recent gold exploration history and outlook going forward},
author={M. Robertson},
year={2015},
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}TY - JOUR TI - Recent gold exploration history and outlook going forward AU - M. Robertson PY - 2015 LA - en ER -
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